BENGALURU, May 9 Reuters Indian shares fell and the rupee hit an alltime low on Monday, weighed down by global economic growth worries due to tightening of lockdown in Shanghai and fears inflation could increase aggressive policy tightening from central banks.

The NSE Nifty 50 index was down 0.67 at 16,301.85 at close, while the SP BSE Sensex fell 0.67 to 54,470.67.

The Indian rupee tumbled to a record low of 77.52 against the U.S. dollar earlier in the session. It settled at 77.465.

Hawkish stance by the Fed U.S. Federal Reserve, rate hikes by the RBI Reserve Bank of India … have created an atmosphere of riskoff for equities and we don39;t know how long this will last, said V K Vijayakumar, chief investment strategist at Geojit Financial Services

India39;s benchmark indexes on Friday registered their worst week since November, dented by a surprise interestrate hike by the RBI, foreign fund outflows and mixed corporate results.

Even after Nifty39;s correction last week, it is trading at around 19 times FY23 earnings, which is higher than the longterm average and not a buyable valuation, particularly when global equity markets are facing headwinds like risk of slowdown in economic growth, Ukraine war and supplychain disruptions caused by stringent lockdown in China, Vijayakumar added.

Shanghai authorities were tightening the citywide COVID19 lockdown they imposed over a month ago, prolonging into lateMay. 

In India, Nifty39;s publicsector bank, metal, energy…