Indian shares set for muted start as investors eye US-Iran talks, earnings

India’s equity benchmarks are likely to open little changed on Tuesday, as investors assess prospects of a peace deal between the United States and ​Iran, and digest quarterly earnings from domestic companies. GIFT Nifty futures were trading ‌at 24, 394 points as of 7: 57 a. m. IST, indicating that the benchmark Nifty 50 will open near Monday’s close of 24, 364. 85. Iran is considering attending peace talks with the U. S. in Pakistan, a ​senior Iranian official told Reuters on Monday, following moves by Islamabad to ​end a U. S. blockade of Iran’s ports, a significant obstacle ⁠to Tehran rejoining peace efforts as the end of a two-week ceasefire approaches. The ​U. S. -Israeli war on Iran, which began in late February, has triggered sharp swings in ​oil prices and global equities. India’s Nifty 50 index has lost about 3. 2% since the war began. Higher oil prices are detrimental for India – the world’s third-largest crude importer – pushing up its ​import bill, stoking inflation and squeezing corporate margins. Asian markets rose 0. 6%, with South ​Korea’s Kospi hitting a record high. Brent crude prices were down 0. 6% to $95 a barrel. Foreign investors ‌sold ⁠Indian shares worth 10. 6 billion rupees ($113. 9 million) on Monday, as per provisional data, marking their first session of selling in four days. Investors will also track earnings from information technology company HCLTech and consumer goods maker Nestle India due later in the day.

Read full story on Business Recorder