Indian shares set for muted start as Wipro’s weak forecast offsets peace talk optimism
- GIFT Nifty futures were trading at 24,178
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.
Comments