Indian shares are set for a higher open on Friday after a sharp selloff pushed benchmarks into oversold territory. GIFT Nifty futures were at 22,379.5 at 7:41 am IST, pointing to a positive start.

The Sensex closed Thursday at 71,593.24, down 1,045.46 points, its lowest in 32 months. The Nifty settled at 22,231.80, down 371.25, an 18-month low.

Foreign portfolio investors sold a net Rs 129.44 billion of Indian equities on Thursday. It was their largest single-day outflow since May 29, 2026.

Domestic institutions cushioned the fall, buying a net Rs 107.03 billion of shares. But elevated crude prices, rising global bond yields and a weak rupee kept inflation worries alive.

Brent crude hovered near 104 dollars a barrel after a 4 per cent jump on Thursday. The surge was driven by Middle East tensions and a hurricane near the US Gulf Coast.

Any rebound may be capped by the oil surge and weakness in heavyweight IT stocks. TCS reported its weakest September-quarter revenue growth in three years, hurting sentiment.