By Vishal Sridhar
(Reuters) - Indian shares came off one-month highs to trade slightly lower on Wednesday after four straight sessions of gains, dragged by financials and oil marketing companies (OMCs).
Sentiment was also subdued on concerns that inflation worries could resurface on the back of rising crude oil prices. Brent crude futures surged more than 3 percent on Tuesday to their highest since late 2014, at $71.34 a barrel.
"Rising oil prices will bring back inflation worries and currency fluctuations are something to be looked into following the easing up of trade tensions, especially with China being the largest reserve for dollars," said R.K. Gupta, managing director of Taurus Asset Management.
Investors await March retail inflation data due on Thursday for cues about the economy. Retail inflation likely eased to a five-month low in March as increases in food prices slowed once again but remained above the central bank's medium-term target, a Reuters poll found.
The Nifty was down 0.18 percent at10,383.05 as of 0545 GMT, while the Sensex was 0.07 percent lower at 33,856.84.
The Nifty may retest support near the 9,950 level, according to technical analysis.
OMCs slumped following reports that the government is asking these firms to absorb price hikes. Hindustan Petroleum Corp Ltd plunged over 7 percent, while both Bharat Petroleum Corp Ltd and Indian Oil Corp Ltd dropped over 5 percent.