India stocks-Indian shares decline as Middle East conflict raises inflation worries

The benchmark Nifty 50 .NSEI fell 0.66% to 24,052.05, while the BSE Sensex .BSESN lost 0.72% to 77,054.94.

Twelve of the 16 major sectors declined. High-weightage financials .NIFTYFIN and banks .NSEBANK lost 1.1% each.

Auto index .NIFTYAUTO slipped 1.6% as rising crude prices fanned worries over fuel costs and crude-linked input pressures. The broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 fell 1% and 0.4%, respectively.

Indian shares fell on Tuesday as rising Middle East tensions pushed oil prices up and added to worries about inflation in the world's third-largest oil importer.

The U.S. military carried out a third consecutive night of strikes against Iran on Monday as President Donald Trump reinstated a blockade of Iranian shipping and proposed charging a 20% fee to guard the Strait of Hormuz.

HCLTech HCLT.NS fell 4.5% as brokerages flagged that its unchanged growth outlook pointed to lingering demand uncertainty and slower revenue conversion.

Biocon BION.NS surged 6.4%, leading pharma index .NIPHARM 1% higher. About 46 million shares of the drug maker changed hands in a block deal on Tuesday, according to exchange data.

Viatris' Mylan plans to sell up to 92 million Biocon shares, worth as much as $363 million, according to a term sheet seen by Reuters.

Brent crude LCOc1 jumped 4.1% to about $87 per barrel, its highest in a month, after Iran attacked two Emirati oil tankers, weighing on Asian and European markets. O/R