BENGALURU: Indian shares inched lower on Thursday as gains in banks were outweighed by losses in information technology companies.

The NSE Nifty 50 was down 0.2% at 22,649 points, while the S&P BSE Sensex lost 0.22% to 74,344 points, as of 9:24 a.m. IST.

US interest rate-sensitive IT stocks fell 0.7% on increasing odds that US rates will stay higher for longer. Bank stocks rose 0.5% after S&P Global Ratings revised its outlook on six banks to “positive”.

Indian benchmarks fall most in three weeks; election, rate cut doubts weigh

Edelweiss Financial Services fell 12.2% after the country’s central bank barred two of its units from acquiring financial assets or undertaking structured transactions.