Indian shares on track for tepid start as oil prices, Adani in focus
Indian shares are poised for a muted open on Friday, as rising crude prices and persistent concerns over ship attacks and seizures weigh on sentiment, despite Iran saying about 30 vessels had passed through the vital Strait of Hormuz.
GIFT Nifty futures were at 23,670.50, as of 8:13 a.m. IST, pointing to a Nifty 50 open near 23,689.60, the closing level on Thursday.
Firms linked to Adani Group will be in focus after Reuters reported that the U.S. Justice Department is close to dropping criminal fraud charges against founder Gautam Adani, citing two sources.
Separately, Adani on Thursday resolved a related civil fraud lawsuit brought by the U.S. markets regulator, over an alleged scheme to bribe Indian government officials.
Other Asian markets fell 1.3%, while Brent crude prices climbed 1% to $107 a barrel.
Geopolitical risks remained the key overhang. A ship was reported seized by Iranian personnel off the United Arab Emirates on Thursday, a day after an Indian cargo vessel carrying livestock from Africa to the UAE sank in waters off Oman.
Hopes of de-escalation were further dented after U.S. President Donald Trump said in an interview aired Thursday night that he will not be more patient with Iran.
Trump also said top consumer China wanted to buy oil from the United States, following a summit with Chinese President Xi Jinping.
Elevated oil prices are a significant headwind for India, the world's third-largest crude importer, as they widen the import bill, weigh on economic and earnings growth.
The rupee slipped to a record low in the previous session, hit by high oil prices and record foreign portfolio outflows.
Foreign portfolio investor outflows from domestic equities have reached $23.63 billion so far in 2026, already exceeding the record annual sales in 2025.
Shares of oil marketing companies including BPCL, HPCL and Indian Oil are likely to gain as the government raised petrol and diesel prices by about 3 rupees per litre.
