Indian shares inch down as banks weigh; U.S. jobs in focus

BENGALURU (Reuters) - Indian shares edged lower on Friday, dragged by banks and energy stocks, ahead of major U.S. jobs data that will provide clues on the Federal Reserve's rate hike strategy, while subdued global sentiment also weighed.

The NSE Nifty 50 index fell 0.14% to 17,305 as of 0351 GMT, while the S&P BSE Sensex dropped 0.13% to 58,147.

The World Bank trimmed India's growth forecast for this financial year by a full percentage point, as rising commodity prices and debt-trouble hit economies in South Asia.

Meanwhile, the monthly U.S. jobs report on Friday will give a fresh indication of inflation pressures in the country.

U.S. Federal Reserve officials have showed no intention of backing down from the most aggressive rate hike campaign in decades, emphasising that the inflation fight was ongoing.

Shares of Titan Co rose 5.3% after the jewellery maker said overall second quarter sales rose 18% year-on-year.

The Nifty bank index lost 0.7%, while the energy index fell 0.5%.

(Reporting by Nallur Sethuraman in Bengaluru; Editing by Savio D'Souza and Dhanya Ann Thoppil)