BENGALURU: Indian shares, trading near record highs, are set to open flat on Wednesday, with financials in focus after their recent rally and on relatively attractive valuations.
The GIFT Nifty was trading at 23,718 as of 0818 IST, indicating that the Nifty 50 will open near its close of 23,721.30 on Tuesday, which was a record closing high.
Financials and private banks, the underperformers since the beginning of 2023, have outperformed the benchmarks in June, rising about 8% each, compared with a 5% gain in the Nifty 50.
With money chasing heavy-weight banking stocks, a segment where valuations and earnings outlook are relatively attractive, the momentum for markets remains positive, said two analysts.
Foreign investors bought Indian shares on Tuesday, adding 11.76 billion rupees ($141 million) on a net basis, while domestic investors sold net 1.49 billion rupees of shares, per exchange data.
Asian markets were muted, while semiconductor and related stocks jumped following an overnight rally in AI-chipmaker Nvidia’s shares on US markets.
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