Indian Shares Seen Higher At Open As Oil Prices Fall
(RTTNews) - Indian shares look set to open a tad higher on Friday after oil prices slumped to end a two-day rally overnight on speculation the escalation of hostilities between the U.S. and Iran will be limited.
Global cues remain favorable as investors brushed off Middle East tensions and shifted focus to upcoming earnings.
Tata Consultancy Services, India's top software services exporter, reported June-quarter revenue of $7.6 billion, up 2.7 percent year-on-year and largely flat sequentially, in line with subdued expectations.
Benchmark indexes Sensex and Nifty rose around 0.3 percent each on Thursday, after having fallen over 2 percent in the previous session amid escalating hostilities in the Middle East.
The rupee appreciated by 16 paise to close at 95.39 against the dollar on Thursday, deriving strength from dollar sales by state-run banks.
Foreign institutional investors turned net sellers in Indian equities after four consecutive sessions of buying, offloading shares worth Rs. 532.86 crore on Thursday, while domestic institutional investors net bought shares worth Rs. 2,057.79 crore, according to provisional exchange data.
Asian stocks traded higher this morning, with chip and AI firms leading the surge on the eve of SK Hynix's U.S. market debut.
The U.S. dollar was steady, and gold was little changed at $4,122 an ounce after a U.S. official said the U.S. will continue "technical talks" with Iran and remains committed to finding a solution to the conflict.
Brent crude prices were little changed around $76 a barrel after falling around 2 percent in the previous session. Nevertheless, oil prices were set for weekly gains as traders monitor developments around the Strait of Hormuz and their impact on energy supplies.
U.S. stocks fluctuated before closing higher overnight, with technology stocks leading the surge as SK Hynix's $28 billion U.S. share sale attracted immense demand and Micron Technology announced plans to invest up to $3 billion to strengthen the semiconductor supply chain.
Fears about a return to full-blow war subsided after President Donald Trump claimed that Iran wants to "make a deal so badly," but he doesn't know if they're worthy of making a deal.
Trump's comments came after U.S. Central Command said it hit 90 Iranian targets in the latest round of strikes and Iranian armed forces retaliated by launching attacks on U.S. military infrastructure in Gulf states.
While the tech-heavy Nasdaq Composite rallied 1.3 percent, the S&P 500 climbed 0.8 percent and the Dow edged up 0.3 percent.
European stocks closed firmly higher on Thursday, led by a rebound in technology shares. The pan-European STOXX 600 advanced 0.8 percent.
The German DAX and France's CAC 40 both rose around 0.9 percent while the U.K.'s FTSE 100 slid 0.2 percent, dragged down by energy stocks.
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