Indian Shares Deep In Red As Financials Drag
(RTTNews) - Indian shares were deep in the red on Monday after U.S. President Donald Trump rejected Iran's latest proposal to reopen the Strait of Hormuz and other demands.
It was reported that Trump told aides he expects U.S. bombing to resume after midterm elections.
Brent crude prices jumped more than 2 percent toward $107 a barrel, reviving investor worries about the potential impact on India's import bill, inflation and earnings.
The benchmark BSE Sensex was down 874 points, or 1.2 percent, at 73,021 in early trade while the NSE Nifty index fell 262 points, or 1.13 percent, to 22,880.
Among the prominent decliners, Kotak Mahindra Bank, SBI, Trent, Bajaj Finance and HDFC Bank all fell around 2 percent.
Adani Power dipped over 1 percent after completing a restructuring exercise.
SAIL declined more than 1 percent while Bharat Coking Coal rallied 2.3 percent after they have entered into a MOU to jointly develop and operate two coal blocks in West Bengal.
Power Grid Corp dropped 1.1 percent on fund raising reports.
Cupid tumbled 2.5 percent after its board approved the conversion of up to 30 lakh warrants into an equivalent number of equity shares of Baazar Style Retail.
Aequs surged 2.6 percent after approving a preferential issue of warrants.
Sedemac Mechatronics advanced 1.6 percent after commencing limited commercial production at its newly established manufacturing facility in Maharashtra.
