Indian shares fall --

BENGALURU, Sept 22 (Reuters): Indian shares dropped on Thursday, while the rupee hit a record low, after the US Federal Reserve raised interest rates and indicated it would raise rate more often than markets had expected.
The NSE Nifty 50 index fell 0.58 per cent at 17,615.70, while the S&P BSE Sensex dropped 0.60 per cent to 59,102 as of 0505 GMT. The Indian rupee hit a record low of 80.61 against the US dollar.
The Fed increased rates by 75 basis points on Wednesday - the third such rise in a row - to bring down inflation from four-decade highs and Chairman Jerome Powell said the Fed "will keep at it until the job is done."
The Indian government, however, is in no hurry to push inflation - hovering near eight-year highs of 7 per cent - back to the central bank's 4 per cent medium-term target, for fear that aggressive rate hikes could hurt economic growth, two sources with direct knowledge of the matter said.
The Nifty bank index dropped 1.2 per cent. The index has gained nearly 22 per cent so far this quarter, to hit a lifetime high last week on expectations of higher credit growth, analysts have said.
The Nifty fast moving consumer goods index was the top gainer among all sectors, rising 1 per cent, while the auto index rose 0.4 per cent.