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Indian shares were expected to open higher on Wednesday after a holiday break, supported by a sharp drop in crude oil prices and strong foreign fund inflows.
GIFT Nifty futures were at 25,334 as of 7:41 a.m. IST, indicating a positive start for the benchmark Nifty 50, which ended at a more than eight-month closing high of 25,044.65 on Monday. Indian markets were closed on Tuesday for Diwali.
Brent crude futures slid to a two-month low of $89.16 per barrel on Tuesday after US officials played down the need for additional military action against Iran, easing concerns over supply disruptions. Prices were up 0.5% at $92 on Wednesday.
The Nifty 50 and the BSE Sensex have gained nearly 9% so far this month as easing crude oil prices, strong domestic earnings and a selloff in global chipmakers brought foreign portfolio investors (FPIs) back to India.
FPIs have bought Indian shares worth $5.68 billion so far in November, already making their biggest monthly purchase since September 2024.
Meanwhile, US Treasury yields jumped and Wall Street stocks fell overnight after hotter-than-anticipated inflation data boosted chances of a half-percentage-point Federal Reserve interest-rate hike next month. [MKTS/GLOB]
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(Reporting by Vivek Kumar M; Editing by Subhranshu Sahu)
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