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Indian stocks likely to open slightly higher as they follow Asian peers – Markets

BENGALURU: Indian shares will open marginally higher on Tuesday, following Asian peers, as investors’ focus will turn to the country’s largest insurer Life Insurance Corp of India (LIC) after its quarterly results.

The Gift Nifty was trading at 23,022 points at 07:29 AM IST, indicating that the Nifty 50 will open higher than the previous close of 22,932.45. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.4% on Tuesday.

Indian stock benchmarks have hit record highs in three consecutive sessions through Monday, but volatility remains high ahead of the June 4 general election outcome.

The Nifty volatility index rose to the highest level in almost two years on Monday. “We may see further consolidation in the upcoming index,” said Ajit Mishra, vice-president of research at Religare Broking.

Indian shares move lower in choppy trading

Meanwhile, investors are eyeing LIC after it reported a decline in new business margins in the fourth quarter, which the company said was curtailed by weakness in the group business.

Profits rose slightly.

Foreign investors were net sellers on Monday, selling shares worth 5.41 billion rupees ($65.1 million), while domestic institutional investors bought 9.23 billion rupees worth of shares.

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