Indian shares are likely to open little changed on Friday as oil prices hover around $105 per barrel, with investors awaiting progress in peace talks between the US and Iran.
The two sides stuck to opposing stances on Thursday over Tehran’s uranium stockpile and controls on the Strait of Hormuz, although U.S. Secretary of State Marco Rubio said there had been “some good signs” in talks.
GIFT Nifty futures were at 23,651, as of 8:01 a.m. IST, indicating the benchmark Nifty 50will open near Thursday’s close of 23,654.7.
The 50-stock index and the BSE Sensex are flat so far this week amid a lack of clear signs over where the Iran war is headed.
The war has upended energy and equity markets globally, raising concerns over its impact on inflation and economic growth.
The Nifty 50 and the Sensex have declined 6% and 7.5%, respectively, since the war began in late February, with foreign portfolio investors (FPIs) offloading $22.2 billion worth of shares in less than three months, surpassing the record annual outflow seen last year.
On Thursday, FPIs sold Indian shares worth 1.89 billion rupees ($19.65 million), as per provisional data.
Investors will focus on stock-specific moves as they sift through quarterly earnings and corporate commentary for further direction.
