India shares seen higher on Mideast peace prospects, earnings

Indian shares are set to open higher on Thursday, with hopes up for a diplomatic resolution to the Middle East crisis and a ​better-than-expected June-quarter earnings season so far.

Analysts expect near-term consolidation, with dips ‌likely to attract buyers.

GIFT Nifty futures were at 24,686.50 at 8:09 a.m. IST, indicating a higher start for the Nifty 50, which closed at 24,624.65 on Wednesday.

The Nifty and ​Sensex gained 0.04% and 0.19%, respectively, in the previous session after ​the Reserve Bank of India held rates as expected, raised its ⁠financial year 2027 growth forecast and reaffirmed its commitment to the inflation ​target.

“Despite the range-bound session on Wednesday and selective profit booking, the underlying trend ​remains positive,” said Hitesh Tailor, research analyst at Choice Equity Broking.

“The bullish bias remains intact, with the 200-day exponential moving average near 24,400 likely to provide support.”

Multiple brokerages termed the ​RBI’s policy stance “dovish”, with any future rate increase seen as dependent on ​the inflationary impact of crude-price volatility and a monsoon shortfall.

Brent crude fell about 0.5% on ‌Thursday ⁠as investors assessed whether progress in Iran-Oman talks could pave the way for a U.S.-Iran peace deal.

Asian markets fell 0.7%, dragged by technology stocks after Wall Street’s mixed overnight close.

In India, Aurobindo Pharma, Biocon , Cummins India, GMM Pfaudler and Navin Fluorine will ​be in focus ​after reporting higher ⁠June-quarter profits.

A broadly resilient earnings season and renewed foreign inflows, partly driven by an unwinding of the AI trade, ​have helped cushion Indian equities from crude-related volatility over the ​past ⁠month.

Motilal Oswal said 211 companies under its coverage posted 2% year-on-year profit growth, versus its forecast for a 10% decline. Excluding oil marketing companies, which were hit ⁠by ​higher crude costs, profit growth was 17%, ahead ​of its 13% estimate.

Foreign portfolio investors have $1.27 billion of Indian stocks so far in August, after ​purchasing $2.12 billion in July.