Indian shares set to open higher as oil eases, RBI moves to support rupee

Business Recorder reported that Indian equities were poised for a firmer start on Monday, after Friday's session ended the longest run of weekly losses in 25 years. GIFT Nifty futures traded near 22,624.5 by 7:53 a.m. IST, pointing to a firm opening for the Nifty 50, which had closed Friday at 22,520.45.

Brent crude slipped 1.6%, reaching $103 a barrel, after Donald Trump said Ukraine and Russia would refrain from hitting energy infrastructure, a step that followed a US diesel accord with Moscow. Crude still held above $100 per barrel because of the Middle East conflict, which tempered market enthusiasm. Over the weekend, India's central bank rolled out new measures to prop up the rupee, which sits close to record lows, by steering oil firms' dollar buying away from spot trading and strengthening hedging norms.

According to the report, the measures dampen currency swings, restrain inflation pressure and slow capital leaving the market, both supportive of equity sentiment. Pabitro Mukherjee of Bajaj Broking called the recent rebound encouraging, yet said it looked more like a relief rally than a sustained recovery. Foreign portfolio investors have been net sellers for 11 straight sessions, with Friday's outflow at 35.69 billion Indian rupees, while local institutions purchased shares totalling 47.43 billion Indian rupees, about $490.18 million.