Indian shares were set to open little changed on Tuesday with persistent foreign outflows keeping investors cautious, while Israel and Iran halted strikes on each other but left the door open for a resumption of attacks.
GIFT Nifty futures were trading at 23,122.5 as of 7:51 a.m. IST, indicating that the benchmark Nifty 50 index would open near Monday’s two-month closing low of 23,123.
Iran and Israel said on Monday they had halted attacks on each other after an appeal from US President Donald Trump, though Tehran warned it would resume hostilities if Israel continued to hit Hezbollah in Lebanon.
The most direct confrontation between the two countries since April threatened to wreck Washington’s efforts to reach an agreement with Tehran to end their more than three-month-old war.
Brent crude futures were down around $94 per barrel, compared with $97 ahead of the Indian market close on Monday.
Foreign investors sold Indian shares worth ₹5,556 crore ($580.56 million) on Monday, as per provisional data. This was their seventh straight session of selling, adding to record outflows from equities seen so far this year in Asia’s third-largest economy.
Information technology companies will be in focus on Tuesday after a US federal judge struck down President Donald Trump’s $100,000 fee on new H-1B visas for highly skilled foreign workers. The fee had threatened to increase costs for Indian IT companies and slow revenue growth in their biggest revenue market.
Stocks to watch
Indian government will sell up to a 3 per cent stake in mining and power generation firm NLC India via an offer for sale at a floor price of ₹303, a discount of about 10 per cent to Monday’s closing price.
Grasim approves ₹30.94 billion capex to expand Lyocell capacity in Karnataka.