Indian shares are set to open lower on Tuesday, giving back some of the previous session's gains, as Brent crude prices remained near $115 a barrel and investors stayed cautious ahead of the US Federal Reserve's policy decision later this week.
GIFT Nifty futures were at 22,669.5 at 7:53 am, indicating a negative start for the benchmark Nifty 50, which closed at 22,753.2 on Monday.
The Nifty 50 and BSE Sensex rose 0.7% on Monday, snapping a four-session losing streak, helped by post-earnings gains in select stocks.
Brent crude futures hovered near a six-month high after attacks on Saudi Arabia dampened hopes for an immediate easing of tensions in the region. Higher oil prices are a negative for India, which imports the bulk of its energy requirements, as they can increase inflation, strain its fiscal deficit and hit corporate profits.
The US Federal Reserve is expected to hold interest rates steady on Wednesday, before resuming its tightening cycle with a December increase, according to a Reuters poll of economists.