BENGALURU, April 26 Reuters Indian shares fell on Wednesday, dragged by metals, as rising recession fears in the United States offset cautious optimism in domestic markets in a busy earnings week.

The Nifty 50 was down 0.29 to 17,717.25 as of 952 a.m. IST, while the SP BSE Sensex lost 0.26.

Ten of the 13 major sectoral indexes declined with high weightage financials shedding 0.5. Metal index fell nearly 1 on concerns over global demand and was the top sectoral loser.

Wall Street equities closed sharply lower overnight on soft economic data and disappointing earnings.

U.S. Consumer confidence fell to a ninemonth low in April, a survey showed, intensifying concerns of a potential recession. Asian markets remained subdued.

The rate hike cycle in the US and European nations is likely to continue, which may further push key economies into a slowdown phase, said Shrikant Chouhan, head of equity research retail at Kotak Securities.

Analysts expect volatility in domestic equities over the next few sessions ahead of the April series derivatives expiry on Thursday and the U.S. Federal Reserve rate decision on May 3. The odds of a 25basis point rate hike stand at 79.3.

Among individual stocks, automotive components supplier Mahindra CIE Automotive Ltd jumped over 9 after reporting a 73 yearonyear rise in net profit in the March quarter.

Stove Kraft Ltd climbed nearly 4 after Emerging Business Fund bought a 0.91 stake in the kitchen appliances maker on April 25 through bulk…