Indian shares to open higher on strong growth data; Middle East jitters could temper optimism

Business Recorder reported that Indian equities were set for a slightly firmer start on Tuesday, supported by growth numbers that beat expectations. GIFT Nifty futures stood at 24,178 points early in the Indian session, signalling a positive opening for the Nifty 50 after it closed Monday at 24,080.4, a one-month low.

India's economy grew 7.8% from a year earlier in the April-June period, beating forecasts on the back of an investment surge and stronger factory output. Consumer demand stayed firm, but the upside came as conflict involving the US, Israel and Iran kept global markets on edge. US President Donald Trump vowed more strikes on Iran once direct attacks were traded for the first time in a month, while Iranian missiles aimed at a pair of American airfields in Jordan pushed the Brent benchmark up to $91 a barrel.

Asian stocks were broadly flat, and global bond yields climbed to fresh peaks as hostilities flared again in the region. The Nifty 50 slipped 1.2% in August, dragged down by heavyweights HDFC Bank and Reliance Industries. Foreign investors were net sellers of 79.86 billion Indian rupees ($839.20 million) on Monday, according to provisional figures, while a new closing auction for derivative stocks has caused sharp swings around the weekly Nifty expiry.