Indian Shares Open Lower As Hormuz Tensions Rise
(RTTNews) - Indian shares opened lower on Monday amid lingering uncertainty surrounding U.S.-Iran peace talks and the Strait of Hormuz.
Brent crude futures held steady around $89 a barrel this morning after climbing 6 percent last week.
Investors braced for further supply disruptions after at least 11 people were killed in Israeli strikes on southern Lebanon on Saturday, one of the deadlines days of fighting in months.
The Trump administration intends to impose severe economic pressure on Iran, with Treasury Secretary Scott Bessent suggesting Washington will announce additional sanctions as early as this week to isolate Iran economically.
The 30-share BSE Sensex was down 308 points, or 0.4 percent, at 77,701 while the NSE Nifty index dipped 63 points, or 0.3 percent, to 24,302.
IT stocks were broadly lower, with Tech Mahindra, TCS, HCL Technologies and Infosys all falling around 1 percent.
Dr Reddy's Laboratories declined 1.3 percent after its Hyderabad-based formulations manufacturing facility received four observations from the U.S. FDA.
Reliance Industries was little changed after announcing a partnership with Rolls-Royce to develop India's indigenous combat engine for the fifth-generation Advanced Medium Combat Aircraft (AMCA) program.
Hazoor Multi Projects surged over 4 percent on bagging a contract worth Rs 28.47 crore from NHAI.
ONGC rose about 1 percent after it received U.S. license to resume full operations in Venezuela.
BEML advanced 1.2 percent on securing a contract worth USD 6.65 million from Mauritius.
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