(RTTNews) - Indian shares opened lower on Wednesday, extending losses from the previous session as Brent crude futures held near $89 a barrel on growing concerns about prolonged disruptions to supply.
Brent prices soared nearly 12 percent over the previous session as the U.S. and Iran remained at odds over reopening the Strait of Hormuz and Yemen's Iran-aligned Houthi forces launched fresh ballistic missile attacks on the Red Sea port city of AI-Makha. The benchmark BSE Sensex was down 320 points, or 0.4 percent, at 77,833 in early trade while the NSE Nifty index dipped 102 points, or 0.4 percent, to 24.369.
Among the prominent decliners, Eternal, Bajaj Finance, Titan Company, TCS and Mahindra & Mahindra dropped 1-2 percent.
Larsen and Toubro fell more than 1 percent after signing a business transfer agreement with its subsidiary Vyoma.AI for the transfer of its data center and cloud services business.
Manappuram Finance slumped 4 percent despite reporting a mor than four-fold increase in first-quarter consolidated profit.
Tenneco Clean Air India fell 2.2 percent after a large block deal on the exchanges. Zydus Lifesciences declined 1.5 percent on disappointing Q1 results.
Tata Motors advanced 1.4 percent and Grasim Industries added 2 percent ahead of their quarterly results due today.
Bata India rallied 3.4 percent on reporting a 23 percent increase in Q1 net profit.
HG Infra Engineering rose over 2 percent on securing a Rs. 241-crore work order from Rajasthan government.
Diamond Power Infrastructure gained 1.4 percent on bagging two orders worth Rs 195.48 crore from Rajesh Power Services.
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