Indian shares extended losses for the third session in a row on Wednesday, dragged by IT stocks and the lack of any fresh triggers to offset the downbeat sentiment after a lacklustre start to the earnings season.

The Nifty 50 closed down 0.23 per cent at 17.618.75, while the S&P BSE Sensex closed 0.27 per cent lower to 59,567.80.

Seven of the 13 major sectoral indexes declined. The heavyweight financials stocks were little changed, but IT stocks fell over 1.75 per cent.

HCL Technologies and Infosys lost over 2 per cent each and were among the top Nifty losers. HCL Tech will report results on Thursday, following dire reports from Infosys and TCS Ltd last week.

"Investors have been nervous after the dismal fourth-quarter performance of IT companies which have reported their numbers so far," said Prashanth Tapse, senior vice president (research) at Mehta Equities.

Since TCS's results last Wednesday, the Nifty IT index has tumbled nearly 8 per cent, while the benchmark Nifty 50 has lost just over 1 per cent.

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"The (benchmark) index has got an important near-term support at 17,500-17,550 and resistance at 17,800 levels," said Vaishali Parekh, vice president for technical research at Prabhudas Lilladher.

The markets are likely to stay choppy, with earnings the only major trigger until the US Federal Reserve's interest rate decision on May 03, two analysts said.

Among individual stocks, Piramal Pharma climbed nearly 8 per cent after the US drug regulator closed an inspection of its Sellersville manufacturing facility.

TVS Motor rose over 2 per cent to a six-month high after CLSA said the two-wheeler maker's margin would expand in the near term and exports recover over the next two fiscal years.

ICICI Lombard lost nearly 5 per cent after several analysts cut their profit estimates on the insurer after its quarterly report.

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