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.

Brent crude futures slid to a two-month low of $89.16 per barrel on Tuesday after US officials played down the need for additional military action against Iran, easing concerns over supply disruptions. Prices were up 0.5% at $92 on Wednesday.

The Nifty 50 and the BSE Sensex have gained nearly 9% so far this month as easing crude oil prices, strong domestic earnings and a selloff in global chipmakers brought foreign portfolio investors (FPIs) back to India.

FPIs have bought Indian shares worth $5.68 billion so far in November, already making their biggest monthly purchase since September 2024.

Meanwhile, US Treasury yields jumped and Wall Street stocks fell overnight after hotter-than-anticipated inflation data boosted chances of a half-percentage-point Federal Reserve interest-rate hike next month. [MKTS/GLOB]

STOCKS TO WATCH

** Blackstone will buy about 16% of IIFL Finance for 50 billion rupees, or about $535 million, as part of $682.9 million fundraise by the non-bank lender

** Tyre maker MRF posts a near 28% drop in quarterly profit, as higher costs for raw materials overshadowed strong demand for its tyres

** Kalyan Jewellers India reports 64% jump in second-quarter profit, while revenue rises 31.4%

(Reporting by Vivek Kumar M; Editing by Subhranshu Sahu)