Indian shares likely to open slightly higher tracking Asian peers
BENGALURU, May 28 (Reuters) -Indian shares are set to open marginally higher on Tuesday, tracking Asian peers, while investor focus will be on the country's biggest insurer, Life Insurance Corp of India (LIC), after its quarterly earnings.
The Gift Nifty GIFc1 was trading at 23,022 points as of 7:29 a.m. IST, indicating that the Nifty 50 .NSEI will open higher than its previous close of 22,932.45.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS gained 0.4% on Tuesday. MKTS/GLOB
Indian equity benchmarks have hit record highs in three straight sessions through Monday, but volatility remains high ahead of the results of the general elections, due on June 4. The Nifty volatility index rose to its highest in nearly two years on Monday.
"We may see further consolidation in the index ahead," Ajit Mishra, vice president of research at Religare Broking said.
Meanwhile, investors eye LIC after it reported a drop in its new business margin in the fourth-quarter, which the company said was curtailed by weakness in its group business. Its profit rose slightly.
Foreign investors were net sellers on Monday, offloading shares worth 5.41 billion rupees ($65.1 million), while domestic institutional investors bought 9.23 billion rupees in stocks.
STOCKS TO WATCH:
** NMDC NMDC.NS, Goodyear India GDYR.BO, NALCO NALU.NS: reported fourth-quarter results.
** Adani Energy Solutions ADAI.NS: said on Monday that its board has approved a fundraise of up to 125 billion rupees ($1.50 billion).
** Key results for the day: 3M India TMIN.NS, MedPlus Health Services MEDP.NS, R R Kabel RRKA.NS
($1 = 83.1110 Indian rupees)
Reporting by Manvi Pant and Dimpal Gulwani in Bengaluru; Editing by Mrigank Dhaniwala
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