Refile: INDIA STOCKS-Indian shares set to open lower as US-Iran tensions lift oil prices

Embassy Developments

08/07/2026 03:34

Corrects to add dropped letter 'r' in countries in paragraph 6

    July 8 (Reuters) - Indian shares were set to open lower on Wednesday, as renewed U.S.-Iran tensions hit global risk appetite and lifted crude oil prices, a key risk for the world's third-largest oil importer.
GIFT Nifty futures GIFc1 were trading at 24,235 as of 8:00 a.m. IST, signalling that the Nifty 50 .NSEI could open below Tuesday's close of 24,398.7.
Asian markets fell after an overnight drop on Wall Street, while Brent crude rose 2% to about $76 a barrel, extending a 3% gain from the previous session, after the U.S. military launched a series of strikes against Iran. MKTS/GLOB O/R
Washington said Tehran had attacked three commercial vessels in the Strait of Hormuz, a vital route for global oil shipments.
The flare-up raised fresh concerns about regional stability and possible supply disruption.
Higher oil prices are a headwind for oil-importing countries such as India because they can lift the import bill, fuel inflation, slow growth and squeeze company margins.
The Nifty 50 and the Sensex .BSESN snapped a four-session winning streak on Tuesday, as investors booked profits after a rally driven by optimism over lower crude prices following a preliminary U.S.-Iran peace deal. .BO
The latest flare-up could dent investor sentiment further, trigger a risk-off move and prompt additional profit-taking, two analysts said.
Technology stocks will also be in focus after a Reuters report said Chinese AI startup DeepSeek was developing its own chip, potentially reducing reliance on major global chipmakers. 
The Nifty IT index .NIFTYIT, up 6.2% so far in July, will be watched ahead of Tata Consultancy Services' quarterly results on Thursday.
Foreign institutional investors bought Indian shares worth 3.93 billion rupees ($41.4 million) on Tuesday, while domestic institutional investors sold shares worth 3.83 billion rupees.
     
STOCKS TO WATCH      
** Embassy Developments EMBS.NS says June-quarter pre-sales surge more than four-fold year-on-year to 8.68 billion rupees, while collections rise 54% to 4.96 billion rupees      
** Uno Minda UNOI.NS approves a 3.20 billion-rupee greenfield facility for four-wheeler seating systems, marking its entry into the passenger vehicle seating segment
** HCLTech HCLT.NS says its unit completes the acquisition of Jaspersoft and integrates it with the Actian portfolio
** Orchid Pharma ORCD.NS signs a licensing agreement with Pharmasyntez to commercialise antibiotic Exblifep in Russia
     
($1 = 94.9600 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Subhranshu Sahu)
((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))