INDIA STOCKS-Indian shares set to rise after steep drop as oil eases
March 20 (Reuters) - Indian shares are poised to open higher on Friday after logging their steepest fall in two years in the previous session as oil prices eased, offering some relief to global markets amid the ongoing war in the Middle East.
GIFT Nifty futures GIFc1 were trading at 23,250.5 as of 08:24 a.m. IST, indicating the Nifty 50 .NSEI will open above Thursday's close of 23,002.15.
Brent crude LCOc1 rose as much as $119.13 a barrel on Thursday on attacks on energy infrastructure in the Middle East, triggering a global market rout and wiping out $139.5 billion in market value from India's NSE-listed stocks in a single session.
Prices have since moderated to $105 per barrel, after leading European nations and Japan offered to join efforts to secure the safe passage for ships through the Strait of Hormuz and the U.S. outlined moves to boost oil supply.
U.S. President Donald Trump said he had urged Israeli Prime Minister Benjamin Netanyahu not to repeat attacks on Iranian energy infrastructure, which triggered tit-for-tat attacks on energy plants in the region. O/R
Recent signs indicating a possible de-escalation in the Iran war have offered some solace to investors, although sentiment remains fragile, two analysts said.
The Nifty 50 .NSEI and Sensex .BSESN fell 3.26% in the previous session, their worst day since June 2024, with heavyweight HDFC Bank HDBK.NS leading losses after the abrupt exit of its part-time chairman.
While Macquarie dropped the stock from its marquee buy list, Jefferies and Emkay said the board's call on latest developments was "reassuring" and "comforting" on corporate governance concerns.
Other Asian markets .MIAPJ0000PUS were up 0.2% after losing 2.8% on Thursday. MKTS/GLOB
STOCKS TO WATCH
IT companies such as TCS TCS.NS, Infosys INFY.NS, HCLTech HCLT.NS, Tech Mahindra TEML.NS and Wipro WIPR.NS may drop after global bellwether Accenture's revised growth guidance suggests growth is unlikely to improve in the near-term
J K Cement JKCE.NS is declared the preferred bidder for Dommarnandyala Block- 3 in Andhra Pradesh
Nestle India NEST.NS says it will invest 2.25 billion rupees to add a new "Munch" production line at its Gujarat factory
