(RTTNews) – Indian shares ended lower for a fourth day running on Wednesday, with trade-related concerns, rising oil prices and continued selling by foreign investors keeping investors on edge.
The rupee hit a new record low today after U.S. President Donald Trump accused India and China of being the primary funders of Russia’s war in Ukraine through their continued purchase of Russian oil.
Additionally, the Trump administration released a proposal that would rework the H-1B visa selection process to favor higher-skilled and better-paid workers, according to a related Federal Register notice.
Higher oil prices also weighed on sentiment after a deal to resume exports from Iraq’s Kurdistan stalled and industry data showed a drop in U.S. crude inventories.
Global cues were weak, and the dollar index recovered slightly after two consecutive days of declines after Fed Chair Jerome Powell signaled a cautious approach to future rate cuts and stated that equity prices are currently “fairly highly valued” by many measures.
Powell also said the Fed is facing a “challenging situation” and that there is no risk-free path” to achieve the central bank’s dual mandate of maintaining full employment and price stability in the U.S. economy.
The benchmark BSE Sensex fell 386.47 points, or 0.47 percent, to 81,715.63 while the broader NSE Nifty index dropped 112.60 points, or 0.45 percent, to 25,056.90.
The BSE mid-cap and small-cap indexes ended down 0.9 percent and half a percent, respectively.
The market breadth was weak on the BSE, with 2,568 shares declining while 1,599 shares advanced and 153 shares closed unchanged.
Tata Motors led losses to close 2.7 percent lower after its unit Jaguar Land Rover prolonged a production shutdown following a cybersecurity incident that disrupted operations on September 2.
Kotak Mahindra Bank, Axis Bank, TCS, ICICI Bank, Mahindra & Mahindra, Tech Mahindra, UltraTech Cement and BEL fell 1-2 percent.
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