Indian shares set to open higher as Trump’s Iran war remark eases crude
- GIFT Nifty futures were at 24,393.50
Indian shares are set to open higher on Tuesday, after ending the last session near one-year lows, as US President Donald Trump hinted the war in Iran could end soon, knocking oil off three-year highs and easing fears of a prolonged supply shock.
GIFT Nifty futures were at 24,393.50 at 08:11 a.m. IST, indicating the the Nifty 50 will open above Monday’s close of 24,028.05.
The conflict in the Middle East had already dragged the Nifty 50 and Sensex to their worst weekly performance in more than a year, with both benchmarks losing about 2.9% last week.
On Monday, the benchmarks logged their sharpest fall in a month, while the volatility index surged to a 21-month high.
Other Asian stocks climbed on the day, while U.S. equity futures were muted.
Oil prices fell on the day, after hitting their highest in more than three years in the prior session, with Brent futures down $6.51, or 6.6%, at $92.45 a barrel and US West Texas Intermediate (WTI) down $6.12, or 6.5%, to $88.65.
They had surged past $100 a barrel on Monday, touching mid-2022 highs as Saudi Arabia-led supply cuts and the expanding US-Israeli war with Iran raised worries of severe global supply disruptions.
Back home, foreign institutional investors sold shares worth 63.53 billion rupees ($692 million) on Monday, while domestic investors bought 76.25 billion rupees, according to provisional NSE data.
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