Indian shares set to open lower, tracking Asian peers
Oct 3 (Reuters) -Indian shares are likely to open lower on Thursday, tracking other Asian peers, as investors curb their risk appetite amid an escalation of the Middle East conflict.
The GIFT Nifty GIFc1 was trading at 25,701.50 points as of 8:13 a.m. IST, indicating that the NSE Nifty 50 .NSEI will open below its previous close of 25,796.90.
Worries of a further escalation in the Middle East intensified after Iran fired ballistic missiles at Israel earlier in the week, stoking anxieties that oil supplies from the world's top producing region may be threatened if the conflict intensifies.
Oil prices ticked higher on the day. A rise in oil prices is a negative for importers of the commodity like India, as crude contributes significantly to the country's import bill. O/R
Most Asian peers .MIAPJ0000PUS shed about 1%, while stocks across the globe held steady.
Japan's Nikkei 225 .N225 was an exception, rising 2.2% as a weaker yen helped outlook for exporters.
Wall Street indexes closed in the green overnight, helped by better-than-expected labour market data. MKTS/GLOB
The Nifty shed 1.6% in the three previous sessions on profit booking at record high levels. Indian markets were closed on Wednesday for a local holiday.
Foreign institutional investors (FII) turned net sellers of Indian equities on Tuesday, reversing a buying streak in September.
FIIs bought Indian shares worth 577.24 billion rupees in September, highest in 2024 so far, powering benchmarks to record high levels, on the back of an outsized U.S. Federal Reserve rate cut.
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** Dabur DABU.NS: Consumer goods maker forecast its first quarterly revenue drop since 2020. nL4N3LD11H
($1 = 83.9490 Indian rupees)
Reporting by Hritam Mukherjee and Bharath Rajeswaran in Bengaluru; Editing by Sumana Nandy
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