Indian Shares Seen Opening Slightly Higher

Indian shares may open higher Tuesday morning, tracking cues from Wall Street where stocks saw some upside overnight thanks to bargain hunting following the steep drop seen last week. Slightly higher Gift Nifty futures also point to a positive start for the Indian market.

Waaree Energies Limited reported a net profit of Rs 375.65 crore for the quarter ended September 30, 2024, compared to Rs 320.12 crore in the corresponding quarter of the previous year.

Adani Green Energy will be in focus on reports the company is preparing to launch a US$ 600 million bond issue in the next few days.

Bajaj Finance Limited reported a 21% increase in its Fixed Deposit book to Rs 66,131 crore as of September 30, 2024.

Ashoka Buildcon Ltd announced in a filing to the stock exchanges on Monday that it has been declared the lowest bidder for projects worth Rs 2,791 crore by the National Highways Authority of India.

Indian shares ended Monday’s session modestly lower amid concerns over slowing earnings growth and a weakening rupee amidst continued foreign fund outflows.

Rising geopolitical risks also weighed on markets after fighting between Russia and Ukraine intensified over the weekend, and outgoing U.S. President Joe Biden authorized the first use of U.S.-supplied long-range missiles by Ukraine for strikes inside Russia.

The benchmark S&P BSE Sensex ended the session down 241.30 points, or 0.31 percent, at 77,339.01, with IT, energy and healthcare stocks leading losses.

The broader NSE Nifty index closed at 23,453.80, down 78.90 points, or 0.34 percent, from its previous close.

Stock markets across the Asia-Pacific region are up in positive territory on Tuesday, tracking overnight gains on Wall Street. Markets in Australia, South Korea, Shanghai, Hong Kong and South Korea are all moderately higher.

On Wall Street, the major averages closed on a mixed note. While the Nasdaq climbed 111.69 points or 0.6%, the S&P 500 rose 23.00 points or 0.4%, while the Dow edged down 55.39 points or 0.1%.