BENGALURU, May 30 Reuters Indian shares fell for a fifth straight session on Thursday, pressured by weakness in global peers, while some investors trimmed positions ahead of federal election results.

The NSE Nifty 50 closed down about 1 at 22,488 points, while the SP BSE Sensex lost 0.9 to 73,885 points. The benchmark indexes saw their worst session in three weeks.

Asian stocks fell 1.3, tracking the overnight drop on Wall Street on increasing bets that global interest rates would stay higher for longer.

Investors are trimming their positions ahead of the election outcome as a precaution, said Deepak Jasani, head of retail research, HDFC Securities, adding that weakness in global markets was also weighing.

Retail and high networth investors trimmed their net long positions in Indian index futures by a sixth from midMay to May 28, NSE data showed.

Results for India39;s general elections will be counted on June 4.

The market is completely discounting the fact that the current government will stay. However, if the government is not going to make it to the majority, it will be completely catastrophic for the market said Aishvarya Dadheech, founder and chief investment officer at Fident Asset Management.

Among sectors, the U.S. interest ratesensitive IT stocks fell 2.2, seeing its worst intraday percentage drop since April 16.

The more domestically focussed smallcap and midcap fell 1.6 and 1.3, respectively.

Bank stocks were lone sectoral gainers, rising 0.4 after…