Oil Price Dip Fails to Fully Offset Geopolitical Risks in India

India's benchmark Nifty index is poised to open marginally higher on Friday, thanks in part to a decline in oil prices. The Brent crude price fell by 0.8% to $104 a barrel as hopes of alternative routes keeping West Asia barrels flowing to global markets outweighed concerns over renewed strikes involving Saudi Arabia and Yemen's Houthi forces.

The pullback in oil prices should provide some relief for India, which is one of the world's largest oil importers. However, this may not be enough to offset the impact of higher energy costs on corporate margins, the current-account outlook, and inflation management by the Reserve Bank of India.

In other news, Tata Sons reappointed N. Chandrasekaran as chairman and announced it would consider a public listing. This move will likely keep Tata group stocks in focus.