Indian shares set to extend gains; Airtel in focus
Indian shares are set to open higher on Thursday, extending a mild rebound from the prior session, although caution persisted over the Middle East conflict, elevated oil prices and pressure on the rupee.
GIFT Nifty futures were trading at 23,545, as of 8:03 a.m. IST, indicating that the Nifty 50 could open above Wednesday's close of 23,412.60.
The Nifty and the Sensex rose about 0.1% each on Wednesday, after shedding about 4% in the previous four sessions of losses, pressured by higher oil prices and Prime Minister Narendra Modi's austerity call.
Analysts said the rebound reflected oversold market conditions rather than a decisive shift in sentiment.
"While there is some renewed buying interest after the sharp decline, the technical setup remains unchanged, with the currency continuing to remain under pressure from foreign capital outflows," said Nandish Shah, deputy vice president at HDFC Securities.
The rupee weakened to an all-time low on Wednesday, underscoring the strain from sustained foreign selling.
Foreign portfolio investors have offloaded $23.22 billion of Indian equities so far in 2026, already exceeding the record annual outflows seen last year.
Brent crude hovered around $106 a barrel, with prices supported by a lack of meaningful progress in U.S.-Iran negotiations.
Investors also awaited a meeting later in the day between U.S. President Donald Trump and Chinese President Xi Jinping. China is the biggest buyer of Iranian oil despite sanctions by the U.S.
Among stocks, Bharti Airtel could gain after reporting higher March-quarter profit, helped by users moving to costlier plans and strength in its Africa business.
Tata Motors Commercial Vehicles posted a 69.6% jump in fourth-quarter profit on robust truck and bus demand, while Crompton Greaves Consumer Electricals swung to a quarterly loss after a 7.16 billion-rupee impairment charge tied to its Butterfly kitchen appliances business.
