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Indian shares end lower as private sector lenders drag

BENGALURU, May 19 (Reuters) - Indian shares closed lower on Wednesday after two days of sharp gains as private sector banks ceded ground, while Asian peers retreated over concerns of an uptick in U.S. inflation.

The blue-chip NSE Nifty 50 index closed down 0.52% at 15,030.15, while the benchmark S&P BSE Sensex settled 0.58% lower at 49,902.64.

Both indexes had gained about 3% each in the first two days of the week, boosted by meaty gains in financial stocks.

ICICI Bank and HDFC Bank closed 1.22% and 1.25% lower, respectively. Both stocks were top boosts to the Nifty on Monday and Tuesday, and are still up about 5% for the week.

Carmaker Tata Motors closed down 5.41% and was the top percentage losers on the Nifty, a day after it warned of a bumpy ride ahead.

Nifty component Indian Oil Corp closed up 1.56% after it posted March-quarter profit that beat analysts’ estimates.

Globally, stocks slipped and cryptocurrencies sank on Wednesday as a threat of unwanted inflation had investors shy away from assets seen as vulnerable to any removal of monetary stimulus. (Reporting by Rama Venkat in Bengaluru; Editing by Ramakrishnan M.)

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