Indian Shares Open Lower On Weak Global Cues

Indian shares opened lower on Thursday, tracking weak cues from global markets amid concerns over rising U.S.-Iran tensions and potential Federal Reserve rate hikes later this year.

The benchmark BSE Sensex dropped 304 points, or 0.4 percent, to 73,678 in early trade while the broader NSE Nifty index was down 110 points, or half a percent, at 23,106.

State-run oil marketing companies BPCL, HPCL and IOC fell 1-2 percent as Brent crude futures rose toward $95 a barrel amid fresh tensions in West Asia, with Iran announcing it will keep the Strait of Hormuz “closed to all vessels.”