Indian equity benchmarks are expected to open lower on Thursday, with GIFT Nifty futures indicating a decline. This follows a broad sell-off in Asian markets, driven by U.S. President Donald Trump's intensified rhetoric concerning Iran. The rising geopolitical tensions have sparked concerns, contributing to a notable jump in crude oil prices. Brent crude climbed approximately 4% to around $105 per barrel after Trump stated that Washington's core objectives in the Iran conflict were nearing completion, though he gave no clear end date for hostilities.
The market sentiment reversal contrasts with the previous day's gains. On Wednesday, foreign portfolio investors (FPIs) were significant net sellers, offloading shares worth ₹8,331 crore. This selling pressure was partly absorbed by domestic institutional investors (DIIs), who bought stocks valued at ₹7,172 crore, according to preliminary data from the National Stock Exchange (NSE). The day prior, India's main indexes, the Nifty 50 and Sensex, had risen strongly on hopes that the Iran conflict would de-escalate.
Looking ahead, investors will focus on several specific companies. Wipro, IndiGo, Lupin, Glenmark Pharmaceuticals, AGI Infra, and Aavas Financiers are among those expected to be in the spotlight. Additionally, Karnataka Bank reported a 6.9% year-on-year increase in gross advances and a 3.8% rise in deposits as of March-end. Pace Digitek secured an important EPC order from NTPC valued at ₹4.95 billion for a 200 MW battery energy storage system. Hero MotoCorp announced 24% dispatch growth for the March quarter, with overall two-wheeler sales up 8.8% in March. NMDC reported a substantial 51% surge in iron ore production, reaching 5.35 million tonnes in the March quarter.