Indian shares fall over 1% on GDP miss, Ukraine crisis

Indian shares fell on Wednesday after data showed the country`s economic growth missed estimates, with the escalating Ukraine crisis and surging crude oil prices further weighing on investor sentiment.

The blue-chip NSE Nifty 50 index declined 1.02% to 16,621.80 by 0347 GMT and the S&P BSE Sensex dropped 1.17% to 55,586.67 as markets resumed trading after a holiday.

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India`s economy expanded 5.4% in the October-December quarter from a year earlier, data released after market hours on Monday showed, missing economists` forecast of a 6% growth, amid heightened worries over surging crude oil prices and commodities after Russia`s invasion of Ukraine.

Oil prices rose above $110 a barrel on Wednesday, their highest since early July 2014, as sanctions on Russian banks hampered trade finance for crude shipments. [O/R]

In Mumbai, Nifty`s financial services sector index and the auto index were among the top losers, declining 2.2% and 1.8%, respectively.