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Indian shares inch lower as top banks recede

BENGALURU, May 19 (Reuters) - Indian shares fell on Wednesday after a two-day rally, pressured by financial stocks after Asian peers slipped, with concerns over an uptick in U.S. inflation keeping investors away from assets that have risen during the pandemic.

The NSE Nifty 50 index fell 0.15% to 15,084.05 by 0351 GMT, while the S&P BSE Sensex inched 0.18% lower to 50,114.42.

The blue-chip indexes have gained roughly 3% each in the last two sessions, fuelled by meaty gains in financial stocks.

Asian shares dipped on Tuesday following a weak close on Wall Street overnight, because of uncertainties over inflation.

Investor sentiment have been upbeat this week as daily rise in domestic coronavirus cases stayed below the 300,000 mark.

However, India on Wednesday reported record deaths for a second straight day and the nation’s total case load stood at 25.5 million.

Investors sold off recent winners like ICICI Bank and HDFC Bank, which fell 0.9% and 0.4% respectively. Both lenders were the top weekly boosts to the Nifty and are still up about 5% for the week.

Carmaker Tata Motors slipped 5% and was the top loser on the Nifty after it posted a loss for the March quarter and warned of a bumpy ride ahead.

Auto stocks fell the most among sectoral indexes, slipping more than 1%. On Tuesday, it had added 3.2%.

Among gainers, Nifty component Indian Oil Corp inched 0.29% higher in the run-up to its quarterly results.

Adani Green Energy gained 5% after the renewable energy company said it would buy SoftBank Group Corp-backed SB Energy Holdings for $3.5 billion. (Reporting by Chandini Monnappa in Bengaluru; Editing by Arun Koyyur)

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