Indian shares set for muted start as Wipro’s weak forecast offsets peace talk optimism

India’s equity benchmarks are likely to open little changed on Friday as a weak first-quarter forecast by IT company Wipro could offset optimism over a potential ​peace deal to end the Iran war.

GIFT Nifty futures were ‌trading at 24,178 as of 8:06 a.m. IST, indicating that the benchmark Nifty 50 will open near Thursday’s close of 24,196.75.

Asian markets fell 0.6% as fuel supply concerns and doubts ​over whether upcoming US-Iran peace talks would help ease disruptions in ​the Strait of Hormuz weighed on risk sentiment.

“Asian markets appear ⁠less convinced as investors remain wary of how durable these developments are, especially ​given the fragile nature of geopolitical agreements in the region,” said Hariprasad K, ​research analyst and founder of Livelong Wealth.

A 10-day ceasefire between Lebanon and Israel went into effect on Thursday and President Donald Trump said the next US-Iran meeting may take place ​over the weekend.

Lower oil prices are also likely to offer some relief, with ​Brent crude falling about 1% to $98 per barrel in early trading on Friday, a positive ‌for ⁠India, the world’s third-largest largest oil importer.

Easing crude prices, alongside hopes of a de-escalation in the conflict, supported foreign inflows. Foreign portfolio investors bought Indian shares worth 3.82 billion rupees ($41.08 million) on Thursday, marking the second straight session of ​buying, as per provisional ​data.

Meanwhile, Wipro’s US-listed ⁠shares fell 4.8% overnight after it posted lackluster quarterly results and forecast muted demand for the first quarter, citing spending curbs ​by its U.S. banking and financial clients in an uncertain economic ​environment.