Indian shares likely to open higher; HDFC Bank in focus after management rejig
- GIFT Nifty futures were at 23,994
Indian shares are set to open marginally higher on Tuesday as investors await possible U.S.-Iran talks in Doha, while heavyweight HDFC Bank will be in focus after naming a new part-time chairman and chief financial officer.
GIFT Nifty futures were at 23,994, as of 7:56 a.m. IST, indicating the Nifty 50 could open marginally above 23,946.25 points, the closing level of the previous session.
Asian markets advanced after Wall Street equities closed higher overnight, helped by a rebound in technology shares following a sharp sell-off last week amid concerns over AI valuations.
Brent crude remained below $73 a barrel, aiding the outlook for the world’s third-largest oil importer, India.
While oil prices have moderated, measures of inflation have jumped in the U.S., fuelling expectations that the Federal Reserve could raise rates later in 2026, boosting the dollar.
Foreign portfolio investors (FPI) offloaded domestic stocks worth 13.50 billion rupees on Monday, while domestic institutional investors (DII) purchased a net 28.01 billion rupees worth of equities.
Among individual stocks, the highest-weighted stock in benchmarks, HDFC Bank will be in focus after the lender appointed former Finance Secretary and ex-Chief Election Commissioner Rajiv Kumar as its part-time chairman on Monday.
The appointment ends months of uncertainty over the bank’s leadership following the abrupt resignation of its former chairman in March.
HDFC Bank also named Puneet Sharma as its CFO, effective December 1, 2026. Sharma has spent more than six years as CFO at Axis Bank.
The Nifty 50 and Sensex are up 1.7% and 2.6%, respectively, so far in June, supported by lower oil prices after an interim US-Iran peace deal and policy measures to bolster the rupee and attract foreign inflows.
A recovery in monsoon rainfall, after a 43% June deficit, will be crucial for markets to sustain gains given its implications for earnings and inflation, two analysts said.