Indian shares set for positive start on talks to end Iran war, strong Reliance earnings

Business Recorder reported that Indian shares were expected to open higher on Monday, with GIFT Nifty futures pointing to gains. The futures stood at 23,258.5 at 7:58 a.m. IST, while the Nifty 50 had finished Friday at 23,053.1. Brent crude was at $111 per barrel, down from Friday’s six-month peak of $118, as Iranian and Qatari officials held another day of discussions aimed at ending the Iran war.

The prospect of a deal was cited as a factor behind the oil decline, amid hopes that supply concerns could ease. Foreign investors bought 36 billion rupees ($379.53 million) of Indian shares on Friday, their sixth buying session in the past ten trading days, according to provisional data. Reliance Industries reported a 40.6% increase in September-quarter net profit, above expectations, while its Jio Platforms unit posted 13.7% growth.