October 11, 2017 / 10:26 AM / 2 months ago

Indian shares snap three sessions of gains; banks drag

Oct 11 (Reuters) - Indian shares reversed earlier gains to end lower on Wednesday, snapping a three-session winning streak, as investors took profits in banking stocks such as State Bank of India and Kotak Mahindra Bank Ltd.

The broader NSE index closed 0.32 percent lower at 9,984.80 after earlier rising as much as 0.5 percent. The benchmark BSE index ended down 0.28 percent at 31,833.99 after earlier gaining as much as 0.6 percent.

State Bank of India closed 2 percent lower, while Kotak Mahindra ended down 1.6 percent.

Both stock indexes had risen earlier in the day as Bharti Airtel Ltd surged after reports that a KKR-led consortium was in talks for a tower consolidation deal involving Airtel’s tower arm Bharti Infratel and Indus Towers.

Bharti Airtel ended up 4.9 percent.

For the mid-day report, click (Reporting by Krishna V Kurup in Bengaluru; Editing by Subhranshu Sahu)

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