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Nifty, Sensex close lower, financials drag

Reuters
Updated
A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai

BENGALURU (Reuters) - Indian shares closed lower on Wednesday amid a slew of disappointing news, with Bajaj Finance Ltd and Indiabulls Housing Finance Ltd weighing the most on the NSE Nifty.

Domestic share markets witnessed a sharp selloff in the previous two sessions as investors were worried about a surcharge on foreign portfolio investors that was announced in the Union budget last week.

The broader NSE Nifty closed down 0.49% at 11,498.90, while the benchmark BSE Sensex settled 0.45% lower at 38,557.04.

Also, dampening investor sentiment were renewed concerns over trade tension between the United States and India after U.S. President Donald Trump once again warned the Asian country that its high tariffs were not acceptable.

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Shares of Indiabulls Housing Finance closed 4% lower, while Bajaj Finance ended down 4.8%.

Tata Motors Ltd closed 2.66% lower, after the automaker said luxury car unit Jaguar Land Rover Automotive Plc saw a near 10% decline in monthly sales.

(Reporting by Chandini Monnappa in Bengaluru; Editing by Subhranshu Sahu)