India Stocks: Indian shares set to open little changed; financials in focus

Sanghi Industries

26/06/2024 03:54

BENGALURU, June 26 (Reuters) - Indian shares, trading
near record highs, are set to open flat on Wednesday, with
financials in focus after their recent rally and on relatively
attractive valuations. 
    The GIFT Nifty  GIFc1  was trading at 23,718 as of 0818 IST,
indicating that the Nifty 50  .NSEI  will open near its close of
23,721.30 on Tuesday, which was a record closing high.
    Financials and private banks  .NIFPVTBNK , the
underperformers since the beginning of 2023, have outperformed
the benchmarks in June, rising about 8% each, compared with a 5%
gain in the Nifty 50.
    With money chasing heavy-weight banking stocks, a segment
where valuations and earnings outlook are relatively attractive,
the momentum for markets remains positive, said two analysts.   
    
    Foreign investors bought Indian shares on Tuesday, adding
11.76 billion rupees ($141 million) on a net basis, while
domestic investors sold net 1.49 billion rupees of shares, per
exchange data.
    Asian markets were muted, while semiconductor and related
stocks jumped following an overnight rally in AI-chipmaker
Nvidia's shares on U.S. markets.  MKTS/GLOB 
    
    
    STOCKS TO WATCH:
    
    ** Zee Entertainment Enterprises  ZEE.NS : National Company
Law Tribunal permits the withdrawal of the implementation
application filed for the Sony India merger.  urn:newsml:reuters.com:*:nFWN3IN0V4
    ** Sanghi Industries  SNGI.NS : Large shareholders Ambuja
Cements, Ravi Sanghi propose to sell up to 3.52% stake in the
company.  urn:newsml:reuters.com:*:nFWN3IN088
    
    ($1 = 83.4330 Indian rupees)

 (Reporting by Hritam Mukherjee and Bharath Rajeswaran in
Bengaluru; Editing by Mrigank Dhaniwala)
 ((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))