Indian Shares Fall As Crude Surges To One-month High On US-Iran Tensions
(RTTNews) - Indian shares fell notably on Tuesday after U.S. President Doanld Trump said he would reimpose the U.S. blockade on Iranian shipping and proposed to charge the equivalent of 20 percent of cargo moving through the Strait of Hormuz for guarding it, escalating a standoff over control of the strategic waterway.
Global bond yields surged and Brent crude futures jumped to a one-month high above $86 a barrel as escalating military activity across the Gulf raised concerns over shipping costs, inflation risks and the outlook for interest rates.
India imports more than 80 percent of its crude oil requirements and Gulf countries remain among its most important energy suppliers.
It is feared that any prolonged disruption in the Strait of Hormuz could widen India's import bill, put fresh pressure on the rupee and complicate the outlook for inflation and interest rates.
The benchmark 30-share BSE Sensex ended down 561.46 points, or 0.72 percent, at 77,054.94, while the NSE Nifty index dropped 158.95 points, or 0.66 percent, to 24,052.05.
The BSE mid-cap and small-cap indexes fell half a percent and 1.1 percent, respectively.
The market breadth was weak on the BSE, with 2,735 shares falling while 1,499 shares rose and 199 shares closed unchanged.
Selling was seen across the board, with Larsen & Toubro, Mahindra & Mahindra, SBI, Indigo, Bajaj FinServ and HCL Technologies tumbling 2-4 percent.
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