Indian Shares Likely To Open On Subdued Note

Slightly lower SGX Nifty and weak Asian markets point to a subdued start for Indian shares Tuesday morning.

Wall Street closed modestly higher overnight with stocks finding some support during the final hour after having struggled for direction till then.

European stocks turned in a mixed performance yesterday, and several markets in Asia are exhibiting weakness today with investors awaiting more earnings news and economic updates from the U.S. for clarity on the state of the world’s largest economy.

In company news, Reliance Industries and Bharti Airtel will be in focus today. Reliance Jio and Bharti Airtel will reportedly provide new mobile connections to about 1.1 million employees of Indian Railways after the two companies emerged as lowest bidders in the transporter’s expansion of the closed user group scheme.

The Adani Group has reportedly paid back close to $3 billion in the March quarter, lowering promoter-group pledges and settling bonds with some domestic mutual funds.

Bank of India said in a filing to stock exchanged that its board is set to discuss a plan to raise capital up to Rs 6,500 crore today.

Avalon Technologies is set to make its debut today following the company successfully completing its Initial Public Offering.

The Indian market ended notably lower on Monday despite staging a recovery from early lows. Technology stocks declined after Infosys reported a bigger than expected drop in fourth quarter earnings.

The benchmark BSE Sensex, which tanked nearly 1,000 points to 59,442.47 early on in the session, ended with a loss of 520.25 points or 0.86% at 59,910.75. The National Stock Exchange’s Nifty50 ended down 121.15 points of 0.68% at 17,706.85, well off the day’s low of 17,574.05.