Nifty, Sensex track broader Asia lower on US political worries
A broker at a stock brokerage
Indian shares fell on Wednesday, tracking broader Asia as investors braced for prospects of prolonged political uncertainty in the United States after the launch of a formal impeachment inquiry against President Donald Trump.
Democrats in the USHouse of Representatives on Tuesday launched a formal impeachment inquiry into President Trump, accusing him of seeking foreign help to smear Democratic rival Joe Biden ahead of next year's election.
"After the news from the US, we might be on tenterhooks, but we as an economy do not have much to worry," said Gaurang Shah, senior vice president at Geojit Financial Services.
"The outcome remains to be seen."
Compounding investors' fears, Trump's remarks at the United Nations Assembly on Tuesday accused China of currency manipulation and intellectual property theft risked riling a tariff dispute that has embroiled global equities over the past year.
The broader NSE Nifty was down 0.64 per centat 11,511.45, as of 0406 GMT, while the benchmark BSE Sensex fell 0.69 per cent to 38,818.06.
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MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.82 per cent.
Public sector banks and autos led the losses in India, with the Nifty PSU Bank Index shedding 2.16 per cent, while the Nifty Auto Index declined 1.45 per cent.
State Bank of India, the country's biggest lender by assets, dropped 2.78 per cent and was among the top decliners on the blue-chip NSE Nifty, while Tata Motors fell 3.13 per cent.
Among gainers, Power Grid Corp rose 2.15 per cent, while Reliance Industries and Tata Consultancy Services, the country's top two most valuable companies, gained about 1 per centeach.