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BENGALURU - Financials dragged Indian benchmark stock indexes lower on Wednesday, as broader Asian markets extended a sell-off fuelled by concerns that a potential pickup in U.S. inflation could lead to interest rate hikes sooner than expected.

The NSE Nifty 50 index fell 0.45% to 14,784.55 by 0353 GMT, while the S&P BSE Sensex slipped 0.56% to 48,885.91.

Speculation that surging commodity prices and growing inflationary pressure in the United States could lead to earlier rate hikes and higher bond yields globally sent Asian shares to one-month lows. [MKTS/GLOB]

In India, although the central bank is seen maintaining status quo on interest rates as data expected later in the day is likely to show retail inflation eased to a three-month low in April, investors are concerned about potential outflows of foreign funds.

The Nifty Financial Services index slid 1%, with top non-bank lender HDFC Ltd dropping 2.3%. The Nifty IT index slipped 0.6%.

Investors are also awaiting April auto sales data from the Society of Indian Automobile Manufacturers. The Nifty Auto index was largely flat.

(Reporting by Chris Thomas in Bengaluru; Editing by Subhranshu Sahu)