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Indian shares are set to open higher on Thursday, extending gains from the previous session and joining a global rally spurred by falling oil prices on expectations of a potential U.S.-Iran peace deal.

GIFT Nifty futures were trading at 24,445 points as of 8:10 a.m. IST, indicating that the benchmark Nifty 50 would open above Wednesday's close of 24,330.95.

Asian equities were broadly higher, with Japan's Nikkei breaching the 62,000 mark for the first time, while the MSCI Asia ex-Japan index rose 1.2%.

Overnight, Wall Street equities closed higher after a report that the U.S. and Iran were nearing a deal to end the war sent Brent crude skidding. [MKTS/GLOB]

Brent prices slid 7.83% to settle at $101.27 a barrel in the last session, and were hovering around $102 in early Asia trade on Thursday.

Lower oil prices are supportive for India, the world's third-largest crude importer, as they ease inflationary pressures and bolster economic growth and corporate earnings.[O/R]

Still, markets remained cautious.

With Washington awaiting Tehran's response to its proposal, U.S. President Donald Trump said it was too early for face-to-face talks, while a senior Iranian lawmaker dismissed the U.S. proposal as more of a wishlist than reality.

"While markets have rallied on risk-on sentiment, the trend remains headline-sensitive," said Vinod Nair, head of research at Geojit Investments, citing risks from input costs and rupee depreciation.

Indian benchmarks Nifty 50 and Sensex climbed about 1.2% each on Wednesday, aided by stable corporate earnings and the government's credit guarantee scheme for businesses affected by the Iran war. [.BO]

Among individual stocks, Bajaj Auto will be in focus after reporting stronger-than-expected March-quarter profit on robust demand.

The Pulsar motorcycle maker also announced a share buyback worth 56.33 billion rupees ($595.4 million) at 12,000 rupees per share, a 16.3% premium to Wednesday's close.

STOCKS TO WATCH ** Paytm says it expects to growth faster in financial year 2027 than in fiscal 2026; posts net profit in March quarter compared with a loss a year earlier

** Godrej Consumer Products posts nearly 10% rise in fourth-quarter profit, driven by strong volume growth and steady domestic demand

** Sula Vineyards posts a fall in March quarter profit on rising costs and weak demand

($1 = 94.6100 Indian rupees)