Updated April 23rd, 2024 at 08:56 IST

Indian Shares Eye Higher Opening, Reliance Industries Outperforms Expectations in Q4 Earnings

As of 08:04 a.m. IST, India's GIFT Nifty was trading at 22,396.50, indicating an opening above Monday's close of 22,336.40 for the Nifty 50 index.

Reported by: Business Desk
Emerging Market Currencies and Stocks Rise as Dollar Weakens Ahead of Inflation Data | Image:Unsplash
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Markets on Tuesday: Indian shares are gearing up for a positive start on Tuesday, tracking a global market rebound, with investor attention honed in on Reliance Industries following its impressive fourth-quarter profit performance.

As of 08:04 a.m. IST, India's GIFT Nifty was trading at 22,396.50, indicating an opening above Monday's close of 22,336.40 for the Nifty 50 index.

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Both the Nifty and S&P BSE Sensex experienced gains for the second consecutive session on Monday, mirroring a broader global market recovery driven by easing concerns over Middle East tensions.

The spotlight today falls on Reliance Industries after the conglomerate surpassed analysts' expectations with its March-quarter profit report, released after Monday's closing bell.

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Adding to the market focus, Reuters reported findings from India's markets regulator revealing that a dozen offshore funds invested in Adani group companies were in violation of disclosure rules and breached investment limits. Consequently, shares of Adani group companies are expected to draw investor attention.

In global markets, Asian stocks commenced trading on a positive note, while U.S. equities closed higher overnight as investors reduced their safe-haven positions, leading to a decline in gold prices.

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Meanwhile, foreign portfolio investors (FPI) turned net sellers on Monday, offloading Indian shares worth 29.15 billion rupees (about $350 million), while domestic institutional investors (DIIs) bought stocks worth 35.43 billion rupees, according to provisional data from the NSE.

FPI activity in April has shown a reversal, with net buying in the first half of the month giving way to net selling. FPIs had initially purchased power and financial services stocks ahead of the earnings season but have since sold stocks amounting to 44.81 billion rupees, as per National Securities Depository data.

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With Reuters Inputs

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Published April 23rd, 2024 at 08:56 IST