Indian Shares End Lower For Sixth Straight Session
(RTTNews) - Indian shares closed lower on Tuesday as rising oil prices and global bond yields amid an apparent impasse in Middle East peace talks rekindled inflation and interest-rate worries.
Brent crude futures climbed above $91 a barrel while global long-dated bond yields hit multi-year highs after U.S. President Donald Trump ruled out extending a temporary ceasefire agreement with Iran and Tehran said it is preparing to shift to a "fully offensive" military posture.
Trump has threatened to bomb Oman if it "gets in the way" of his administration's own talks with Iran.
He emphasized the effectiveness of the U.S. naval blockade on Iran, declaring the Strait of Hormuz a "U.S. territory" and asserting Washinton DC has total control over the region.
A cargo vessel was struck by a projectile while transiting the Strait of Hormuz, the UKMTO said today, deepening concerns over shipping safety and clouding the prospects of a diplomatic resolution to reopen the Strait of Hormuz, a key route for global energy supplies.
The 30-share BSE Sensex fell 492.70 points, or 0.63 percent, to 77,235.46, with IT stocks bearing the brunt of the selling.
The NSE Nifty index dropped 132.75 points, or 0.55 percent, to 24,154.90, extending losses for a sixth day running.
The BSE mid-cap index slipped 0.4 percent, while the small-cap index rose 0.2 percent.
The market breadth was weak on the BSE, with 2,381 shares falling while 1,935 shares rose and 214 shares closed unchanged.
Selling was broad-based, with HDFC Bank, SBI, Kotak Bank, ITC, Indigo, UltraTech Cement, Hindustan Unilever, TCS, Bharti Airtel, HCL Technologies, Infosys and Asian Paints falling 1-2 percent.
