BENGALURU: India’s benchmark Nifty 50 is set to open higher on Tuesday, tracking momentum in Wall Street, while broadcaster Zee’s shares will be in focus following the termination of a $10 billion merger with Japan’s Sony.
India’s GIFT Nifty was trading at 21,780 points as of 8:22 a.m. IST, suggesting that the NSE Nifty 50 will open above its Saturday session closing of 21,571.80.
Investor focus will be on Zee Entertainment after Sony Group on Monday scrapped plans for a $10 billion merger of its Indian unit with Zee, citing that the “closing conditions” on the merger were not satisfied despite “good faith discussions”.
At least five brokerages downgraded Zee to “sell” from “buy” rating post the news. Both the Nifty 50 and the Sensex fell 1.2% each, last week, in their biggest weekly drop since late October 2023.
IT bump not enough for Indian shares to shrug off HDFC Bank-led weakness
India’s stock market traded in a full session on Saturday, with the Nifty 50 losing 0.23%, weighed down by information technology companies and Hindustan Unilever on posting a smaller-than-expected profit rise.
Asian shares tracked gains in Wall Street after the latter posted a second straight record high on Monday, boosted by tech stocks.
India’s Axis Bank - a Nifty 50 constituent - is among companies that are due to report earnings later in the day.
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