BENGALURU: Indian shares closed lower on Wednesday as easing supply concerns weighed on metal stocks, while private banks slipped after Axis Bank reported disappointing loan growth.

The blue-chip NSE Nifty 50 index ended down 0.31% at 18,210.95 and the benchmark S&P BSE Sensex fell 0.34% to 61,143.33.

Copper and aluminum prices hit multi-week lows on easing supply concerns, pulling down the Nifty metals index 1.5%.

Private-sector lender Axis Bank fell 6.5% and was the top loser on the Nifty 50 index after posting weaker loan and margin growth than its peers. The broader bank index fell 0.9%.

The Nifty public sector bank index, however, rose 2.1%, making it the top gainer among the main sectors. The information technology index climbed 0.97%.

Analysts said market participants were worried about the impact of commodity inflation on corporate profit margins and higher valuations.

Several companies including TTK Prestige, Arvind Ltd, IIFL Finance, Indian Overseas Bank, United Spirits, Welspun India reported a surge in profit on Wednesday, compared to a year ago.