Indian shares fall after PM's austerity call, crude spike

Indian shares fall and the rupee weakens as a spike in oil prices and Prime Minister Narendra Modi's call for fuel conservation and austerity measures raise concerns over the Iran war's economic fallout

The Nifty 50 .NSEI and Sensex .BSESN lose 1% each

Brent crude LCOc1 rises 4.1% to $105.5 a barrel after U.S. President Donald Trump calls Iran's response to Washington's peace proposal "unacceptable," dimming hopes of a quick resolution O/R

Thirteen of 16 major sectors trade lower, while broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 shed 0.9% each

Analysts say Modi's austerity push could weigh on FY2027 growth and hurt oil marketers, travel companies and jewellers, in the near term

Oil marketing companies BPCL BPCL.NS, HPCL HPCL.NS and Indian Oil IOC.NS fall 2%-2.5%

Jewellery stocks slump, with Titan TITN.NS, Senco Gold SENC.NS and Kalyan Jewellers JALN.NS down 6%-9%

Travel-linked names weaken; IndiGo operator InterGlobe Aviation INGL.NS drops 4.7%

Hyundai Motor HYUN.NS and Bank of Baroda BOB.NS buck the trend, rising 2.3% and 1.5% after upbeat quarterly results