Indian shares open lower as oil jumps and Modi urges restraint on fuel, travel

Indian equities opened lower on Monday, May 11, as a jump in global oil prices weighed on sentiment and selling hit travel and jewellery stocks asourceser remarks by Prime Minister Narendra Modi. The Nisourcesy 50 fell 0.85% to 23,970. 10 by 9:15 a.

m. IST, while the BSE Sensex slipped 0.89% to 76,638. 09.

Investors focused on the inflation and growth risks for India, one of the world’s biggest crude importers, if energy prices remain elevated.

Brent crude rose 4

Brent crude rose 4. 1% to about $105.5 a barrel asourceser the U. S.

and Iran failed to reach a peace proposal,. The move in oil prices added to concerns that higher fuel costs could pressure corporate margins and household budgets, and complicate the inflation outlook.

All 16 major sectors were in the red at the open. The broader small-cap and mid-cap indices were each down 0.5%.

Shares of oil marketing companies fell about 1% each, with BPCL, HPCL and Indian Oil among the decliners. Higher crude prices typically raise costs for energy-linked businesses and can ripple through transport, manufacturing and consumer spending.

The market also reacted to Modi’s call for citizens to reduce fuel consumption and limit non-essential foreign travel amid the Iran war. Airline operator Interglobe Aviation dropped 3.2%.

Jewellery-related shares also weakened asourceser Modi urged restraint on gold purchases, with Titan, Senco Gold and Kalyan Jewellers down between 3% and 4.5%.

Traders will watch whether oil prices stay volatile and how further developments in the U.S.-Iran standoff influence energy costs and risk appetite in Indian markets.