India Stocks: Indian shares open lower on oil surge; Dr Reddy's falls on first-quarter profit miss
INDIA STOCKS-Indian shares open lower on oil surge; Dr Reddy's falls on first-quarter profit miss Updates for morning trade
July 23 (Reuters) - Indian equities opened lower on Thursday, as oil prices climbed past $95 a barrel after the U.S. launched fresh strikes on Iran and Yemen's Houthis targeted oil tankers in the Red Sea, hurting global risk appetite.
Higher oil prices pose a key risk for India, the world's third-largest crude importer and consumer, by stoking inflation, widening the trade gap, squeezing growth and corporate margins.
A 4% drop in drug maker Dr Reddy's Laboratories REDY.NS and a 5% drop in oil marketing company HPCL HPCL.NS on weak quarterly results also weighed on markets.
The benchmark Nifty 50 .NSEI fell 0.22% to 23,944.45, while the BSE Sensex .BSESN shed 0.27% to 76,544.26.87 by 9:23 a.m. IST, both on course for fourth straight session of losses.
Thirteen of the 16 major sectors logged losses at the open. The broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 fell 0.3% each.
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Mrigank Dhaniwala and Rashmi Aich)
((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))
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