IGI Logo

Indian shares are set to open higher on Tuesday, tracking a rebound in global stocks, while the military conflict between Israel and the Palestinian Islamist group Hamas continued to trigger a rise in oil prices.

India's GIFT Nifty was trading up 0.07% at 19,614.50 as of 7:52 a.m. IST, indicating that the Nifty 50 will open higher from Monday's close of 19,512.35.

Wall Street equities closed higher on Monday, led by energy stocks on rising crude prices. Asian markets opened higher. [MKTS/GLOB]

Military clashes between Israel and Hamas weighed on risk-sentiment and spurred buying of safe-haven assets like gold and U.S. dollar.

Brent crude futures hovered around $88 per barrel on Tuesday after rising 4% in the previous session.

Domestic shares fell on Monday, dragged by surge in oil prices, which is negative for importers of the commodity like India.

Analysts said that besides rising crude prices, the upcoming earnings season - beginning Wednesday - and the festive season will influence Indian markets in the near term.

Foreign institutional investors (FIIs) extended their selling streak for the 14th consecutive session on Monday, offloading shares worth a net 9.98 billion rupees ($119.89 million). Domestic institutional investors (DIIs) bought 26.61 billion rupees in shares.

STOCKS TO WATCH:

** Dr Reddy's Laboratories: Drug maker's unit named in an anti-trust complaint filed in California court by Mayo Clinic and Lifepoint Corporate Services, alleging a shared monopoly in the sale of Revlimid.

** G R Infraprojects: Joint venture between the company and Patel Engineering executed contract agreement with NHPC for a project worth 36.37 billion Rupees.

** Genus Power Infrastructures: Co secures orders worth 31.15 billion Rupees.

** Mazagon Dock Shipbuilders: Co signs Letter of Intent with an European client for construction of multi-purpose hybrid power vessels. Prices for units will be firmed up at the time of signing the contract.