(RTTNews) - Indian shares reversed early gains to end modestly lower on Friday as Hormuz concerns persisted and the Trump-Xi summit yielded little progress on the war in Iran.
Brent crude prices jumped more than 3 percent to $109.19 a barrel as attacks on one ship and the seizure of another around the Strait of Hormuz stoked concerns about energy supplies.
After wrapping up his three-day visit to China, U.S. President Trump said he will not be much more patient with Tehran. In a lengthy Truth Social post, Trump suggested he may resume the war against Iran after he returns from his trip to China.
The Indian rupee hit a new record low of 96 against the greenback as the dollar rose in international markets alongside higher U.S. Treasury yields.
After stronger U.S. retail sales data signaled consumer resilience in the world's largest economy, traders raised their bets on a Federal Reserve rate hike this year, even under the new leadership of Kevin Warsh.
The benchmark BSE Sensex gave up early gains to end down 160.73 points, or 0.21 percent, at 75,237.99, while the NSE Nifty index settled 46.10 points, or 0.19 percent, lower at 23,643.50.
The mid-cap and small-cap indexes on the BSE slipped half a percent and 0.4 percent, respectively.
The market breadth was weak on the BSE, with 2,471 shares falling while 1,706 shares gained and 168 shares closed unchanged.
Mahindra & Mahindra, SBI, UltraTech Cement, Reliance Industries, Eternal and Tata Steel all fell around 2 percent while Sun Pharma, Hindustan Unilever, Kotak Mahindra Bank, Bharti Airtel, Maruti Suzuki India, Adani Ports, Power Grid Corp, Tech Mahindra and Infosys rose 1-2 percent.
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