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Indian shares edge lower as lenders drag – India

BENGALURU, Feb 22 (Reuters) – Indian shares inched lower in a choppy session early on Monday, weighed down by financials as investors sold off recent high-flying stocks.

The NSE Nifty 50 index was down 0.36% to 14,939.20 by 0352 GMT, while the S&P BSE Sensex was 0.33% lower at 50,722.98. Both indexes were down for a fifth straight session.

State-run banks extended losses after snapping a five-session winning streak last week, slipping 1.7% in early trade, and were the top decliners among 14 sectoral indexes. Still, the index is up 35.5% so far in February.

On the Nifty 50, lenders Housing Development Finance Corp , Axis Bank and state Bank of India (NS:) were among the top five drags, falling between 0.8% and 1.5%.

Cigarettes-to-hotels conglomerate ITC slipped 2.6% and was the top drag on the Nifty FMCG index .

Other Asian stock markets eked out minor gains with MSCI’s broadest index of Asia-Pacific shares outside Japan adding 0.2% as a rise in U.S. bond yields unsettled investors. MKTS/GLOB