INDIA STOCKS-Indian shares likely to open muted on oil price concerns

By Reuters News

Sept 21 (Reuters) - Indian shares were expected to open muted on Monday as elevated crude oil prices kept investors worried about their impact on inflation and interest rates.

GIFT Nifty futures were at 23,338 points, as of 7:49 a.m. IST, indicating a flat start for the benchmark Nifty 50 .NSEI index, which closed at 23,346.4 on Friday.

Last week, the Nifty 50 and the BSE Sensex .BSESN logged a sixth straight weekly fall, their longest losing streak in six years.

Iran and the United States exchanged new threats on Sunday, with President Donald Trump warning Iran would fail economically or face its leadership being wiped out if it didn't make a deal, and the Iranian military saying it would retaliate harshly to any fresh attack.

The conflict has looked stalemated for months, with no sign either side was ready for concessions even as it has deepened a global energy crisis, cratered swathes of Iran's economy and spilled over into new regional escalations.

However, Brent crude futures eased 2.2% to $101.6 per barrel as investors eyed a recovery in shipments from Saudi Arabia despite ongoing attacks by Yemeni Houthis that have escalated tensions in the Middle East. O/R

"Brent crude's retreat offers some relief, but prices remain elevated as the unresolved Middle East conflict leaves the market vulnerable to renewed flare-ups and supply disruptions," said Hariselvan Radhakrishnan, founder and CEO of HST Wealth.

Investor focus will also be on the primary market as the National Stock Exchange of India's $2.3 billion initial public offering will close for subscriptions later in the day.

Meanwhile, foreign investors bought Indian shares worth 6 billion rupees ($62.55 million) on Friday, according to provisional data, following six straight sessions of net selling.

They have sold $2.20 billion worth of shares so far in September, taking the year-to-date outflows to $26.26 billion.


STOCKS TO WATCH

** Welspun Enterprises WELS.NS gets orders worth 3.5 billion rupees for rehabilitation of two existing sewer lines from Ahmedabad Municipal Corporation

** Nestle India NEST.NS says its products are fully compliant with applicable regulations after legal action over infant nutrition products

** Abu Dhabi Investment Authority-backed Platinum Jasmine A 2018 Trust is likely to sell about 1.7% stake in eyewear retailer Lenskart LENS.NS for 20.47 billion rupees via block deal, as per media reports



($1 = 95.9300 Indian rupees)

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