Aug 7 (Reuters) – Indian shares opened lower on Friday, weighed down by heavyweight financial stocks and rising oil prices amid concerns over the reopening of the Strait of Hormuz, while quarterly earnings drove stock-specific moves.
The Nifty fell 0.19% to 24,591.40, while the BSE Sensex shed 0.38% to 78,647.18 by 9:20 a.m. IST.
Seven of the 16 major sectors logged losses. The broader small-caps and mid-caps were muted.
Bajaj Finance fell 4.5% and its holding company Bajaj Finserv lost 3.1%, dragging financials 0.8% lower.
The declines followed an RBI draft proposal that investors interpreted as potentially limiting non-bank lenders’ ability to offer certain revolving-credit products.
Brent crude futures rose for a third consecutive session, climbing above $83 a barrel on concerns over shipping through the Strait of Hormuz after Iran, working with Oman, proposed restrictions on vessels deemed hostile. [O/R]
Higher oil prices are negative for India, which imports a bulk of its crude requirements.
(Reporting by Vivek Kumar M and Bharath Rajeswaran; Editing by Sherry Jacob-Phillips and Nivedita Bhattacharjee)