Indian shares snapped two sessions of gains on Wednesday, tracking lower global markets after data showed rising U.S. inflation and on comments from Fed officials rekindled prospects of an interest rate hike as early as June.

 

The Nifty .NSEI dropped 0.26 percent to end at 7,870.15 points after falling 1 percent in the previous two sessions, while the Sensex .BSESN ended 0.27 percent lower at 25,704.61.

 

Punjab National Bank shares surged over 3 per cent on Wednesday despite the bank reporting a net loss of Rs 5,367.14 crore for the fourth quarter ended March 31, 2016, on account of higher provisioning for bad loans.

 

The share price of the bank closed 3.25 per cent up at Rs 76.20.The scrip opened at Rs 72.55 and has touched a high and low of Rs 77.20 and Rs 72.10, respectively, in trade so far.

 

Provisions of the bank jumped nearly 3 times, or 173 per cent, to 10,485.23 crore for the quarter under review from Rs 3834.19 crore in the same quarter last year.