Indian shares on track for muted start as earnings, Mideast in focus
- GIFT Nifty futures were at 24,653 points
Indian shares are expected to open steady, influenced by Middle East developments and upcoming quarterly earnings, despite rising crude oil prices.
- Middle East developments influencing market sentiment.
- Rising crude oil prices and India's import impact.
- Continued foreign investor inflows into Indian equities.
Indian shares are expected to open steady on Friday as investors track developments in the Middle East, while quarterly earnings are likely to drive stock-specific moves.
GIFT Nifty futures were at 24,653 points, as of 7:50 a.m. IST, indicating a muted start for the Nifty 50, which closed at 24,636 on Thursday.
Brent crude futures rose for a third consecutive session, climbing above $83 a barrel on concerns over shipping through the Strait of Hormuz after Iran, working with Oman, proposed restrictions on vessels deemed hostile.
Higher oil prices are negative for India, which imports a bulk of its crude requirements.
The Nifty 50 and BSE Sensex indexes have gained more than 1% each this week, setting the stage for a second consecutive weekly climb.
Foreign investors have bought a net $1.3 billion of Indian shares so far in August, adding to the $2.1 billion purchases from July, according to data from National Securities Depository.
Earnings will remain in focus, with State Bank of India, the largest lender in the country, jeweller Titan Company, and aluminium maker Hindalco due to report quarterly results later in the day.
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