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BENGALURU - 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.

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.