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Indian Shares Look Headed For Weak Opening

Indian shares may open notably lower Wednesday morning, tracking overnight losses in the U.S. and European markets, where technology stocks took a severe hammering again. Lower SGX Nifty futures too suggest a weak opening for the Indian market.

Tensions along the Indo-China border in Ladakh and worries about rising coronavirus cases will continue to weigh on sentiment.

Technology stocks may see wild swings following the sector's steep slide on Wall Street overnight.

GIC Re will be in focus after the company reported a massive net loss of Rs 557.47 crore for the quarter ended June 2020, after posting a net profit of Rs 108.60 crore in the year-ago quarter.

The government is reportedly planning to sell about 15-20% stake in IRCTC via offer for sale.

Spencer's Retail Limited reported a net loss of Rs 46.8 crore for the quarter ended June 2020, as against net profit of Rs 0.93 crore in the corresponding quarter last year.

ICICI Prudential Life Insurance Company said its new business premium grew modestly to Rs 892 crore in August 2020 against Rs 849 crore a month earlier.

Power Grid Corporation Limited shares will be in focus after the Cabinet Committee on Economic Affairs approved asset monetization of the company's subsidiaries through infrastructure investment trust. The move will help the company to raise about Rs 7,000 crore in the first lot.

On Tuesday, the major Indian averages ended modestly lower after a volatile session. Worries about surging coronavirus cases and an escalation in tensions between India and China at the border rendered the market weak.

The benchmark BSE Sensex slid 51.88 points or 0.14% to settle at 38,365.35, after having surged up nearly 330 points at one stage. The National Stock Exchange's Nifty closed lower by 37.70 points or 0.33% at 11,317.35.

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