Sensex, Nifty Extend Losses For Second Day On Recession Worries

Indian shares fell for a second day running on Friday, as the dollar edged higher on recession worries and oil prices continued to climb on hopes for fuel demand recovery in China on eve of the Lunar New Year holidays.

Risk appetite also remained weak due to softer quarterly earnings and talk of layoffs at Microsoft and other big tech companies.

The benchmark S&P BSE Sensex ended the session down 236.66 points, or 0.39 percent, at 60,621.77 amid a volatile session. The broader NSE Nifty index slipped 80.20 points, or 0.44 percent, to close at 18,027.65.

Metal, FMCG and financial stocks led losses, with JSW Steel, Nestle India, Bajaj Finance, Asian Paints and Hindustan Unilever tumbling 2-4 percent.

PSU stocks were in favor, with Power Grid Corp and Coal India rising more than 1 percent each.

The rupee traded higher in the afternoon, while oil was set to post a second straight week of gains after data showed Chinese November oil demand climbed to the highest level since February.

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