Indian Shares Extend Losses As Strait Tensions Rise; IT Stocks Worst Hit On AI Fears
(RTTNews) - Indian shares opened lower on Tuesday, extending steep losses from the previous session as investors fretted about the potential impact of surging crude oil prices and a weakening rupee on the Indian economy.
Brent crude futures traded above $105 a barrel and the rupee slipped to another record low of 95.63 against the dollar after U.S. President Donald Trump said the fragile ceasefire between Washinton and Tehran was on "massive life support," raising fresh doubts over the chances of a lasting truce.
Saudi Aramco officials have warned that even if the Strait of Hormuz blockade ended immediately, global oil markets may not fully stabilize until 2027.
The benchmark BSE Sensex fell 679 points, or 0.9 percent, to 75,336 while the broader NSE Nifty index was down 181 points, or 0.8 percent, at 23,634.
Among the prominent decliners, Adani Ports, HCL Technologies, Tech Mahindra, TCS and Infosys were down 2-4 percent.
Tata Power, Nazara Technologies and Dixon Technologies fell 1-2 percent ahead of their quarterly earnings results due today.
Indian Hotels dropped 1.4 percent despite posting better-than-expected Q4 earnings.
Bharat Forge was little changed after signing a long-term agreement with Embraer to manufacture and supply critical landing gear forgings.
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