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Indian shares open lower on banking and tech losses

BENGALURU (Reuters) - Indian shares opened lower on Wednesday, moving further away from record highs scaled last week, as banking and technology stocks extended falls.

The blue-chip NSE Nifty 50 index was down 0.51% to 17,657.95 by 0344 GMT, and the benchmark S&P BSE Sensex fell 0.62% to 59,296.54.

Broader negative sentiment also weighed as economic uncertainties ahead of a scheduled tightening of U.S. monetary policy and deepening concerns over persistent inflation sent U.S. Treasury yields soaring.

Tech stocks fell for a third straight session, with Infosys Ltd dropping 1.7% to lead losses on the Nifty 50.

Banks also extended falls to slide 0.9%, with ICICI Bank losing 1.4% to lead losses on the sub-index.

Shares in broader Asia were also lower, as doubts about the pace of global economic recovery re-emerged and the risk of a default by China Evergrande persisted. [MKTS/GLOB]

Reporting by Soumyajit Saha in Bengaluru; Editing by Subhranshu Sahu

Source: Reuters

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