Indian shares poised for higher open amid caution over oil, bond stress
- GIFT Nifty futures were at 24,311.50 points
Indian shares are set for a cautious open, expected to be slightly higher after snapping a losing streak, despite concerns over elevated crude oil prices and global bond market pressures.
- Elevated crude oil prices and global bond market pressures.
- Indian market's recent performance and outlook.
- Foreign and domestic institutional investor flows.
Indian shares were set to open slightly higher on Friday after snapping a run of losses, though elevated crude oil prices and pressure in global bond markets kept sentiment cautious.
GIFT Nifty futures were at 24,311.50 points, as of 7:52 a.m. IST, indicating a positive start for the benchmark Nifty 50 index, which closed at 24,231.85 on Thursday.
The Nifty ended a seven-day losing streak in the previous session, while the Sensex rose after four straight sessions of losses. Both indexes are down 0.6% this week.
“While short-covering after the recent slump could help markets open higher, the undertone remains cautious due to higher crude prices on the West Asian conflict,” said Ankur Punj, managing director at Equirus Wealth.
Asian markets opened higher, but were headed for weekly declines as stress in global bond markets showed little signs of abating, while a diplomatic deadlock in the Gulf lifted oil prices to one-month highs, stoking concerns over inflation and energy supply.
Foreign portfolio investors (FPIs) turned net sellers in India after two straight sessions of buying, with outflows at 5.83 billion rupees (about $61 million). Domestic institutional investor (DII) inflows stood at 35.38 billion rupees on Thursday, according to provisional data from the NSE.