(Reuters) – Indian shares are expected to open higher on Tuesday, with analysts anticipating a rebound after the Nifty 50 posted its longest losing streak since February 2023.
The Gift Nifty futures were trading at 23,582, as of 07:55 a.m. IST, indicating that the benchmark Nifty 50 will open above Monday’s close of 23,453.8.
India’s benchmark BSE Sensex entered correction on Monday amid concerns over foreign outflows and weak corporate earnings, while the Nifty 50, which signaled correction on Nov. 13, posted its longest losing streak in more than 20 months.
The relative strength index of Nifty is below 30, indicating that it may be oversold.
“The momentum and current market texture remain weak, but oversold, hence there could be one quick pullback rally from current levels,” said Shrikant Chouhan, head of equity research at Kotak Securities.
With earnings season coming to a close and foreign outflows worth about $15 billion over the last 35 sessions, the benchmark Nifty 50 is likely to consolidate in a broad range due to the absence of any major positive trigger, two traders said.
Other Asian markets opened higher on the day, tracking overnight gains in Wall Street. [MKTS/GLOB]
STOCKS TO WATCH
** Ashoka Buildcon has been declared as the lowest bidder for two projects with a bid price of 27.91 billion rupees.
** Shilpa Medicare receives certificate of suitability from European Directorate for Quality of Medicines and Healthcare for an active pharmaceutical ingredient (API) used to treat tumors.
** ITI wins order worth 950 million rupees.
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sherry Jacob-Phillips)
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