BENGALURU, July 13 Reuters Indian shares gave up early gains to hit a oneweek low on Wednesday as banks fell ahead of U.S. inflation data that will likely offer cues on the U.S. Federal Reserve39;s rate hike trajectory.

The NSE Nifty 50 index ended down 0.57 at 15,966.65, while the SP BSE Sensex dropped 0.69 to 53,514.15. The benchmarks fell nearly 0.8 earlier in the session to hit their lowest levels since July 6.

The Nifty bank index fell 0.87, offsetting a 0.9 rise in the fastmoving consumer index.

The market is cautious that the U.S. inflation data might show some stickiness at the higher levels, said Ajit Mishra, vice president, research, Religare Broking.

India39;s annual consumer inflation remained above the 7 mark, beyond the central bank39;s tolerance band for a sixth month in a row, official data showed on Tuesday, raising prospects of more rate hikes by the central bank next month.

Earnings from IT companies Tata Consultancy Services and HCL Technologies have not been encouraging, which is also weighing on investor sentiment, Mishra said.

HCL fell as much as 2.5 after the IT services provider missed its quarterly profit estimates.

Bajaj Healthcare Ltd gained as much as 5.3 after the pharmaceutical company said on Wednesday it was entering the highlyregulated opiate processing business.

Shares of credit ratings agency Care Ratings ended up 15.2 on a proposal to buyback shares.

IndusInd Bank shares ended down 3.3 after it clarified that the country39;s…