Indian shares are likely to open lower on Thursday, extending the previous session’s losses. Oil prices jumped on reports of fresh attacks on ships in the Strait of Hormuz and Iraqi waters. This has stoked inflation risks and tempered rate-cut bets.
GIFT Nifty futures were trading at 23,784.50 as of 07:58 am IST. This indicates the Nifty 50 will open below Wednesday’s close of 23,866.85.
Oil climbed as much as 8.2 per cent after Iraqi security officials said Iranian explosive-laden boats had struck two fuel-oil tankers. This came amid wider supply disruptions from the US-Israeli war on Iran. Officials added that oil ports have completely stopped operations.
Even the International Energy Agency’s plan to release 400 million barrels from its reserves—the largest move in its history—and the US pledge to contribute 172 million barrels from next week failed to calm markets.
Brent futures rose $6.5, or 7.13 per cent, to $98.5 a barrel at 0200 GMT. US West Texas Intermediate (WTI) crude was up $6.1, or 7.1 per cent, to $93.43.
The West Asia conflict has kept investors on edge as they assess its impact on inflation and the prospect of sustained pressure on global oil supplies.
Asian shares fell, tracking an overnight drop in US and European markets.
Back home, the Nifty and Sensex posted sharp declines on Wednesday. They have lost about 5 percent each since the start of the war.
Foreign institutional investors sold Indian shares worth ₹59.65 billion ($646.7 million) on Wednesday. Domestic investors bought ₹46.14 billion, per provisional NSE data.
Stocks to watch
Highlights
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Mahanagar Gas said gas curtailment has impacted its supply to industrial and commercial customers.
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KEC International secures new orders worth ₹14.76 billion for transmission and distribution projects, including its largest composite T&D order in Saudi Arabia.
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Wipro signs a multi-year contract with TruStage to modernize its retirement services business.
Published on March 12, 2026