Indian shares seen opening higher; HDFC Bank in focus

Business Recorder reported that Indian shares were set for a firmer open on Tuesday, following a run of five weekly declines. Analysts said the Nifty 50 and BSE Sensex had each shed about 4.8 per cent over those five weeks, prompting some investors to look for bargains. Gains could nonetheless be capped by Brent crude trading near $107 a barrel and weak overnight global cues.

HDFC Bank, the largest private sector lender in the country, is drawing attention after it put forward two names to India's central bank for its chief executive role. The move begins the formal succession process for Sashidhar Jagdishan, who retires later this year.

Oil prices stay elevated as fears grow that the Middle East conflict may extend, after Houthis in Yemen renewed strikes against Saudi Arabia and Gulf governments delayed scheduled discussions with Iran. In the United States, 10-year Treasury yields touched the 5 per cent level on Monday, a milestone not seen since October 2023, and this has raised bets on a rate increase later this week. India's annual retail inflation also picked up again in August, strengthening expectations of a rate hike by its central bank next month.