Sensex sheds 400 pts on weak global cues; Nifty tests 17,500

Indian shares were set on Friday for their first weekly drop in six as markets fell for a third straight session, weighed down by losses in banks and auto makers. The blue-chip NSE Nifty 50 index was 0.62% lower at 17,509.4 by 9:16 am and the benchmark S&P BSE Sensex declined 0.64% to 58,745.22.