Indian shares open lower as Mideast war lifts crude, keeps risk appetite weak

Indian shares opened lower on Friday, led by losses in heavyweight financial stocks, with risk appetite staying fragile amid the escalating US-Israeli war with Iran. The conflict has stoked fears of a broader energy supply shock that could drive crude prices higher, revive inflation pressures, and cloud the global growth outlook. The Nifty 50 was down 0.44% at 24,656.4 and the BSE Sensex shed 0.45% to 79,658.99 as of 9:15 a.m. IST. Thirteen of the 16 major sectors logged losses at the open. The broader small-caps and mid-caps fell 0.1% and 0.2%, respectively. Heavyweight financials and banks lost 0.6% and 0.7%, dragged by the two heaviest stocks in Indian benchmarks - HDFC Bank and ICICI Bank - which fell 1.1% and 1.4%, respectively. Asian shares inched lower, while Wall Street closed lower overnight and the US dollar firmed as hostilities involving the United States, Israel and Iran deepened. Brent crude jumped about 5% to a 20-month high $86.28 a barrel on Thursday, and was trading at $84.4 as of 9:15 a.m. IST.