Business Recorder
Indian shares fell on Friday as oil prices rose again after renewed US-Iran attacks in the Middle East dented hopes of a resolution to the conflict, worsening the outlook for Asia’s third-largest economy. The Nifty 50 fell 0.43% to 24,222.65, as of 10:23 a.m. IST, while the BSE Sensex shed 0.48% to 77,484.74. Eleven of the 16 major sectors were trading in the red. The broader small-caps and mid-caps rose 0.3% and 0.1%, respectively. Heavy-weight HDFC Bank fell 1.5%, while ICICI Bank and Reliance Industries rose 0.8% each. Other Asian markets fell 1.3% as Brent jumped above $100 a barrel, after briefly slipping below the mark in the previous session, after the US and Iran exchanged fire on Thursday in the most serious test yet of their month-long ceasefire. “Markets have come under pressure due to renewed geopolitical concerns, reflecting fragility in sentiment and vulnerability to Middle East developments,” said Ponmudi R, CEO of Enrich Money. Britannia Industries fell 4.5%, as multiple brokerages flagged a moderation in sales as a concern despite the biscuit maker posting a rise in the March quarter profit. “March quarter results were a big miss, with supply disruptions in international business due to the West Asia (Middle East) conflict hurting sales in the final month of the quarter,” said analysts at Morgan Stanley. Healthcare services providers Vijaya Diagnostics, Thyrocare Technologies jumped 3% and 8%, after reporting a sharp uptick in quarterly profit. Thermax climbed 8.3%, after the engineering firm posted a 19% rise in fourth-quarter profit, helped by robust demand for its industrial heating and cooling products. Dabur India rose as much as 3.7% on a quarterly profit beat, supported by steady domestic demand and benefits from consumption tax cuts. Multiple brokerages expect the company to benefit from pricing hikes and cost-control measures to protect margins despite higher input inflation.
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