Indian shares traded lower on Friday to extend losses for a fifth day running as U.S. rate worries lingered and oil prices jumped more than 3 percent on signs of escalating tensions in the Middle East, following reports of Israeli strikes on Iran.
The benchmark S&P BSE Sensex dropped 515 points, or 0.7 percent, to 71,973 in early trade, while the broader NSE Nifty index was down 156 points, or 0.7 percent, at 21,839.
HDFC Life Insurance Company lost 2.3 percent as Deepak Parekh decided to step down as the Chairman and Non-Executive Director of the company.
Infosys declined 2.1 percent after it announced a muted constant currency (CC) revenue growth forecast of 1-3 percent for FY25.
Bajaj Auto fell 2.5 percent despite reporting better-than-expected Q4 earnings.
Rail Vikas Nigam gave up nearly 2 percent. The company has signed a memorandum of understanding (MoU) with Turkish Engineering Consulting and Contracting-TUMAS India Private Limited for infrastructure projects in India.
Among the prominent gainers, ONGC rose 1.7 percent, Apollo Hospitals Enterprise added 1.3 percent and ITC gained 0.9 percent.