BENGALURU, Aug 17 Reuters Indian shares fell on Thursday, dragged by information technology IT and consumer stocks, tracking weakness in global peers on worries over China39;s economy and interest rate concerns in the United States.

The Nifty 50 index settled 0.51 lower at a morethan fiveweek low of 19,365.25, while the SP BSE Sensex fell 0.59 to an over sixweek low of 65,151.02.

IT firms, which earn a significant share of their revenue from the U.S., dropped 0.49 on fears of further monetary policy tightening in the world39;s largest economy after minutes of the Federal Reserve39;s latest meeting showed members were divided on the need for more rate hikes.

Consumer stocks declined 0.89, led by a 2.05 slide in ITC as analysts said the recent uptick in its share prices could limit rerating potential.

ITC, the top Nifty 50 loser, has gained 33.82 in 2023 so far compared with a 16.26 rise in the consumer goods index.

Financials slid 0.19, extending losses for the sixth session in a row.

Measures to mop up excess liquidity by the Reserve Bank of India could have a detrimental effect on earnings of financials and spur further consolidation, said Mayuresh Joshi, head of equity research India at William O39;Neil and Company.

Global equities declined, dragged by China economy concerns and U.S. rate hike worries. MKTSGLOB

Midcaps and smallcaps rose 0.25 and 0.14, respectively, outperforming the benchmarks.

The small and midcaps are likely to do well despite global…