By Anuron Kumar Mitra
BENGALURU, March 17 (Reuters) - Indian shares edged lower on Wednesday as rising domestic COVID-19 cases weighed on sentiment, while investors globally awaited the outcome of a U.S. Federal Reserve policy meeting.
India is dealing with a fresh surge in COVID-19 cases, with daily COVID-19 infections jumping by 28,903 on Wednesday, the highest increase since Dec. 13. lockdowns in certain states due to rising cases is a concern for the market, said Rahul Sharma, market strategist and head of research at Equity99 in Mumbai.
A rise in bond yields has also limited gains for Nifty and Sensex this month to about 3%, compared to a 6.6% jump in February.
"The RBI may have to do a fine balancing act to keep the bond yields at lower levels while managing the government's borrowing program," Sharma added.
The high-flying Nifty IT index .NIFTYIT was the only major sector trading in the black, rising 0.35%.
SBI (NS: SBI ) Cards and Payment Services Ltd SBIC.NS fell as much as 4.4%, after the Mint newspaper reported https:// that U.S. private equity firm Carlyle Group Inc CG.O will sell a stake worth up to 37.30 billion rupees ($514.18 million) in the Indian credit card distributor.
Investment company Aditya Birla Capital Ltd ADTB.NS gained as much as 5.1% after its board gave an in-principle approval to explore an initial public offering for its investment management joint venture with Canada's Sun Life Financial SLF.TO . = 72.5425 Indian rupees)
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