Indian Shares Seeking Rebound With IT Stocks In Focus

(RTTNews) - Indian shares are seen opening higher on Friday despite overnight losses on Wall Street. Information technology stocks would be in the spotlight today after TCS delivered a 15 percent year-on-year increase in Q2 consolidated net profit and the Nasdaq posted its biggest single-day loss since mid-August on fresh concerns over the sustainability of the AI spending boom.

Additionally, the U.S. has suspended several major tech companies from a key green-card program and opened probes into nine top universities, widening a crackdown on foreign workers.

Brent crude prices fell nearly 1 percent to $103.35 a barrel in early Asian trade, paring gains from the previous session as U.S. President Donald Trump ruled out attacking Iran before the U.S. midterm elections on November 3, adding that record volumes of crude were currently passing through the Strait of Hormuz.

However, subsequent reports indicated that the U.S. had already prepared plans for three days of targeted strikes against Iranian energy infrastructure, drone and missile stockpiles.

Benchmark indexes Sensex and Nifty slumped 1.4 percent and 1.6 percent, respectively on Thursday to extend losses for a second straight session as a spike in oil prices stoked fears of further monetary policy tightening by RBI.

The rupee fell by 13 paise to close at 96.88 against the U.S. dollar amid heightened risk aversion in global markets.

Foreign institutional investors (FIIs) offloaded Indian equities worth Rs 12,943.58 crore on a net basis on Thursday, while domestic institutional investors net bought shares to the extent of Rs 10,703.11 crore, according to provisional exchange data.

Asian stocks were mixed this morning, with markets in South Korea and Taiwan closed for a holiday. The U.S. dollar index was little changed while Treasuries held their overnight gains after a 30-year debt auction met with solid demand.

U.S. stocks closed lower overnight, with technology stocks pacing the declines after the Financial Times reported that OpenAI's annualized revenue is about $20 billion less than the company previously signaled.

Rising oil prices and elevated bond yields on hawkish comments from Federal Reserve Governor Christopher Waller indicating potential for further interest rate increases also weighed on markets.

St. Louis Fed President Alberto Musalem also said more monetary policy tightening will be required to bring inflation back to target in a timely manner.

Brent crude prices eased to $103 a barrel from $106 earlier in the session as President Trump denied the U.S. would be attacking Iran at any time prior to the midterm elections next month, asserting that the two countries were holding "productive" discussions to end the six-month-old war.

The tech-heavy Nasdaq Composite fell 1.3 percent and the S&P 500 dropped half a percent while the narrower Dow edged up 0.1 percent.

European stocks fell sharply for a second straight session on Thursday as a fresh bond sell-off and elevated oil prices revived inflation and interest-rate concerns.

The pan-European STOXX 600 fell 0.8 percent. The German DAX tumbled 1.2 percent, France's CAC 40 shed half a percent and the U.K.'s FTSE 100 slid 0.2 percent.