India, March 16 -- India's stock benchmarks are set to open higher on Monday, after last week's worst weekly drop in years confirmed a technical correction, as hopes of easing energy supply worries offered temporary relief to markets rattled by geopolitical tensions.

GIFT Nifty rose to an intraday high of 23,370.00 but soon gave up all the gains to an intraday low of 23,152.00, as compared to the previous close of 23,255.50.

Earlier, sentiment improved after the Wall Street Journal reported that the US is preparing to announce that countries have agreed to form a coalition to escort ships through the Strait of Hormuz-a key chokepoint that handles 20% of global oil supply on a daily basis.

Meanwhile, two India-flagged LPG carriers, Shiv...