March 24 (Reuters) – Indian shares are likely to open higher on Tuesday, tracking gains in broader Asian peers, after U.S. President Donald Trump postponed the bombing of Iran’s power grid, allaying fears of a deeper energy shock.
GIFT Nifty futures were trading at 22,862, as of 7:48 a.m. IST, indicating that the benchmark Nifty 50 may open about 1.6% higher from Monday’s close of 22,512.65.
Trump said on Monday that he had ordered the military to postpone strikes against Iranian power plants following “productive conversations” with Tehran.
However, Iran’s Parliamentary Speaker posted on social media that no talks had been held with the U.S., contradicting Trump’s announcement.
Asian stocks were up 0.7%, while Brent crude oil hovered around $104 per barrel. [MKTS/GLOB]
“The divergence in narratives (between the U.S. and Iran) suggests that while markets are reacting to optimism, underlying geopolitical uncertainty has not fully dissipated,” said Hariprasad K, research analyst and founder at Livelong Wealth.
The Nifty 50 slid 2.5% on Monday and is now down 10.6% since the U.S.-Israeli war on Iran erupted in late February, as soaring oil prices have fanned inflation worries and clouded India’s growth outlook.
Foreign investors continued their selling streak to a sixteenth consecutive session on Monday, as they offloaded Indian shares worth 104.14 billion rupees ($1.12 billion), as per provisional data.
Foreigners have net sold $10.2 billion worth of shares so far in March, on course for their biggest monthly outflow since October 2024.
STOCKS TO WATCH
** India’s largest private lender HDFC Bank taps external counsel to review the resignation letter of former part-time chairman Atanu Chakraborty, who stepped down last week citing differences over “values and ethics”
** India’s largest carrier IndiGo appoints Aloke Singh as its chief strategy officer, weeks after the airline announced the departure of CEO Pieter Elbers
** State-run miner Coal India to sell up to 25% each in its units South Eastern Coalfields (SECL) and Mahanadi Coalfields (MCL) through initial public offerings or other routes
($1 = 93.1910 Indian rupees)
(Reporting by Vivek Kumar M; Editing by Sherry Jacob-Phillips)
