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 automakers.

The blue-chip NSE Nifty 50 index was 0.62% lower at 17,509.4 by 0346 GMT and the benchmark S&P BSE Sensex declined 0.64% to 58,745.22.

Indian equities also tracked weakness in broader Asian markets fuelled by concerns surrounding global economic recovery and persistent inflationary pressure in the United States.

Banking stocks fell 0.8%, with ICICI Bank sliding more than 1% to be among the top Nifty 50 losers.

Auto stocks were also trading lower ahead of monthly sales data, with Maruti Suzuki dropping 1.6% a day after it warned that total vehicle production in October at two of its plants would be around 60% of normal levels due to a global chip shortage.