May 11 (Reuters) - Indian shares opened lower on Monday, weighed down by higher oil prices after the U.S. and Iran failed to reach a peace deal, while jewellery and travel-linked stocks fell after Prime Minister Narendra Modi urged citizens to limit travel and gold purchases due to the Iran war.
The Nifty 50 fell 0.85% to 23,970.10 as of 9:15 a.m. IST, while the BSE Sensex shed 0.89% to 76,638.09.
All 16 major sectors logged losses at the open. The broader small-caps and mid-caps lost 0.5% each.
Oil marketing companies such as BPCL, HPCL and Indian Oil fell about 1% each, while travel-linked stocks also declined, after Modi urged citizens to reduce fuel consumption and limit non-essential foreign travel amid the Iran war.
Jewellery stocks Titan, Senco Gold and Kalyan Jewellers lost between 3% to 4.5% after the comments.
Airline operator Interglobe Aviation lost 3.2%.
Brent crude jumped 4.1% to about $105.5 a barrel after U.S. President Donald Trump on Sunday dismissed the Iranian response to Washington's proposal for peace talks as "unacceptable."
Higher crude prices are detrimental for the world's third-largest oil importer, as they exacerbate inflationary pressures and weigh on growth and corporate earnings. [O/R]
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Eileen Soreng)
