Sensex down nearly 300 points as private sector lenders drag

Benchmark indices Sensex and Nifty ended lower on Wednesday as shares of private banks fell.

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.