GIFT NIFTY futures hint at muted opening for Indian markets; Crude oil tops $108 per barrel

The Indian equity benchmarks are set to open on a flat mote as indicated by NIFTY futures traded at GIFT City in Gandhinagar. GIFT NIFTY futures advanced 10 points to 23,129 amid weak cues from global markets as sentiment was shaken after crude oil surged in global markets.

The benchmarks surged for a second straight session on Friday as sentiment remained stable tracking a decline in crude oil and positive trend in other global markets.

The SENSEX ended 414 points higher at 74,729 and NIFTY50 index advanced 149 points to close at 23,146.

Meanwhile, most of the Asian markets were trading lower tracking a spike in crude prices in global markets. Japan's Nikkei fell 1.01%, China's Shanghai Composite slipped 0.24% and South Korea's KOSPI index dropped 0.5%.

Brent crude futures declined as much as 1.9% but stayed close to $108 per barrel after US President Donald Trump waived sanctions and tariffs on Russia that may lead to more Russian fuel exports, analysts said.

The move comes after Trump struck a deal with Russian President Vladimir Putin to export diesel to ‌the ⁠United States. Ukrainian President Volodymyr Zelenskiy said these US actions will hurt Ukraine, the report added.

Brent crude oil briefly touched $110 a barrel on Friday for the first time since May as tensions and security threats in the Middle East raised concerns over the safety of shipping and tighter global ⁠energy supplies.

Back home, foreign institutional investors bought shares worth ₹1,165.92 crore on Friday while domestic institutional investors sold shares worth ₹3,661 crore.

HDFC Bank, ICICI Bank, YES Bank, and Axis Bank will be on investors' radar as they will react to their September quarter earnings announced on Saturday.

As per the BSE, 35 companies are slated to announce their September quarter (Q2 FY27) earnings today. The list includes names such as Bajaj Finance, UltraTech Cement, Hindustan Zinc (HZL), Union Bank of India, Piramal Finance, LT Technology Services, HFCL, Indian Renewable Energy Development Agency (IREDA), Sobha, and Waaree Renewable Technologies, among others.