Indian shares are seen opening little changed on Tuesday, tracking mixed global cues. State-owned lenders could be in focus after Finance Minister P. Chidambaram favored mergers in the banking industry to help create two-three global sized banks.
Indian shares reversed direction to end modestly lower on Monday as investors took some profits off the table following recent sharp gains. The benchmark 30-share Sensex hit a high of 20,444 early in the session before reversing direction to end down 62 points or 0.31 percent lower at 20,224. The broader Nifty index breached the psychological level of 6,200 to hit a 31-month high before erasing early gains to end at 6,157, down 30 points or 0.49 percent from its previous close.
In corporate news, Coal India reported a 90 percent jump in its fourth-quarter standalone net profit, riding on dividend income paid by its subsidiaries.
India Cements reported a 60 percent fall in quarterly net profit, hurt by higher freight rates and fuel costs.
A rise in other income helped City Union Bank post a 15 percent rise in its fourth-quarter net profit.
Adani Enterprises posted fourth-quarter stand-alone net loss of Rs.73.61 crore compared with a net profit of Rs.170.55 crore in the corresponding quarter last year.
With a market share of 29.8 percent in air traffic, budget carrier IndiGo Airlines has increased its lead over rivals Jet Airways and SpiceJet in April, data compiled by the civil aviation ministry showed.
The Delhi government has approved the new excise policy for the year 2013-2014, which will result in rise in liquor prices in the coming weeks.
Asian Markets
Asian stocks are trading mostly lower in cautious trading as investors shifted their focus to Federal Reserve Chairman Ben Bernanke's testimony on Wednesday. The dollar is edging lower against a basket of currencies amid bets that Bernanke would not hint at tapering bond purchases this week. Benchmark indexes in Australia, China, Hong Kong, New Zealand, Singapore and South Korea are down between 0.1 percent and 0.7 percent.
U.S. And European Markets
The major U.S. averages slipped about 0.1 percent each in thin trading overnight as traders were reluctant to make any significant moves amid a lack of major U.S. economic data. Investors also awaited Fed Chairman Bernanke's testimony on the economic outlook to Congress and the release of the Fed's May minutes on Wednesday for direction.
European stocks gained ground in muted holiday trading on Monday, with automakers leading the gainers after a broker upgrade. Several European markets were closed for the Pentecost holiday. The German DAX rose 0.7 percent and France's CAC 40 gained half a percent, while the U.K.'s FTSE 100 added a percent to hit its highest level since September 2000.
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Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.