Indian Shares Open Lower On Hormuz Fears; IT Stocks Buck Trend

Indian shares were moving lower on Tuesday after oil prices soared nearly 5 percent overnight on growing doubts over a near-term agreement to reopen the Strait of Hormuz.

As inflation worries mount, investors also await cues from key U.S. inflation readings due this week.

The benchmark BSE Sensex was down 340 points, or 0.4 percent, at 78,201 in early trade while the broader NSE Nifty index dipped 93 points, or 0.4 percent, to 24,490.