Indian shares seen opening flat on Mideast jitters
Indian shares were set for a muted open on Thursday as higher oil prices and broader risk aversion due to the escalating Middle East conflict kept sentiment fragile, while investors awaited a fresh batch of corporate earnings.
The U.S. struck Iran's coastal defences and missile sites on Wednesday after reimposing a naval blockade of its ports, while Iran threatened to shut off more regional energy exports, saying it was engaged in an "existential war" with America.
GIFT Nifty futures were trading at 24,077 as of 7:51 a.m. IST, indicating the Nifty 50 could open near Wednesday's close of 24,078.5.
Asian stocks fell nearly 2% as a sharp selloff in chip stocks and Middle East tensions weighed on sentiment, while Brent crude futures rose for a fourth straight session and traded above $85 per barrel. [MKTS/GLOB]
Oil and gas companies will be in focus in India after the government raised windfall taxes on exports of diesel and aviation turbine fuel as global oil prices surge.
Investors will also track earnings. Later in the day, Wipro and Tech Mahindra are scheduled to report results, likely shaping sentiment in information technology shares.
HDFC Life Insurance reported a 12% rise in first-quarter profit, supported by higher premium collections, while ICICI Lombard General Insurance posted a 46% drop in quarterly profit as claims rose and its commercial insurance business weakened.
Non-bank lender HDB Financial Services reported a higher quarterly profit, supported by healthy loan demand and improving asset quality.
