Indian shares open lower as oil concerns persist, IT leads losses
INDA•Indian shares opened lower on Monday, with the Nifty 50 down 0.46% and the Sensex down 0.36% at 09:15 a.m. IST. IT stocks fell 2.3%, while Brent crude traded around $114 a barrel.
1. Markets open lower
Indian shares opened lower as sentiment remained subdued over elevated crude oil prices and their potential impact on inflation, while investors focused on the U.S. Federal Reserve’s policy decision later in the week. The Nifty 50 fell 0.46% to 22,499.3 and the Sensex shed 0.36% to 72,833.84 as of 09:15 a.m. IST.
2. IT stocks lead losses
Thirteen of 16 major sectors were lower at the open. IT stocks fell 2.3%, led by Infosys, which lost 3.4% after cutting its annual revenue growth forecast as weakness in North America outweighed higher-than-expected revenue.
3. Oil supply concerns
Brent crude traded around $114 a barrel, easing from a near six-month high of $117 after the Indian market closed on Friday. Ongoing attacks on Saudi Arabia kept supply concerns in focus.
