The Indian equity benchmarks edged lower on Wednesday weighed down by selling pressure in recent outperforming private sector banks like ICICI Bank, HDFC Bank, HDFC, Axis Bank and Kotak Mahindra Bank amid weak cues from other Asian markets.

Asian shares fell on Wednesday after data showing the biggest jump in US inflation in 13 years fuelled some market expectations that the Federal Reserve could exit pandemic-era stimulus earlier than previously thought.The Sensex fell as much as 111 points to 52,658 and Nifty 50 index declined 23 points to 15,789.On Wall Street overnight, stocks at first took the CPI data in stride, bidding up technology stocks that typically thrive with low interest rates, but major indexes ultimately closed lower.The Dow Jones Industrial Average fell 0.31 per cent to 34,888.79, the S-P 500 lost 0.35 per cent to 4,369.21 and the Nasdaq Composite dropped 0.38 per cent to 14,677.65.Back home, seven of 11 sector gauges compiled by the National Stock Exchange were trading lower led by the Nifty Bank and Private Bank indexes' 0.35 per cent fall.

Financial services, FMCG and Realty shares were also facing a mild selling pressure.On the other hand, information technology and metal stocks were witnessing buying interest.Mid- and small-cap shares were largely trading on a flat note as Nifty Midcap 100 and Nifty Smallcap 100 indices rose 0.2 per cent each.Among the individual shares, Mindtree rose as much as 7.2 per cent to hit record high of Rs 2,674.55 after its profit in June quarter rose 8.2 per cent sequentially to Rs 343 crore in June quarter and achieved highest-ever order book of over half-a-billion dollars.Maruti Suzuki was top Nifty loser, the stock fell nearly 1 per cent to Rs 7,365.

JSW Steel, HDFC, ICICI Bank, Titan, Axis Bank, HDFC Bank, Kotak Mahindra Bank, SBI Life, Hindustan Unilever, Nestle India and Tata Steel were also among the losers.On the flipside, Tech Mahindra was top Nifty gainer, the stock rose 1.5 per cent to Rs 1,065.

Larsen - Toubro, Coal India, HCL Technologies, ONGC, Power Grid, Bharat Petroleum, Wipro and Sun Pharma were among the losers.The overall market breadth was positive as 1,651 shares were advancing while 991 were declining on the BSE.