BENGALURU, Aug 17 (Reuters) - Indian shares fell on Thursday, weighed by information technology (IT) and financial stocks, tracking weakness in Asian peers on worries over China's economy and Wall Street on interest rate concerns.

The Nifty 50 index was down 0.40% at 19,387.75 while the S&P BSE Sensex fell 0.37% to 65,296.50 at 10:05 a.m. IST.

High-weightage financials and IT shed 0.35% and 0.8%, respectively, while the fast moving consumer goods index lost 0.8%.

Conversely, the more domestic-focussed midcaps and smallcaps rose over 0.5% each, outperforming the benchmarks.

Asian markets declined, dragged by concerns over China's economy in the wake of subdued data over the last few sessions. The MSCI Asia ex-Japan index lost 0.5%.

U.S. equities fell overnight after minutes of the Federal Reserve's latest policy meeting showed members were divided on the need for further rate hikes.

Analysts said that rising global uncertainties have resulted in risk aversion and roiled investor sentiment.

"The Nifty is likely to consolidate between 19,300 and 19,600 levels in the near term," three analysts at domestic brokerage ICICI Securities said on Thursday, adding that the recent moderation in foreign inflows implies further pressure on financials.

"High interest rates in the U.S. could result in tight global liquidity and hurt fund flows to markets like India," said Rahul Sharma, head of research at Mumbai-based investment advisory firm Equity 99.

Foreign portfolio investors (FPIs) bought shares worth 7.37 billion rupees ($88.6 million) in the first half of August, the lowest inflows since the end of February.

Among individual stocks, Adani Power jumped 3% after investment firm GQG Partners bought an 8.1% stake in the power producer for $1.1 billion.

Electric vehicle makers Olectra Greentech and JBM Auto climbed 5% and 3%, respectively after the government approved plans for a nearly 580 billion rupee scheme to deploy electric buses.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sohini Goswami and Sonia Cheema)