Indian shares close down 1.75 percent

MUMBAI (AFP) - Indian shares closed 1.75 percent lower on Wednesday, as investors locked in gains after US stocks fell on persistent inflation and housing data concerns, dealers said.
The benchmark Mumbai 30-share Sensex index fell 274.59 points to 15,422.31.

"Global clues remain uncertain. Investors preferred to book profits ahead of Friday's inflation data," said a dealer at brokerage ULJK Securities.

Dealers said medium-term domestic inflation concerns persisted after annual inflation in Asia's third-largest economy rose to 8.75 percent for the week ended May 31, the highest since February 2001.