Indian Stocks Eye Gains at Open, Oil Prices Pose Headwind

Indian Stocks Eye Gains at Open, Oil Prices Pose Headwind

April 29 (Reuters) – Indian shares are set to open marginally higher on Wednesday, though surging oil prices following reports the U.S. will extend its blockade of Iranian ports ​and persistent foreign outflows are likely to cap gains.

GIFT Nifty futures ‌were trading at 24,099.50 points as of 8:15 a.m. IST, indicating that the benchmark Nifty 50 (.NSEI), opens new tab would open above Tuesday’s close of 23,995.70.

The Nifty and Sensex (.BSESN), opens new tab fell about 0.4% and ​0.5% on Tuesday, dragged by an uptick in oil prices and ​weakness in banks on the Reserve Bank of India’s final ⁠credit-loss guidelines.

Brent crude hovered around $112 a barrel as efforts to end the Iran war remain deadlocked.

U.S. President Donald ​Trump has instructed aides to prepare for an extended blockade of Iran, the Wall ​Street Journal reported late on Tuesday, citing U.S. officials.

Concerns over oil price stability were compounded by the United Arab Emirates’ exit from OPEC and OPEC+, with analysts warning that the loss of a ​key producer with spare capacity could weaken the bloc’s ability to manage supply and cushion price shocks at ​a time of heightened geopolitical risks.

The meeting will be Jerome Powell’s last as Fed chair before his term ends in May 2026. While markets are fully pricing in a pause, the ​commentary on future rate ​trajectory and inflation ⁠is keenly awaited.

Back home, foreign portfolio investors offloaded Indian stocks for the seventh session in a row on Tuesday, with outflows ​of 21.04 billion rupees ($222.6 million).

Total foreign outflows from Indian markets have reached $20.26 ​billion this year as ⁠of Tuesday, surpassing last year’s record sales.

STOCKS TO WATCH

Zomato owner Eternal (ETEA.NS), opens new tab beats profit view on food delivery, quick commerce boost

** Bandhan Bank (BANH.NS), posts 68% year-on-year rise in ⁠net profit ​in the March quarter

** Tyre maker CEAT’s (CEAT.NS), ​quarterly profit soars on strong demand, merger gains

** Sanofi India (SANO.NS), reports 14% y/y dip in profit in the fourth ​quarter.

(Except for the headline, this story has not been edited by VoM News staff and is published from the syndicated feed)