Indian shares set for lower open as oil rise weighs; Jio market debut in focus

The company's record $3.2 billion initial public offering last week attracted bids worth $77 billion, making it India's most-subscribed offering ever and underscoring strong investor demand for the high-profile listing. GIFT Nifty futures were at 22,593 as of 7:59 a.m. IST, indicating a weaker start for the benchmark Nifty 50 , which closed at 22,749.75 on Tuesday. Oil prices climbed 1.6% to $115.7 a barrel after an attack on a refinery in top exporter Saudi Arabia renewed concerns about energy supply disruptions and inflation.

While the Fed is widely expected to leave interest rates unchanged later in the day, its commentary on mounting price pressures from higher oil prices and the future path of monetary policy will be crucial for global markets, two analysts said. Foreign portfolio investors bought a net 42.40 billion rupees ($445.78 million) of Indian equities on Tuesday, their largest daily purchase in nearly two months, according to provisional NSE data.

Domestic institutional investors were net sellers, offloading shares worth 12.50 billion rupees. Among individual stocks, Larsen & Toubro will be in focus after reporting a 33% year-on-year increase in quarterly profit, aided by healthy order inflows. SBI Life Insurance also posted higher quarterly profit, supported by a shift towards higher-margin retail products. ** Maruti Suzuki expects higher volumes and further price hikes to boost profitability in the second half of FY2027, after missing September-quarter profit estimates due to rising costs

** Bajaj Auto posts a bigger-than-expected quarterly profit, helped by rising overseas demand and gains from favourable currency movements ** PTC India Financial Services posts a 50% year-on-year drop in the September-quarter net profit ** Raymond logs about 97% Y/Y rise in the second-quarter profit ** Alembic Pharma receives US drug regulator's approval for valganciclovir oral solution, used to treat some eye infections that cause inflammation of the retina and can lead to permanent loss of vision

** Subros secures contract worth 12.25 billion rupees from Maruti Suzuki to supply HVAC assemblies ($1 = 95.1150 Indian rupees) (Reporting by Bharath Rajeswaran in Bengaluru; Editing by Subhranshu Sahu)