Indian shares fall 1.5pc amid global risk aversion

BENGALURU, Oct 11 (Reuters): Indian shares settled at one-week lows on Tuesday, with declines led by metal and IT stocks, as risk-averse trades took hold of financial markets globally on worries about economic growth as well as geopolitical concerns.

Forty-seven of the 50 stocks on the NSE Nifty 50 index closed lower, pulling the benchmark index down 1.49 per cent to 16,983.55, while the 30-member S&P BSE Sensex eased off a one-week low to finish 1.46 per cent lower at 57,147.32.

Both indexes have been trading between their respective 50- and 100-day moving averages in the 11 sessions since Sept. 26.

"The Indian market, despite weak global cues, has sustained at 17,000 levels and it has broadly been in a range of 17,000 to 17,500, which is healthy, as domestic fund inflows have been strong and there is a buying interest seen at lower levels," said Gaurav Dua, head of capital market strategy at Sharekhan, referring to the Nifty levels.

Domestic investors bought net 21.37 billion Indian rupees (about $260 million) worth of equities on Monday, while foreign institutional investors sold net 21.39 billion rupees worth of stocks, as per provisional data available with the National Stock Exchange.