Indian shares extend losses as high oil prices heighten inflation worries

Indian equities extended their decline on Thursday, with the Nifty 50 down 0.54% at 22,687.65 and the Sensex falling 0.62% to 73,249.39. Business Recorder reported that crude reached $112 per barrel as escalating conflict in the Middle East raised concerns about inflation and possible supply interruptions.

Losses were widespread, with 13 of 16 major sectors ending lower; information technology, energy and fast-moving consumer goods saw the steepest percentage declines. HDFC Bank and Reliance Industries also fell, while cybersecurity firm eMudhra dropped 20% after India’s cyber response agency warned that some of its intermediate certificates had been compromised. A Standard Chartered India strategist also cited profit-taking after last week’s gains as a possible factor in the market decline.