Indian shares set for muted open as oil tops $91, US-Iran ceasefire expires

Business Recorder reported that Indian equities were set for a roughly flat start on Tuesday, as the temporary US-Iran ceasefire neared its expiry with little prospect of a settlement. Crude oil remained above $91 a barrel, keeping attention on the risk of supply disruptions.

Iran signalled that it could take a more offensive stance, and President Donald Trump ruled out extending the 60-day truce, which has heightened fears of energy supply disruptions. The report added that prolonged high crude costs could reignite price pressures in India, a top-three global importer of the fuel. Gift Nifty futures stood at 24,311.50, pointing to a quiet start after the Nifty 50 closed at 24,287.65 on Monday, its fifth straight session of losses.

On Monday, overseas portfolio investors were net sellers, offloading equities valued at 25.35 billion rupees ($265.17 million). Local institutions were net purchasers of 51.01 billion rupees, according to provisional NSE data. Enrich Money CEO Ponmudi R said the lack of meaningful progress in the conflict left domestic markets with a cautious tilt.