Indian shares down on oil rise, insurance overhaul worries; NSE makes subdued debut - Reuters

Indian shares down on oil rise, insurance overhaul worries; NSE makes subdued debut | Reuters

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Indian shares down on oil rise, insurance overhaul worries; NSE makes subdued debut

By Bharath Rajeswaran

September 23, 202610:39 PM EDTUpdated 5 hours ago

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!Bombay Stock Exchange (BSE) in Mumbai

The Israeli and Iranian flags are displayed on a screen at the Bombay Stock Exchange (BSE) in Mumbai, India, March 2, 2026. REUTERS/Francis Mascarenhas Purchase Licensing Rights, opens new tab

Sept 24 (Reuters) - Indian shares fell on Thursday as surging oil prices stoked inflation concerns and weighed on sentiment, while newly ​listed National Stock Exchange (NSEI.BO), opens new tab made a subdued debut, opening at a ‌modest 0.8% premium to the stock's issue price.

The country's biggest bourse listed at 1,800 rupees, compared to its listing price of 1,785 rupees.

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The Nifty 50 (.NSEI), opens new tab fell 0.91% to ​23,234.95, while the BSE Sensex (.BSESN), opens new tab shed 0.86% to 74,191.94, as of ​10:03 a.m. IST.

Iranian President Masoud Pezeshkian told the UN General Assembly on Wednesday that Tehran ⁠would never surrender to US pressure, sending crude prices climbing once again. Brent hovered ​around $102 per barrel on Thursday.

"The sharp spike in Brent crude above $102 and the ​rise in US 10-year bond yield will weigh on the market today. So long as these two global headwinds remain, the prospects of a smart recovery in the market ​appear remote," said VK Vijayakumar, chief investment strategist at Geojit Investments.

All the ​16 major sectors logged losses. The broader small-caps (.NIFSMCP100), opens new tab and mid-caps (.NIFMDCP100), opens new tab fell 0.8% and 1.3%, respectively.

Banks ‌and ⁠insurers led losses after the country's insurance regulator proposed overhauling commission rules to cap payouts, link them to product complexity and spread life insurers' commissions beyond a policy's first year.

Banks (.NSEBANK), opens new tab and financials (.NIFTYFIN), opens new tab fell 1.6% each.

PB Fintech (PBFI.NS), opens new tab and Turtlemint Fintech (TURE.NS), opens new tab ​tumbled 20% each. Axis ​Bank (AXBK.NS), opens new tab and HDFC ⁠Bank (HDBK.NS), opens new tab lost 3.5% and 1.3%.

"The IRDAI's proposals are likely to weigh on insurance industry growth, with PB Fintech appearing ​most exposed," said Macquarie analysts, adding, "Axis Bank and HDFC ​Bank remain ⁠more exposed among banks than ICICI and Kotak."

Nephrocare Health (NEPR.NS), opens new tab fell 4.9% on reports that several large shareholders were likely to offload shares through a block deal ⁠worth ​up to 6.50 billion rupees, at a 5% ​discount.

Bharat Dynamics (BARA.NS), opens new tab gained 1.4% after the country's defence ministry signed a 8.11-billion-rupee order with the company ​for anti-airfield weapons.

Reporting by Bharath Rajeswaran in Bengaluru; Editing by Janane Venkatraman and Nivedita Bhattacharjee

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