Indian shares set to open higher as oil hits 2-month low after US Democratic win

Indian stocks were positioned for a stronger start on Thursday, with GIFT Nifty futures at 24,295.5 at 8:01 a.m. IST, compared with the Nifty 50’s Wednesday close of 23,960.6. Business Recorder reported that Brent crude fell 1% to $93.5 a barrel after declining 8.7% in the previous session, reaching its lowest level in two months.

Foreign investors purchased 72.84 billion rupees ($769.65 million) of Indian shares on Wednesday, marking four consecutive sessions of net buying, according to provisional data. The Nifty 50 and BSE Sensex have gained 5.6% over five sessions, with foreign purchases, cheaper oil and strong earnings cited as supports; the report also connected a rally in US and European stocks with the Democrats’ midterm election gains.