Indian shares seen opening higher after earnings-led rebound; higher oil to cap gains

Business Recorder reported that Indian stocks were expected to edge higher at Friday’s open after gains in the previous session, when the Nifty and Sensex each advanced more than 1%. GIFT Nifty futures stood at 22,981, compared with the Nifty’s Thursday close of 22,936.75. The indices have risen about 1.4% and 2.3%, respectively, in October.

Higher oil prices could restrain further gains: Brent rose 2.2% to $117.4 a barrel following reports of attacks on Saudi Arabia’s Ras Tanura refinery and airports. Foreign portfolio investors sold a net 9.44 billion rupees of Indian shares on Thursday, while domestic institutions bought 19.24 billion rupees. Investors were also awaiting results from Reliance Industries, Sun Pharma and Bharat Electronics.