Indian Shares Retreat On Renewed US-Iran Tensions
(RTTNews) - Indian shares fell notably on Friday after Iran created a new agency to formalize its control over the Strait of Hormuz and activated its air defense systems, intensifying fears of a broader military crisis in the region.
The U.S. and Iran traded fire in the Strait of Hormuz and accused each other of carrying out attacks in the sharpest confrontation since the fragile U.S.-Iran ceasefire came into effect on April 7.
U.S. President Donald Trump insisted that the ceasefire remained in effect but warned of harsher military action if no deal is signed quickly.
Uncertainty around U.S. trade policy also weighed on markets after the United States Court of International Trade on May 7 delivered another setback to President Donald Trump's tariff strategy, ruling that his latest 10 percent global duties are illegal. These new tariffs were imposed by Trump on all countries, including India, on February 24 for 150 days after the Supreme Court rejected his controversial "Liberation Day" tariffs.
The benchmark BSE Sensex fell by 516.34 points, or 0.66 percent, to 77,328.19 while the NSE Nifty index settled 150.50 points, or 0.62 percent, lower at 24,176.15.
While the BSE mid-cap index finished marginally lower, the small-cap index rose 0.2 percent.
The market breadth was weak on the BSE, with 2,148 shares declining while 2,074 shares advanced and 184 shares closed unchanged.
Among the prominent decliners, SBI plunged 6.6 percent after its Q4 core income growth missed estimates.
Trent, ICICI Bank, Tata Steel, Larsen & Toubro, Mahindra & Mahindra, UltraTech Cement, Axis Bank, Bajaj Finance and HDFC Bank fell 1-2 percent.
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