Markets are expected to open lower on Tuesday due to a surge in oil prices caused by the ongoing conflict in Iran, which has dampened risk sentiment among investors as they monitor corporate earnings reports.
As of 7:58 a.m. IST, GIFT Nifty futures were trading at 24,002 points, suggesting that the benchmark Nifty 50 index would start below Monday’s close of 24,092.70.
Both the Nifty and Sensex ended a three-session losing streak on Monday, buoyed by a recovery in information technology stocks following a significant selloff the previous week. However, broader market momentum remains limited due to unresolved geopolitical tensions, particularly in the Strait of Hormuz—responsible for approximately 20% of global oil supplies—resulting in increased crude prices.
High oil prices pose a challenge for India, the world’s third-largest crude importer, as they threaten to elevate inflation, hinder economic growth, affect corporate earnings, and escalate the country’s import bill. Brent crude prices were hovering around $109 per barrel amid stalled efforts to resolve the Iran conflict. A U.S. official indicated that President Donald Trump is dissatisfied with the latest Iranian proposal to end hostilities.
Domestically, foreign portfolio investors sold off Indian stocks worth ₹1,151 crore (approximately $122.2 million) on Monday, extending their selling trend to a sixth consecutive session. Conversely, domestic institutional investors bought shares worth ₹4,124 crore, continuing as net buyers for the third straight session.
In company news, UltraTech Cement, India’s largest cement manufacturer by capacity, is likely to attract attention after exceeding quarterly profit expectations, driven by increased demand due to favorable weather conditions for construction. Additionally, state-run miner Coal India reported a profit for the March quarter that exceeded estimates, supported by higher prices and boosted demand. SBI Cards and Payment Services also announced a 14% year-on-year increase in quarterly profits.
Published on April 28, 2026.
