Indian Shares Open Lower On Mideast Concerns; IT Stocks Slump

(RTTNews) - Indian shares opened lower on Tuesday as global bond yields surged on concerns that renewed energy inflation could keep interest rates elevated.

Brent crude futures climbed above $91 a barrel after settling at their highest level since late July on Monday amid an apparent impasse in Middle East peace talks.

The benchmark BSE Sensex was down 310 points, or 0.4 percent, at 77,417 in early trade, while the NSE Nifty index dipped 65 points, or 0.3 percent, to 24,221.

IT stocks were among the worst hit, with HCL Technologies, Tech Mahindra, TCS and Infosys falling 1-2 percent.

Indigo, Hindustan Unilever and Asian Paints all fell over 1 percent.

Bharti Airtel lost 1.6 percent after announcing leadership changes.

One97 Communications dropped 1.3 percent after about 1.92 crore shares of the company changed hands in a block deal.

Netweb Technologies rallied 2.6 percent after launching a QIP issue to raise up to Rs. 1,200 crore.

Lloyds Engineering Works rose 1.4 percent after it acquired a 51.13 percent stake in Steel Infra Solutions Company.

Samvardhana Motherson International added 1.4 percent on news it would take a controlling interest in China's Shenzhen Autocruis Technology.