Indian Shares Open Lower On Weak Global Cues

(RTTNews) - Indian shares opened lower on Thursday, tracking weak cues from global markets amid concerns over rising U.S.-Iran tensions and potential Federal Reserve rate hikes later this year.

The benchmark BSE Sensex dropped 304 points, or 0.4 percent, to 73,678 in early trade while the broader NSE Nifty index was down 110 points, or half a percent, at 23,106.

State-run oil marketing companies BPCL, HPCL and IOC fell 1-2 percent as Brent crude futures rose toward $95 a barrel amid fresh tensions in West Asia, with Iran announcing it will keep the Strait of Hormuz "closed to all vessels."

REC dropped around 2 percent and PFC tumbled 3.2 percent after the President approved their merger.

Rajesh Exports lost 5 percent after announcing it will not challenge the interim order by market regulator SEBI over a Rs. 15.2 lakh crore revenue probe.

Eternal declined 1.4 percent after receiving a Rs. 9.63 crore demand notice for GST from the Andhra Pradesh tax authorities.

Zee Entertainment Enterprises rallied 2.1 percent on fund raising reports.

Vascon Engineers soared 5 percent on bagging an order worth Rs. 347.43 crore from Central Public Works Department, Guwahati.