Indian shares decline; Nifty, Sensex hit by oil surge
Indian shares fell in early trade on Monday, tracking a sharp selloff across Asian markets, while a spike in crude oil prices following escalating tensions in the Middle East further weighed on investor sentiment, News.Az reports, citing Reuters.
Brent crude rose 3.5% to about $96.5 per barrel after Iran launched missiles at Israel following Israeli strikes on Beirut, reducing hopes for de-escalation in the wider conflict and raising fears of continued disruptions to global oil supplies.
India’s benchmark Nifty 50 (.NSEI) fell 0.95% to 23,142.20, while the BSE Sensex (.BSESN) also declined 0.95% to 73,529.06 by 9:50 a.m. IST.
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Thirteen of the 16 major sectors ended lower, with high-weighted financial and information technology stocks falling 0.9% and 1.7%, respectively.
Broader small-cap and mid-cap indices also declined by around 1% each.
The MSCI Asia ex-Japan index dropped 2.8%, while South Korea’s KOSPI fell 5% and Japan’s Nikkei slid 3.7%, led by declines in artificial intelligence-linked stocks following recent sharp gains.
India on Friday announced measures aimed at defending the rupee, as the economy faces pressure from rising oil costs and foreign investor outflows linked to the Iran conflict.
Among individual stocks, InterGlobe Aviation fell 2.8% after Bloomberg News reported that the carrier is unlikely to receive the full batch of nine Airbus A321XLR aircraft this year due to supply chain disruptions linked to the conflict.
In contrast, EMS Limited surged 14.1% after securing a 1.03 billion rupee ($10.8 million) order.
By Nijat Babayev
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