India shares seen higher on Mideast peace prospects, earnings

Indian shares are set to open higher on Thursday, with hopes up for a diplomatic resolution to the Middle East crisis and a ​better-than-expected June-quarter earnings season so far. Analysts expect near-term consolidation, with dips ‌likely to attract buyers. GIFT Nifty futures were at 24, 686. 50 at 8: 09 a. m. IST, indicating a higher start for the Nifty 50, which closed at 24, 624. 65 on Wednesday. The Nifty and ​Sensex gained 0. 04% and 0. 19%, respectively, in the previous session after ​the Reserve Bank of India held rates as expected, raised its ⁠financial year 2027 growth forecast and reaffirmed its commitment to the inflation ​target. “Despite the range-bound session on Wednesday and selective profit booking, the underlying trend ​remains positive, ” said Hitesh Tailor, research analyst at Choice Equity Broking. “The bullish bias remains intact, with the 200-day exponential moving average near 24, 400 likely to provide support. ” Multiple brokerages termed the ​RBI’s policy stance “dovish”, with any future rate increase seen as dependent on ​the inflationary impact of crude-price volatility and a monsoon shortfall. Brent crude fell about 0. 5% on ‌Thursday ⁠as investors assessed whether progress in Iran-Oman talks could pave the way for a U. S. -Iran peace deal. Asian markets fell 0. 7%, dragged by technology stocks after Wall Street’s mixed overnight close. In India, Aurobindo Pharma, Biocon, Cummins India, GMM Pfaudler and Navin Fluorine will ​be in focus ​after reporting higher ⁠June-quarter profits. A broadly resilient earnings season and renewed foreign inflows, partly driven by an unwinding of the AI trade, ​have helped cushion Indian equities from crude-related volatility over the ​past ⁠month. Motilal Oswal said 211 companies under its coverage posted 2% year-on-year profit growth, versus its forecast for a 10% decline. Excluding oil marketing companies, which were hit ⁠by ​higher crude costs, profit growth was 17%, ahead ​of its 13% estimate. Foreign portfolio investors have $1. 27 billion of Indian stocks so far in August, after ​purchasing $2. 12 billion in July.

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