Indian shares likely to rise as oil comes off; BSE joins Nifty

Business Recorder reported that Indian equities were set for a slightly firmer opening on Wednesday, with GIFT Nifty futures quoted at 22,834 points by 7:46 a.m. IST. The benchmark Nifty 50 had closed Tuesday at 22,716.2. Easing crude prices, linked to signs that exports from the Middle East are recovering, provided some support, while investors remained uneasy about the lack of a peace deal between the US and Iran.

The semi-annual index review of the National Stock Exchange of India takes effect on Wednesday, and BSE will take Wipro's place in the Nifty 50. Passive funds holding roughly $97 billion track the index, so the changes draw close scrutiny. Indian benchmarks have lost roughly 5.8% during September, their steepest drop since March.

Overseas investors were sellers of Indian shares worth 99.8 billion rupees ($1.04 billion) on Tuesday, their largest outflow in roughly four months. Selling in September reached $2.7 billion, lifting the cumulative figure for the year so far to $26.75 billion. Brent crude gained 1.1% to $103.7 a barrel after a 2.6% drop in the previous session, while US two-year Treasury yields slipped as traders scaled back bets on an October rate hike following remarks from a Federal Reserve official.