Indian stocks set for higher open as lower crude, foreign inflows support sentiment
Indian equities are set to open higher on Wednesday as trading resumes after the Diwali holiday, extending momentum from the benchmark indexes' recent gains. The outlook is supported by softer oil prices and sustained foreign portfolio buying, even as higher U.S. Treasury yields pressure global risk appetite.
Highlights
- GIFT Nifty futures at 25,334 signal a positive open for Indian equities after Nifty 50 closed at an eight-month high of 25,044.65.
- Foreign portfolio investors purchased $5.68 billion in Indian shares so far in November, their largest monthly inflow since September 2024, buoyed by easier crude prices and strong earnings.
- Blackstone acquires about 16% of IIFL Finance for 50 billion rupees ($535 million) as part of a $682.9 million fundraise, while MRF profit drops 28% and Kalyan Jewellers profit jumps 64%.
Market opening signals and key drivers
As reported by Reuters, GIFT Nifty futures stand at 25,334 as of 7:41 a.m. IST, pointing to a positive start for the Nifty 50 after it closed at an more than eight-month high of 25,044.65 on Monday. Indian markets remain shut on Tuesday for Diwali before resuming trade on Wednesday.Brent crude falls to a two-month low of $89.16 a barrel on Tuesday after U.S. officials play down the need for additional military action against Iran, easing supply disruption concerns. Oil prices recover 0.5% to $92 on Wednesday, but the broader pullback still supports sentiment in import-dependent India.
The Nifty 50 and the BSE Sensex have gained nearly 9% so far this month, helped by easing crude prices, strong domestic earnings and a selloff in global chipmakers that brings foreign portfolio investors back to India. FPIs have bought Indian shares worth $5.68 billion so far in November, already marking their biggest monthly purchase since September 2024.
Global pressures and stocks in focus
Overnight, Wall Street stocks fall and U.S. Treasury yields jump after stronger-than-expected inflation data boosts the chances of a half-percentage-point Federal Reserve rate hike next month. That backdrop may temper risk appetite globally, even as domestic factors continue to underpin Indian markets.Among individual stocks, Blackstone will buy about 16% of IIFL Finance for 50 billion rupees, or about $535 million, as part of a $682.9 million fundraise by the non-bank lender. MRF posts a near 28% drop in quarterly profit as higher raw material costs overshadow strong tyre demand, while Kalyan Jewellers India reports a 64% rise in second-quarter profit and a 31.4% increase in revenue.
This adds to earlier discussion around RBI FX buffer as the central bank used special measures to support the rupee.
-
Afghanistan
-
Albania
-
Algeria
-
Angola
-
Argentina
-
Armenia
-
Australia
-
Austria
-
Azerbaijan
-
Bahamas
-
Bahrain
-
Bangladesh
-
Belarus
-
Belgium
-
Bolivia
-
Botswana
-
Brazil
-
Brunei
-
Bulgaria
-
Cambodia
-
Cameroon
-
Canada
-
Chile
-
China
-
Colombia
-
Congo
-
Costa Rica
-
Cote d'Ivoire
-
Croatia
-
Cuba
-
Cyprus
-
Czechia
-
DR Congo
-
Denmark
-
Dominican Republic
-
Ecuador
-
Egypt
-
El Salvador
-
Estonia
-
Eswatini
-
Ethiopia
-
Finland
-
France
-
Georgia
-
Germany
-
Ghana
-
Greece
-
Haiti
-
Hong Kong
-
Hungary
-
India
-
Indonesia
-
Iran, Islamic republic
-
Iraq
-
Ireland
-
Israel
-
Italy
-
Jamaica
-
Japan
-
Jordan
-
Kazakhstan
-
Kenya
-
Korea
-
Kuwait
-
Kyrgyzstan
-
Laos
-
Latvia
-
Lebanon
-
Lesotho
-
Libya
-
Lithuania
-
Luxembourg
-
Madagascar
-
Malaysia
-
Malta
-
Mauritius
-
Mexico
-
Moldova
-
Mongolia
-
Montenegro
-
Morocco
-
Mozambique
-
Myanmar
-
Namibia
-
Nepal
-
Netherlands
-
New Zealand
-
Nigeria
-
North Macedonia
-
Norway
-
Oman
-
Pakistan
-
Palestine
-
Panama
-
Papua New Guinea
-
Paraguay
-
Peru
-
Philippines
-
Poland
-
Portugal
-
Puerto Rico
-
Qatar
-
Reunion
-
Romania
-
Rwanda
-
Saudi Arabia
-
Serbia
-
Singapore
-
Slovakia
-
Slovenia
-
Somalia
-
South Africa
-
Spain
-
Sri Lanka
-
Sweden
-
Switzerland
-
Syria
-
Taiwan
-
Tajikistan
-
Tanzania
-
Thailand
-
Trinidad and Tobago
-
Tunisia
-
Turkey
-
UAE
-
Uganda
-
Ukraine
-
United Kingdom
-
United States
-
Uruguay
-
Uzbekistan
-
Venezuela
-
Vietnam
-
Yemen
-
Zambia
-
Zimbabwe
- Forex
- Crypto
