Indian shares fell on Wednesday, with high crude oil prices and rising global bond yields weighing on appetite for risk assets globally.
The Nifty 50 (.NSEI) slid 0.35% to 24,070.65 and the BSE Sensex (.BSESN) lost 0.32% to 76,991.33, as of 9:45 a.m. IST.
The 50-stock index had dropped in the last six sessions, losing 1.7%.
Thirteen of the 16 major sectors logged losses. The broader small-caps (.NIFSMCP100) and mid-caps (.NIFMDCP100) dipped 0.5% each.
U.S. President Donald Trump said on Tuesday no talks were taking place with Iran and insisted the Strait of Hormuz was open, contradicting Iran's assertion that the critical waterway remained shut to shipping.
Receding prospects of a deal to end the nearly six-month-old conflict in the Middle East drove Brent crude futures higher to $92 per barrel.
"Despite a resilient earnings season, markets have stayed muted, reflecting the view that there is no quick fix for India's energy dependence. A renewed spike in crude could sharply intensify stress on the economy and markets," said Gaurav Kulshreshtha, chief investment officer at Nexedge Capital.
High weightage financials (.NIFTYFIN) lost 0.5%. IT index (.NIFTYIT) rose 0.8% after dropping 4% in the last three sessions.
Bucking the broader trend, Prism Johnson (PRIS.NS) gained 8.7% after the building materials company secured 10-year coal-supply contracts worth 704.9 million rupees annually from Eastern Coalfields and South Eastern Coalfields.
Indraprastha Gas (IGAS.NS), Mahanagar Gas (MGAS.NS) gained 3.1% and 3.8% on the government's incentives to city gas distributors to boost domestic connections of piped cooking gas.
Temasek-backed e-commerce logistics services firm Shiprocket (SIPO.NS) jumped 35% in debut trade, after robust response to its $170 million initial public offering last week.
