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Indian Shares Slip as Banks Drag; Infosys Earnings Awaited

BENGALURU (Reuters) - Indian shares slipped on Wednesday as losses in banking stocks outweighed gains in IT companies amid a broader fall in Asian stocks on U.S. inflation concerns, while investors awaited results from Infosys.

As of 0351 GMT, the blue-chip NSE Nifty 50 index and the benchmark S&P BSE Sensex were down 0.07% and 0.09% at 15,801.35 and 52,724.67 points, respectively.

Asian shares fell as global markets were spooked after the biggest jump in U.S. inflation in 13 years, bringing back concerns about the Federal Reserve exiting pandemic-era stimulus earlier than previously thought.

In Mumbai trading, the Nifty Bank index which closed 1.35% higher in the previous session, was down 0.6% in early trade, while the Nifty IT index was up 1.06%.

Shares of IT services company MindTree were up 4.7% after it reported a jump in consolidated net profit for the June quarter. Shares of larger rival Infosys were up 0.3%, ahead of first-quarter results due later in the day, with analysts expecting a jump in profit.

Reporting by Shivani Singh in Bengaluru; editing by Vinay Dwivedi

Source: Reuters

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