(Reuters) – Indian shares are set to open little changed on Tuesday, after snapping a losing streak in the previous session, with traders expecting caution to persist due to largely tepid earnings season and persistent foreign selling.
The Gift Nifty futures was trading at 24,352, as of 07:53 a.m. IST, indicating that the benchmark Nifty 50 will open near Monday’s close of 24,339.15.
The benchmark Nifty 50 and BSE Sensex indexes rose for the first time in six sessions on Monday, led by upbeat results from ICICI Bank.
While markets started the week on a positive note, supported by a drop in crude oil prices and strong results from lenders such as ICICI Bank, Bank of Baroda, Punjab National Bank, the outlook remains cautious due to a largely dull earnings season and sustained foreign selling, two traders said.
The Nifty 50 has dropped about 7.4% from a record high level hit on Sept. 27.
Foreign institutional investors have remained net sellers of Indian shares for the previous 21 sessions. They have offloaded domestic equities worth $10.6 billion in October alone, eyeing record monthly foreign outflows.
Other Asian markets were also little changed on the day. Wall Street equities closed higher overnight, ahead of earnings reports from several of the biggest tech companies including Google parent Alphabet, Microsoft, Amazon, Apple and Meta, due this week. [MKTS/GLOB]
Volatility in global markets is also likely to rise in the next few sessions, as investors grapple with uncertainty over U.S. presidential elections and a drop in oil on reduced risk of wider Middle East conflict, according to analysts.
STOCKS TO WATCH ** Telecom operator Bharti Airtel posts over two-fold rise in September quarter profit, helped by higher tariffs. ** Adani Power posts fall in second quarter profit before tax on muted power demand. ** Adani Ports, Adani Enterprises, Cipla, Maruti Suzuki India will be in focus ahead of their quarterly results on Tuesday
($1 = 84.0710 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Rashmi Aich)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.