Indian shares set to fall on oil spike and Asia selloff
GIFT Nifty futures suggest a lower opening for Indian markets following a sharp decline in Asian equities and rising crude prices. Renewed Middle East tensions and growing expectations for a U.S. interest rate hike continue to pressure emerging market risk appetite.
India's Nifty 50 index is set to open 1% lower on Monday morning following a global selloff and rising oil prices. GIFT Nifty futures traded at 23,138, indicating a drop from the previous close of 23,366.70. Escalating Middle East conflict and hawkish Federal Reserve expectations are driving foreign investors to exit emerging markets.
Brent Crude Oil rose 3.5% to $96.5 a barrel after Iran launched missiles at Israel. The strike followed Israeli operations in Beirut, fueling fears of energy supply disruptions.
