Indian Shares Give Up Early Gains As US-Iran Tensions Return To Haunt
(RTTNews) - Indian shares were subdued on Monday, giving up early gains as Middle East tensions escalated over the weekend and the Strait of Hormuz remained closed, leading to wild swings in energy markets.
Iran rejected further negotiations under U.S. pressure, insisting on Hormuz rights amid ceasefire violations and disputed U.S. claims.
The benchmark BSE Sensex was down 122 points, or 0.2 percent, at 78,371 while the broader NSE Nifty index slid by 62 points, or 0.3 percent, to 24,291.
Among the prominent decliners, Maruti Suzuki India, HDFC Bank, Tata Steel, Titan Company, HCL Technologies, Mahindra & Mahindra, IndiGo and Eternal were down between 1 percent and 1.6 percent.
BHEL fell about 1 percent after withdrawing its acceptance of the LOI issued by MB Power for supply of power equipment for Anuppur Thermal Power project.
Adani Power gained nearly 2 percent after expanding into nuclear energy space with the incorporation of a new step-down entity.
Dredging Corporation of India soared 6 percent after signing a major fuel supply pact with Indian Oil Corporation.
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