The blue-chip NSE Nifty 50 index declined 0.65 per cent to 17,503.20 by 2:07 pmShares were set for their very first weekly drop in six as markets fell even more on Friday, weighed down by losses in banking and automobile stocks and on issues surrounding international economic recovery and inflationary pressure.The blue-chip NSE Nifty 50 index decreased 0.65 per cent to 17,503.20 by 2:07 pm and the benchmark S&P BSE Sensex fell 0.69 percent to 58,719.72, extending losses into a fourth session.Both indexes have lost about two per cent up until now this week in what would be their biggest weekly drop since February, as markets try to combine after the recent run-up on accommodative financial policies and alleviating COVID-19 restrictions.On Friday, fears that inflation may continue even after worldwide development has actually peaked, and expectation that the United States Federal Reserve would tighten policy in the coming months wrecked markets across the world.However, domestic positivity has not changed, said Siddharth Purohit, a research study analyst at SMC Global Securities, adding that market volatility would continue this month as worldwide occasions and the domestic profits season played out.Auto stocks dropped 1% ahead of September sales data, with Maruti Suzuki down 2.8% a day after it cautioned that overall car production in October at two of its plants would be around 60% of regular levels due to an international chip shortage.Banking stocks fell 0.8%, with HDFC Bank moving more than 1%, while durable goods stocks slipped 0.7%.
Energy stocks advanced, with Indian Oil Corp increasing 1% to be amongst the top gainers on the Nifty 50.
A boost in the prices of locally produced gas from old fields amid increasing international gas prices assisted sentiment, SMC's Purohit stated.