Indian shares lower

Indian shares fell 1.29 percent on Wednesday, snapping a two-session rising trend, mirroring weak Asian and European peers as cooling hopes over the prospect of further economic stimulus in the United States took the steam out of a recent rebound.
State-run Coal India, the world's largest coal miner, led losers, plunging 4.71 percent to close at 373.90 rupees on worries that 22 of its mines face closure over environmental concerns in eastern India, potentially suffering an output loss of up to 40,000 tonnes a day.
Automakers and technology counters saw heavy selling on worries of more interest rate increases in Asia's third-largest economy despite glum global economic outlook. The main 30-share BSE index closed down 213.49 points at 16,284.98, with 27 components closing in the red.
The benchmark index has shed nearly 20 percent this year as high inflation and rising interest rates have started biting into corporate profitability. The 50-share NSE index fell 1.21 percent to 4,888.9 points. In the broader market, there were 1.4 losers for every gainer on a volume of 557.65 million shares. Shares in India's top car maker Maruti Suzuki closed down 3.77 percent at 1,114.5 rupees while those of Tata Motors and two-wheeler maker Bajaj Auto lost 3.69 percent and 1.86 percent, respectively.
Shares in India's No 1 outsourcer Tata Consultancy Services lost 1.94 percent while smaller rival Infosys shed 1.14 percent on nagging worries about the US economy, which accounts for more than half of their revenues. World stocks fell on Wednesday as European investors shuffled positions ahead of a Jackson Hole speech by Federal Reserve Chairman Ben Bernanke and Japanese shares sold off following a Moody's downgrade of Japan's sovereign debt rating.
Tokyo's Nikkei average closed down more than 1 percent, with overseas investors, in particular, reacting negatively to the ratings downgrade. Shares in Tata Power also fell 4.42 percent to 1,038.30 rupees on the back of higher input costs at its Mundra ultra mega power project. Shares in India's top lender State Bank of India fell 3.58 percent to 1,989.75 rupees. Foreign funds have sold Indian stocks worth about $1.9 billion so far in August, after having purchased $1.7 billion in July.