India's Stock Market Set for Gains as Oil Prices Ease

The Indian stock market is expected to rise on Wednesday due to easing crude oil prices, but caution remains ahead of Nvidia's earnings. The GIFT Nifty futures traded 80 points higher at 24,560 by 7:45 AM.

In the overnight trade, US stocks closed higher as Treasury yields retreated and semiconductor stocks lifted tech-heavy Nasdaq. S&P 500 settled 0.32 per cent higher, while Dow Jones rose 0.3 per cent.

Brent crude futures fell 2 per cent to $86.80 a barrel due to hopes the Strait of Hormuz could reopen after Iran said it had resumed talks with Oman. Oil marketing companies like IOCL, BPCL and HPCL are likely to be in focus as oil prices ease to $86 per barrel.