Sensex continues to trade lower, Nifty nears 10,350

Benchmark indices were trading under pressure following Asian shares that eased on Wednesday amid fears of rising US protectionism as President Donald Trump fired his Secretary of State, regarded as a moderate in his administration, and eyes hefty tariffs on Chinese imports.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.3 per cent, retreating from a 1-1/2 month high hit on Tuesday.

Wall Street’s major indexes fell on Tuesday as the dismissal of US Secretary of State Rex Tillerson and the possibility of additional US import tariffs against China dragged down stocks across sectors.

RBI on Tuesday barred banks from issuing guarantees in the form of letters of undertaking (LoU) as it clamped down on the import financing route used by fugitive jeweller Nirav Modi and his uncle Mehul Choksi for allegedly committing India’s biggest bank