BENGALURU: Indian shares fell on Monday after US export prices data last week stoked fresh fears that the Federal Reserve would keep interest rates higher for longer, while investors waited for minutes of the Fed’s meeting due on Wednesday.

The Nifty 50 index closed 0.56% lower at 17,844.60, while the S&P BSE Sensex fell 0.51% at 60,691.54.

The benchmarks struggled for direction in the first half of the day, before settling lower to extend losses for a second straight session.

“Inflation remains the number one risk to global markets,” said Pramod Gubbi, co-founder of Marcellus Investment Managers.

Eleven of the 13 major sectoral indexes fell with heavyweight financials losing nearly 1% and pharma index shedding 0.81%. Cipla, the second-highest weighted stock in the pharma index, tumbled over 6% to a near-seven-month low after the company’s Pithampur unit received eight observations from the US drug regulator after inspection.