BENGALURU: Indian shares on Wednesday fell to their lowest in two months, extending losses for a fourth straight session as oil prices rose, while investors kept an eye out for US inflation data for cues on the Federal Reserve’s rate hike plans.

The NSE Nifty 50 index was down 0.45% at 16,167.10 at the close, while the S&P BSE Sensex fell 0.51% to 54,088.39. The indexes fell as much as 1.5% in the session to their lowest since March 9.

The Nifty’s smallcap index extended losses to an eighth straight session, closing down 2.9%.

Oil rose on Wednesday over supply concerns as the European Union worked on gaining support for a ban on Russian oil and major producers warned they may struggle to fill the gap when demand improves.

India is the world’s third-largest importer and consumer of oil, and a rise in crude prices tends to push the country’s trade and current account deficit higher.