The 30-share BSE Sensex closed 272.93 points lower at 35,217.11 on Wednesday while the broader Nifty 50 ended 97.75 points down at 10,671.40. The markets were dragged by losses in shares of oil marketing companies after crude oil prices rose to the month’s highest level. HPCL shares fell over 7%.
Global oil prices rose on Wednesday as a supply disruption in Canada tightened the market and after US officials told importers to stop buying Iranian crude from November.
Moreover, signs of escalating trade war tensions between US and other world economies put more pressure on stocks.
The rupee weakened to a 19-month low against the US dollar over concerns that higher crude oil prices will worsen fiscal balance and accelerate inflation.
Click here for Latest News updates and viral videos on our AI-powered smart news genie