Indian shares set to open higher on US-Iran deal hopes
Indian shares are set to open higher on Thursday, supported by a sharp drop in oil prices as investors assessed signs that the U.S. may be nearing a deal with Iran to end the Middle East conflict.
GIFT Nifty futures were at 23,791.50 as of 7:28 a.m. IST, indicating the benchmark Nifty 50 will open above Wednesday's close of 23,659.
Asian markets gained 2.7%, aided by upbeat results from Nvidia and the suspended workers' strike at Samsung Electronics.
U.S. President Donald Trump said on Wednesday that negotiations with Iran were in their final stages.
While he warned of further attacks, fears of an immediate escalation eased after Trump said the U.S. was willing to wait a few days for the right response from Iran.
Meanwhile, two Chinese oil tankers exited the Strait of Hormuz on Wednesday, shipping data showed, a tentative sign of easing pressure in the Gulf.
Brent crude fell 5.6% on Wednesday and was up 0.5% in early Thursday trade, hovering near $105.50 a barrel. [O/R]
Nifty 50 and Sensex have been muted so far this week, while the rupee has fallen to a record low on elevated oil prices.
Higher oil prices weigh on India, the world's third-largest crude importer, by adding to inflationary pressures and straining economic growth and corporate earnings.
Foreign portfolio investors sold Indian shares worth 15.97 billion rupees on Wednesday, while domestic institutional investors bought a net 19.68 billion rupees.
Year-to-date FPI outflows stood at $23.44 billion as of the last close, already exceeding the record annual sales seen in 2025.
Among stocks, Apollo Hospitals could gain after reporting higher quarterly profit, driven by strong demand for complex medical procedures and growth in its pharmacy and digital health businesses.
STOCKS TO WATCH
** Jubilant FoodWorks posts higher March quarter profit on Domino's pizza demand, store expansion
** Bosch's India unit reports rise in quarterly profit on strong auto parts, electronics demand
** Whirlpool of India posts a drop in March quarter profit, declares dividend of 5 rupees per share
