India Stocks: Indian shares likely to open slightly higher tracking Asian peers

3M India

28/05/2024 03:42

BENGALURU, May 28 (Reuters) - Indian shares are set to
open marginally higher on Tuesday, tracking Asian peers, while
investor focus will be on the country's biggest insurer, Life
Insurance Corp of India (LIC), after its quarterly earnings. 
     The Gift Nifty  GIFc1  was trading at 23,022 points as of
7:29 a.m. IST, indicating that the Nifty 50  .NSEI  will open
higher than its previous close of 22,932.45.
    MSCI's broadest index of Asia-Pacific shares outside Japan
 .MIAPJ0000PUS  gained 0.4% on Tuesday.  MKTS/GLOB  
    Indian equity benchmarks have hit record highs in three
straight sessions through Monday, but volatility remains high
ahead of the results of the general elections, due on June 4.
The Nifty volatility index rose to its highest in nearly two
years on Monday. 
    "We may see further consolidation in the index ahead," Ajit
Mishra, vice president of research at Religare Broking said. 
    Meanwhile, investors eye LIC after it reported a drop in its
new business margin in the fourth-quarter, which the company
said was curtailed by weakness in its group business. Its profit
rose slightly. 
    Foreign investors were net sellers on Monday, offloading
shares worth 5.41 billion rupees ($65.1 million), while domestic
institutional investors bought 9.23 billion rupees in stocks.
    
    STOCKS TO WATCH: 
    ** NMDC  NMDC.NS , Goodyear India  GDYR.BO , NALCO
 NALU.NS : reported fourth-quarter results. 
    ** Adani Energy Solutions  ADAI.NS : said on Monday that its
board has approved a fundraise of up to 125 billion rupees
($1.50 billion).
    ** Key results for the day: 3M India  TMIN.NS , MedPlus
Health Services  MEDP.NS , R R Kabel  RRKA.NS  


($1 = 83.1110 Indian rupees)

 (Reporting by Manvi Pant and Dimpal Gulwani in Bengaluru;
Editing by Mrigank Dhaniwala)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))