Indian shares opened sharply lower on Friday as crude oil prices surged amid escalating tensions in West Asia, raising concerns over higher import costs, inflationary pressure and potential earnings headwinds.
The 30-stock S&P BSE Sensex fell 668 points, or 0.9%, to 74,234, while the NSE Nifty slipped 217 points, or 0.9%, to 23,260.
Losses were broad-based, with Larsen & Toubro, Axis Bank, UltraTech Cement, Tata Steel, Indigo, Mahindra & Mahindra and Bajaj Finance each declining around 2%.
HDFC Bank dropped 1.2%, despite Bahrain’s High Civil Court rejecting all seven cases filed against the lender by Credit Suisse AT1 bond investors.
Godrej Properties fell 5.5% after resolving its Gurugram project dispute with Orris Infrastructure.
The Phoenix Mills declined nearly 3% after announcing the effective date of a merger and amalgamation scheme involving several subsidiaries.
Wipro edged slightly higher after the company said its AI initiatives had delivered productivity gains equivalent to about 20,000 employees.
IT peers Infosys, Tech Mahindra and HCL Technologies each advanced around 1%.
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