Indian shares fall as crude prices jump; Zee Entertainment soars
Volatile crude prices have kept Indian investors on edge, as they make the world's third-largest importer and consumer of oil susceptible to high inflation while pushing up its trade deficit and hurting the rupee
Indian shares fell on Thursday as crude prices surpassing $120 a barrel stoked high inflation worries, while shares of entertainment giant Zee jumped after its top investor said it won't pursue a shareholder meeting.
The blue-chip NSE Nifty 50 index fell 0.55% to 17,151 and the benchmark S&P BSE Sensex slid 0.60% to 57,337.65 by 0349 GMT.
Volatile crude prices have kept domestic investors on edge, as they make the world's third-largest importer and consumer of oil susceptible to high inflation while pushing up its trade deficit and hurting the rupee.
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Oil futures extended gains on Thursday as concerns over disruptions to supply lingered.
Reuters also reported on Wednesday that India has frozen plans to allow local firms to list overseas, in a blow to foreign funds and stock exchanges.
In Mumbai trading, Zee Entertainment Enterprises soared 10% after its top investor Invesco said it supports the company's merger with Sony's India unit and will not pursue a shareholder meeting.
Losses in heavyweight bank stocks also weighed on equities, with the Nifty Bank Index losing 1.32%. Private-sector lenders Kotak Mahindra Bank and ICICI Bank were among the top percentage losers on the Nifty 50.
