Financials drag Indian shares 1% lower ahead of Fed minutes

Indian stocks fell about 1% on Wednesday, with financials and metals leading a broad-based pullback as investors fret over rising COVID-19 cases in China and the Federal Reserve's rate hike path.

The Nifty 50 index (.NSEI) closed 1.04% lower at 18,042.95, while the S&P BSE Sensex (.BSESN) fell 1.04% to 60,657.45, with the two benchmark indices ending their first losing session in March recorded new year.

Fed December meeting minutes are due during US business hours. Although the central bank slowed its pace of interest rate hikes last month, it signaled interest rates could stay high for longer, stoking concerns about corporate and economic growth.

Indian stocks fell on caution ahead of the minutes, said Neeraj Dewan, a director at Quantum Securities. The metals index (.NIFTYMET) slipped 2.11%, the strongest among the 13 major sectors, while the heavyweight financials index (.NIFTYFIN) shed 0.98%.

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