Indian shares inch higher as bank stocks gain

BENGALURU (Reuters) - Indian shares edged higher on Wednesday, led by the consumer goods and banking sectors while losses in tech stocks kept gains in check, as traders looked ahead to U.S. inflation data for clues on the pace of rate hikes from the Federal Reserve.

The NSE Nifty 50 index was up 0.07% at 17,538.10, as of 0357 GMT, and the S&P BSE Sensex rose 0.09% to 58,904.24, having hit a near four-month high in the previous trading session. Indian markets were closed on Tuesday for a holiday.

Nifty's private bank index was up 0.38% and the fast-moving consumer goods index advanced 0.34%.

The Nifty IT index fell 0.7%, tracking overnight losses in tech-heavy Nasdaq.

Meanwhile, a Reuters poll showed that India's retail inflation likely eased in July due to a fall in food and fuel prices but stayed well above the Reserve Bank of India's upper tolerance limit for a seventh consecutive month. The consumer price index data is due on Friday.

Equities in broader Asia fell, taking cues from losses in U.S. overnight as investors awaited U.S. inflation data later in the day. The MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.11%. [MKTS/GLOB]

(Reporting by Rama Venkat in Bengaluru; Editing by Saumyadeb Chakrabarty)