Indian shares set to open lower as investors assess Iran developments; HCLTech in focus
- GIFT Nifty futures were trading at 24,451 points
India’s equity benchmarks are likely to open lower on Wednesday after three consecutive sessions of gains, as investors sift through corporate earnings and assess the outlook for U.S.-Iran pace talks following Washington’s extension of a ceasefire.
GIFT Nifty futures were trading at 24,451 points, as of 7:56 a.m. IST, indicating that the benchmark Nifty 50 would open below Tuesday’s close of 24,576.6.
The 50-stock index has risen 1.6% in the last three sessions and about 10% so far in April, recouping most of the losses seen last month on hopes that the Iran war is nearing an end.
U.S. President Donald Trump said on Tuesday he would indefinitely extend the ceasefire with Iran to allow for further peace talks, although it was not clear on Wednesday if Iran or Israel, the U.S. ally in the two-month war, would agree.
Trump also said he would continue the U.S. Navy’s blockade of Iran’s trade by sea. Brent crude prices were largely flat at $98 a barrel.
Oil prices are 35% higher compared to late-February when the U.S.-Israeli war on Iran began. Higher oil prices threaten to cloud import-dependent India’s inflation and growth outlook.
On the corporate earnings front, focus will be on information technology company HCLTech after it forecast weak revenue growth for fiscal year 2027 on top of disappointing numbers for the March quarter.
Jefferies downgraded HCLTech to “underperform” from “hold”, and said that weaker growth expectations would lead to valuation derating for the IT company.
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