Indian Shares Resume Downward Trend After Trump's Speech
(RTTNews) - Indian shares opened sharply lower on Thursday after U.S. President Donald Trump did not give a clear timeline for ending the Middle East conflict in his highly anticipated prime-time address to the nation.
Trump said the U.S. military goals were "nearing completion," and that Iran would be hit "extremely hard over the next two to three weeks," sending oil prices soaring and reviving inflation concerns.
The benchmark BSE Sensex was down 1,420 points, or 1.9 percent, at 71,712 while the broader NSE Nifty index plunged 445 points, or nearly 2 percent, to 22,233.
Among the prominent decliners, InterGlobe Aviation slumped 4 percent and Asian Paints tumbled 3 percent as oil prices surged 5 percent on deepening jitters over the U.S.-Iran war.
State-run oil marketing companies BPCL, HPCL and IOC, which are facing significant under-recoveries due to the steep rise in international crude oil prices, fell 3-4 percent.
Lupin lost 4 percent after successfully completing its strategic acquisition of VISUfarma B.V., Netherlands.
Glenmark Pharmaceuticals plummeted 5 percent as it announced a strategic shift to directly manage the commercialization and distribution of its nasal spray Ryaltris in the United States.
Bajaj FinServ, Mahindra & Mahindra, Bajaj Finance, SBI, Tata Steel, Eternal, Larsen & Toubro, Adani Ports and Sun Pharma were down 3-4 percent.
Wipro was little changed after launching a dedicated AI-Native Business & Platforms Unit.
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