Indian markets declined sharply on Wednesday due to fears of escalation of a trade war between the United States and China. The BSE Sensex fell 487.50 points (1.27%) to close at 37,789.13. The National Stock Exchange Nifty shed 138.45 points (1.2%) to finish at 11,359.45. Markets have now closed lower for six straight trading days.
Kotak Securities, a leading stock broker, said in a note that key market risks in the coming days include an unfavourable outcome in the Lok Sabha elections, increase in crude oil prices, and decrease in liquidity from Foreign Institutional Investors and domestic mutual funds, Mint reported.
Only two stocks, HCL Tech and Tata Consultancy Services, closed higher on the Sensex. On the Nifty, the top gainers were UPL, JSW Steel, Bharat Petroleum Corporation Ltd, Titan Company and Coal India.
The biggest losers on the Sensex were Reliance Industries, Bajaj Finance, Tata Motors, Bajaj Auto and State Bank of India. On the Nifty, shares of Zee Entertainment, Reliance Industries, Bajaj Finance, Tata Motors and Bajaj Finserv declined the most.
The Indian rupee closed 28 paise lower against the United States dollar at 69.71.