Indian shares poised to open higher as focus shifts to Jio Platforms IPO

According to Business Recorder, Indian shares were headed for a firmer opening on Wednesday, with attention turning to the subscription launch of Jio Platforms' $3.2 billion IPO. The telecoms, cloud and AI group has already raised $853.3 million from anchor investors including Abu Dhabi Investment Authority, BlackRock and Fidelity, and the issue is set to be India's largest on record. Elevated crude prices, however, could limit any gains.

Sentiment also drew support from remarks by US Secretary of State Marco Rubio, who told CNN News18 that Washington and New Delhi could strike a trade pact in weeks instead of months. GIFT Nifty futures were at 23,017 at 7:57 a.m. IST, pointing to a positive start after a local holiday closure on Tuesday. Both indices lost more than 1% on Monday after HDFC Bank and Axis Bank reported narrower net interest margins.

Bajaj Finance is set to be watched on Wednesday, after its quarterly profit rose 28.7% from a year earlier, helped by strong loan-book growth. Crude remains a concern, with Brent futures up more than 1% at $110 a barrel amid worries over Red Sea shipping disruptions and attacks threatening oil facilities in Saudi Arabia. Higher oil prices weigh on India, which relies on imports for much of its energy, since they lift the import bill, strain the fiscal deficit and hit corporate earnings.