Indian shares open lower on broad-based selling as Mideast conflict intensifies
Updates with levels at 9:24 a.m. IST
Oct 3 (Reuters) -Indian shares opened lower in early trade onThursday, weighed down by losses across most sectors as investors fretted about anescalation in theMiddle East conflict.
The Nifty 50 index .NSEI was down 0.97% at 25,548.4 points as of 9:24 a.m. IST, while the S&P BSE Sensex .BSESN shed about 1% to 83,456.
Twelve of the 13 major sectoral indexes declined at the open, with realty.NIFTYREAL and auto .NIFTYAUTO stocks leading the losses.
The decline in the benchmarks arein-line with Asian peers .MIAPJ0000PUS, which dropped 1.5% on the day.
Investors across the globe are on tenterhooks as tensions in theMiddle East amplified afterIran fired ballistic missiles at Israel earlier this week.
"Domestic markets are likely to witness high selling pressure due to intensified fears of a wider conflict in the Middle East as it could lead to potential supply disruptions of oil, a key commodity imported by India," said analysts at Centrum Institutional Equities.
Among individual stocks, consumer goods firm Daburlost 6% after it forecastits first quarterly revenue declinesince 2020.
Most brokerage stocks, such as Motilal Oswal Financial Services MOFS.NS and 5Paisa Capital PAIS.NS, fell about 2% each, while Geojit Financial GEOJ.NS and SMC Global SMCG.NS lost about 1% each after India's markets regulator tightened rules for equityderivatives trading.
($1 = 83.9490 Indian rupees)
Reporting by Hritam Mukherjee and Bharath Rajeswaran in Bengaluru; Editing by Sumana Nandy and Sonia Cheema
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