Indian shares set to open marginally higher after two-session drop
Oct 23 (Reuters) -Indian shares will likely open marginally higher on Wednesday, after two straight days of losses on persistent foreign outflows and dull earnings, while Paytm PAYT.NS will be in focus after getting approval to onboard new unified payment interface (UPI) users.
The Gift Nifty GIFc1 was trading at 24,539 as of 08:00 a.m. IST, indicating that the benchmark Nifty 50 .NSEI will open slightly above its Tuesday's close of 24,472.1.
The Nifty 50 and the S&P BSE Sensex .BSESN logged their worst sessions in three weeks on Tuesday, weighed down by slowing corporate earnings and sustained foreign selling.
Foreign outflows from Indian equities, set for record monthly high, continued for the 17th straight session on Tuesday, as investors redirected funds to China on the recently-announced stimulus measures and relatively cheaper valuations.
Domestic equities have seen a spate of profit-taking since hitting record highs on Sept. 27, with the Nifty shedding about 7% from all-time high levels.
Asian peers outside Japan .MIAPJ0000PUS edged lower - tracking global peers, which dropped for the second session in a row amid uncertainty ahead of the U.S. presidential election.
Democratic Vice President Kamala Harris held a marginal lead of 46% to 43% over Republican former President Donald Trump, according to a Reuters/Ipsos poll, as both candidates vie to capture swing states ahead of Nov. 5. MKTS/GLOB
STOCKS TO WATCH:
Zomato ZOMT.NS: Food delivery company missed second-quarter profit estimates as expansion costs squeezed margins.
Bharti Airtel BRTI.NS: The Competition Commission of India has approved the stake increase plan of the company in Indus Towers INUS.NS.
Reliance Infrastructure RELI.NS: Industrialist Anil Ambani's firm said it would invest 100 billion rupees ($1.19 billion) over the next ten years for an ammunition project.
($1 = 84.0860 Indian rupees)
Reporting by Hritam Mukherjee in Bengaluru; Editing by Sumana Nandy
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