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Indian shares were likely to open marginally lower on Tuesday as investors assessed tensions in the Middle East and the impact on oil supplies, while caution also persisted ahead of the monthly expiry of benchmark Nifty 50 derivatives contracts.

GIFT Nifty futures were at 24,146.5 points, as of 7:45 a.m. IST, indicating a negative start for the Nifty 50, which closed at 24,219.05 on Monday.

Adding to geopolitical tensions, Iran promised to retaliate against expanded U.S. economic sanctions that Washington said would cut off Tehran's economic lifeline.

Brent crude futures hovered around $92 per barrel, while Asian shares slipped ahead of Nvidia earnings on Wednesday. [MKTS/GLOB]

Meanwhile, India is on course for its weakest monsoon in nearly two decades, with rainfall likely to end the season around 15% below the long-term average, the lowest since 2009, Reuters reported on Monday, citing two senior weather department sources.

The weak monsoon could dampen crop output, drive up food prices and curb rural incomes in the world's fifth-largest economy.

Investors will also focus on the Nifty 50's first monthly derivatives expiry under the new closing auction session for stocks with futures and options contracts tied to them.

The new method has led to volatility in benchmark indexes during weekly derivatives expiry sessions.

Meanwhile, foreign investors purchased shares worth 11.82 billion rupees ($123.52 million) on Monday, per provisional data.

STOCKS TO WATCH

** India's top IT services company Tata Consultancy Services to buy Porsche AG's automotive and consulting unit MHP, as part of a wider partnership under which Porsche has committed $1.46 billion for the Indian firm and MHP.

** Great Eastern Shipping to consider share buyback on August 27.

($1 = 95.6900 Indian rupees)