Indian Shares End Lower Amid Hormuz Uncertainty
(RTTNews) - Indian shares ended Friday's session lower amid a resurgence in geopolitical and trade tensions.
Brent crude futures climbed toward $83 a barrel as Middle East tensions flared again following attacks by the Iran-aligned Houthis on a military camp in Yemen and in Saudi Arabia, a major oil supplier.
Israel resumed attacks in southern Lebanon after announcing the deaths of two reserve soldiers and severe injuries to four others in an explosion the day before.
Iran reportedly struck "hostile targets" in the Strait of Hormuz and said a deal with Oman to manage traffic through the waterway will not fully reopen the vital global trade route, raising fresh concerns over global oil supplies.
Iran also said it would bar U.S., Israeli and other "hostile" vessels from transiting the Strait of Hormuz.
Investors were also reacting to media reports suggesting that solar cells and modules shipped to the United States will now face an additional 15 percent tariff from December 4 under a new trade measure signed by U.S. President Trump.
The benchmark 30-share BSE Sensex ended the session down 455.59 points, or 0.58 percent, at 78,499.17, tracking mixed cues from global markets.
The NSE Nifty index dropped 65.35 points, or 0.27 percent, to 24,570.65. The BSE mid-cap index ended 0.18 percent higher while the small-cap index closed little changed. The market breadth was weak on the BSE, with 2,210 shares falling while 2,043 shares advanced and 207 shares closed unchanged.
Among the prominent decliners, Trent, ICICI Bank, Bajaj FinServ and Bajaj Finance slumped 4-6 percent.
Among those that gained, TCS rallied 3.5 percent, Mahindra & Mahindra advanced 2.5 percent and SBI added 1 percent.
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