Picture used for illustrative purpose. File

Gulf Today Report 

Indian shares declined on Wednesday due to a drop in gains by financial companies and weakness in global stocks.

The blue-chip NSE Nifty 50 index fell 1.2% to 14,638 and the benchmark S&P BSE Sensex dropped 1.1% to 49,7508, as of 05:10 GMT.

India recorded its highest coronavirus cases in four months on Wednesday. 

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"The economic activity comes down with a surge in (virus) cases," said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services in Mumbai.

The Nifty bank index and finance index fell 1.6% and 1.4%, respectively, while the metals index dropped 2.6%.

The Nifty bank index had risen more than 2% on Tuesday after India's top court rejected pleas for extending moratorium on bank loan repayments.