Indian shares fall as U.S. inflation data triggers aggressive Fed rate hike fears

Indian shares fell over 1% on Friday, in line with global markets after strong U.S. inflation data drove fears of an aggressive rate hike by the Federal Reserve.

The NSE Nifty 50 index fell 1.1% to 17,408.65, as of 0346 GMT, while the S&P BSE Sensex was down 1.1% at 58,289.21.

The Indian central bank on Thursday maintained its dovish stance and said continued policy support was warranted to help the recovery in Indian economy.

Asian share markets fell on Friday after U.S. markets overnight had sold off more aggressively after U.S. consumer prices rose solidly in January, leading to the biggest annual increase in inflation in 40 years.

Shares of two-wheeler maker Hero Motocorp fell 2.3% after reporting a fall in quarterly profit.