Indian shares seen opening lower as crude jumps on Mideast conflict
- GIFT Nifty futures were at 23,567
Indian shares are set to open lower on Monday, as oil prices jumped after a drone attack on a nuclear power plant in the United Arab Emirates intensified Middle East tensions.
The mood was further dampened after U.S. President Donald Trump warned that “the clock is ticking” for Iran, as efforts to end the Middle East conflict appeared to have stalled.
GIFT Nifty futures were at 23,567, as of 8:07 a.m. IST, pointing to a Nifty 50 open below 23,643.50, the closing level on Friday.
Brent rose to $112 a barrel on Monday, a two-week high. Other Asian markets fell 0.8%.
Domestic benchmarks Nifty 50 and Sensex lost 2.2% and 2.7% last week while the rupee slid past the 96-per-dollar mark to a record low on Friday, on surging oil prices and persistent foreign sales.
Foreign portfolio investors have offloaded Indian stocks worth $23.52 billion so far this year, already surpassing record annual outflows of 2025.
For Indian markets, elevated crude prices and currency pressure remain the key concerns. Any further escalation in geopolitical tensions could drive oil higher, stoking imported inflation risks for oil-dependent India.
Among stocks, Tata Steel will be in focus after posting a smaller-than-expected fourth-quarter profit, hurt by higher raw-materials costs and a one-off restructuring charge at its Netherlands unit.
Power Grid may also react to its quarterly results, after logging about a 10% rise in March-quarter profit.
Gland Pharma could jump after reporting a 97% rise in net profit in the March quarter.