Indian shares on track for muted open as oil prices, foreign outflows weigh

Indian shares are set for a subdued start on Wednesday, Business Recorder reported, after gaining in the prior session. GIFT Nifty futures stood at 22,764 at 7:50 a.m. IST, signalling a flat open for the Nifty 50, which closed Tuesday at 22,721.95.

Both the Nifty and Sensex rose about 1.6 per cent on Tuesday, with information technology stocks leading the advance after HCLTech beat earnings expectations. Ponmudi R of Enrich Money said recent gains improved the near-term outlook, yet higher crude prices tied to Mideast tensions remain a major concern for inflation and external balances. Oil climbed to roughly $107 a barrel as traders weighed fighting between the Houthis and Saudi Arabia against possible extra Russian diesel supplies.

Foreign portfolio investors remained net sellers for a 13th straight session on Tuesday, pulling out 13.05 billion rupees ($136.96 million), while domestic institutions bought shares worth a net 24.39 billion rupees. Among stocks, Tata Elxsi drew attention after higher quarterly profit, and Transformers and Rectifiers India reported September-quarter profit more than doubling from a year earlier.