Indian shares end lower ----

BENGALURU, May 18 (Reuters): Indian shares shed gains from earlier in the session to end lower as rate-sensitive bank and realty stocks declined, with concerns over inflation and global economic growth denting investor sentiment.

The NSE Nifty 50 index (.NSEI) ended down 0.12pc at 16,240.30 and the S&P BSE Sensex (.BSESN) fell 0.2pc to 54,208.53. The indexes had gained 0.86pc each earlier in the session.

"The country has just started its rate-hike cycle this month and that has not been priced into all sectors, so we are seeing rate-sensitive sectors like banks and realty showing more weakness," said Rohit Srivastava, founder and market strategist at Indiacharts.

Nifty's public sector bank (.NIFTYPSU) and realty (.NIFTYREAL) indexes were the top losers, falling over 1pc each.

Power Grid Corp (PGRD.NS) was Nifty's top percentage loser, down 4.5%, while its IT index (.NIFTYIT), which was the top gainer earlier in the session, settled 0.47pc lower.

Cigarettes-to-hotel conglomerate ITC (ITC.NS) was up 0.79%, ahead of its quarterly earnings results.

Bharat Rasayan (BRSN.NS) closed 4.1% lower after the chemical manufacturing firm said late on Tuesday that a fire broke out at one of its plants in the western state of Gujarat leaving eight to 10 people injured.

Broader Asian shares eked out gains, while European stocks were mixed on inflation and economic growth worries.

Federal Reserve Chair Jerome Powell on Tuesday pledged the U.S. central bank would ratchet interest rates as high as needed to kill a surge in inflation.

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