Indian shares fall as oil prices climb; banks, consumer companies weigh

Indian shares fell on Tuesday, dragged by heavyweight banking and consumer stocks, with a continued rise in crude oil futures denting sentiment further.

By 0410 GMT, the blue-chip NSE Nifty 50 index was down 0.34% at 17,061.15, while the benchmark S&P BSE Sensex slipped 0.38% to 57,076.89.

Both the indexes gained about 4% last week, helped by falling oil prices, signs of progress in Russia-Ukraine peace talks, and further easing of local COVID-19 restrictions amid an expanded vaccination drive.

But a lack of material progress in the peace talks amid continued fighting, and a possible energy embargo against Russia by the European Union have sent oil prices soaring again.