Indian shares set for muted start as focus remains on US-Iran talks
Indian shares are likely to open little changed on Friday as oil prices hover around $105 per barrel, with investors awaiting progress in peace talks between the U.S. and Iran.
The two sides stuck to opposing stances on Thursday over Tehran's uranium stockpile and controls on the Strait of Hormuz, although U.S. Secretary of State Marco Rubio said there had been "some good signs" in talks.
GIFT Nifty futures were at 23,651, as of 8:01 a.m. IST, indicating the benchmark Nifty 50 will open near Thursday's close of 23,654.7.
The 50-stock index and the BSE Sensex are flat so far this week amid a lack of clear signs over where the Iran war is headed.
The war has upended energy and equity markets globally, raising concerns over its impact on inflation and economic growth.
The Nifty 50 and the Sensex have declined 6% and 7.5%, respectively, since the war began in late February, with foreign portfolio investors (FPIs) offloading $22.2 billion worth of shares in less than three months, surpassing the record annual outflow seen last year.
On Thursday, FPIs sold Indian shares worth 1.89 billion rupees ($19.65 million), as per provisional data.
Investors will focus on stock-specific moves as they sift through quarterly earnings and corporate commentary for further direction.
STOCKS TO WATCH
** India's largest automaker, Maruti Suzuki India, to increase prices of its vehicles by up to 30,000 rupees from next month due to inflationary pressures and an adverse cost environment amid the Iran war
** SAIF Partners plans to sell around 8.6 million shares in Paytm, representing nearly a 1.3% stake, at a floor price of 1,120.65 per share via a block deal, CNBC-TV18 reports
** ITC posts a marginal rise in quarterly adjusted profit, as price increases in its core cigarette business cushioned some impact of the tax hike and Iran war-led rise in raw material costs
** LG Electronics India reported lower quarterly profit even after an 8% increase in revenue, weighed down by higher commodity prices and a weaker rupee
** GAIL (India), the country's top natural gas distributor by market share, posts lower fourth-quarter profit as the Middle East conflict hampers supply
($1 = 96.2000 Indian rupees)
