Indian shares likely to open higher; caution ahead of new Iran sanctions

Business Recorder reported that Indian stocks were poised for a marginally firmer start on Monday, despite two successive weekly declines. Sentiment nonetheless stayed guarded as traders waited for details of the US sanctions Washington has threatened against Iran, which were expected later in the session. GIFT Nifty futures stood at 24,378 points at 7:47 a.m. IST, pointing to a positive opening for the Nifty 50, which ended Friday at 24,252.

On Sunday, Iran's foreign minister described the threatened American measures as a symptom of desperation, insisting they could not break Tehran. The conflict between Washington and Tehran, now close to six months old, has pushed energy prices higher worldwide and stoked inflation concerns. India, which ranks as the third-largest crude importer globally, saw overseas investors pull money from equities at a record pace earlier this year, largely as crude costs climbed.

Over the previous week the Nifty 50 and BSE Sensex fell 0.5% and 0.6%, as higher oil prices and bond yields tied to the Middle East war dented investor mood. Brent crude futures eased 2% to $93 a barrel, still elevated after a 13% rise over the past fortnight. Asian markets were broadly flat as participants waited for details of the Iran sanctions and Nvidia's results later in the week.