Indian shares set for first weekly loss in three as metals drag

BENGALURU, May 14 (Reuters) - Indian shares slipped for a third straight session on Friday and were set for their first weekly loss in three as metal stocks extended losses after a recent rally and IT majors slid.

Data released after market hours on Wednesday showed Indian inflation eased to a three-month low in April, but experts warned that lockdowns to contain the surge in coronavirus cases risk creating supply bottlenecks that could fuel price pressures in coming months.

The NSE Nifty 50 index edged down 0.13% to 14,678.1 by 0356 GMT, while the S&P BSE Sensex slipped 0.07% to 48,658.24. Both indexes are set to finish the holiday-shortened week about 1% lower after losses earlier in the week on U.S. inflation worries.

The Nifty Metal index dropped nearly 3% and was on course for a weekly loss as metal prices slid after a record-setting rally, while IT firms Tata Consultancy Services and Infosys fell 1.5% and 1.2%, respectively.

Capping losses, Asian Paints surged 8.6% and agrochemicals maker UPL rose more than 5% after reporting jumps in quarterly profit.

Nifty components Larsen & Toubro, Cipla and Dr Reddy’s Laboratories are scheduled to report results on Friday. (Reporting by Chris Thomas in Bengaluru; Editing by Vinay Dwivedi)