INDIA STOCKS-Indian shares fall on higher oil prices, weak Infosys forecast

By Bharath Rajeswaran

April 24 (Reuters) - Indian shares inched lower on Friday, heading for a third consecutive session of losses, pressured by higher oil prices on Middle East tensions and a drop in IT stocks after Infosys issued a weak revenue forecast.

The Nifty 50 .NSEI fell 0.66% to 24,013.75, and the BSE Sensex .BSESN shed 0.76% to 77,074.63, as of 9:37 a.m. IST.

They are down 1.4% and 1.8% this week, on course to snap a two-week winning streak.

All 16 major sectors declined, on the day. The broader small-caps .NIFSCMP100 and mid-caps .NIFMDCP100 fell about 0.5% each.

IT index .NIFTYIT fell 2.3%, dragged down by a 3% drop in Infosys INFY.NS.

The country's No. 2 IT company forecast annual revenue growth below market expectations due to macroeconomic uncertainty and tepid client spending. The outlook overshadowed better-than-expected fourth-quarter results.

"Growth concerns will continue to weigh on the stock," said Jefferies, adding that Infosys' FY2027 growth guidance was "disappointing amid multiple growth headwinds."

Brent crude LCOc1 hovered around $106 after Iran displayed its grip over the Strait of Hormuz with a video of its commandos storming a cargo ship following the collapse of peace negotiations and U.S. President Donald Trump's indefinite extension of the ceasefire.

"Persistent uncertainties due to escalating U.S.-Iran tensions and a sharp rise in crude prices is keeping sentiment fragile," said Bajaj Broking Research.

"Additionally, the rupee weakening to the 94-mark, continued foreign outflows from domestic stocks and ongoing earnings announcements are adding to overall market gyrations," the brokerage said.

Among other stocks, LTM LTM.NS fell 3.4% despite a marginal fourth-quarter revenue beat, as multiple brokerages said a weak growth outlook will lead to valuations derating.

Cyient CYIE.NS fell 3.7% after missing quarterly profit expectations on one-time charge, higher costs.

Bucking the trend, Inventurus Knowledge Solutions INVU.NS jumped 9% after announcing a major cross-border acquisition, signing a deal to buy U.S.-based healthcare IT firm TruBridge for up to $565 million.