Indian stocks poised for higher open on softer crude, robust foreign buying
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.…
Indian stocks are anticipated to open higher on Wednesday following a holiday break, driven by a significant decline in crude oil prices and substantial foreign fund inflows. As of 7:41 a.m. IST, GIFT Nifty futures stood at 25,334, suggesting a promising start for the benchmark Nifty 50, which concluded at an eight-month closing high of 25,044.65 on Monday.
Markets were closed on Tuesday for Diwali. Brent crude futures plummeted to a two-month low of $89.16 per barrel on Tuesday, following US officials downplaying the need for further military action against Iran, thereby easing concerns about potential supply interruptions. Prices rose 0.5% to $92 on Wednesday. The Nifty 50 and the BSE Sensex have collectively increased by nearly 9% this month, as decreasing crude oil prices, robust domestic earnings, and a surge in global chipmakers' sell-offs have attracted foreign portfolio investors (FPIs) back to Indian markets.
FPIs have already invested $5.68 billion in Indian shares during November, marking their largest monthly purchase since September 2024. Concurrently, US Treasury yields surged, and Wall Street stocks declined overnight following stronger-than-expected inflation data, which heightened the likelihood of a half-percentage-point Federal Reserve interest-rate increase the following month.
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