Indian shares set to open lower as rising oil prices dampen sentiment

Indian shares are poised to open lower on Tuesday, as a spike in oil prices stemming from the ongoing Iran ​war dampens risk sentiment, while investors track corporate earnings.

GIFT Nifty futures were trading ‌at 24,002 points as of 7:58 a.m. IST, indicating that the benchmark Nifty 50 would open below Monday’s close of 24,092.70.

Both the Nifty and ​Sensex snapped a three-session losing run on Monday, led ​by a rebound in information technology stocks following last week’s sharp ⁠selloff.

However, the broader momentum remains constrained due to the unresolved geopolitical tensions, particularly ​around the Strait of Hormuz - which handles about a fifth of ​global oil flows - pushing crude prices higher.

Elevated oil prices are a headwind for India, the world’s third-largest crude importer, as they heighten inflation risks, pressure economic growth and corporate earnings, ​and widen the country’s import bill.

Brent crude hovered around $109 per barrel ​as efforts to end the Iran war appear stalled.

US President Donald Trump ‌is unhappy ⁠with the latest Iranian proposal aimed at ending the conflict, a U.S. official said on Monday.

Back home, foreign portfolio investors offloaded domestic stocks worth 11.51 billion rupees ($122.2 million) on Monday, continuing ​their selling ​streak to the ⁠sixth session.

Domestic institutional investors bought 41.24 billion rupees worth of shares, remaining buyers for a third straight session.

Among individual stocks, Ultratech ​Cement, the country’s largest cement maker by capacity, ​will ⁠be in focus after beating quarterly profit estimates, aided by improved demand amid favourable weather for construction activity.

State-owned miner Coal India reported a larger-than-expected ⁠March-quarter ​profit, driven by higher prices and improved demand.

SBI ​Cards and Payment Services posted a 14% year-on-year rise in quarterly profit.