Indian Shares Open Lower On Hormuz Tensions

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.