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Indian Shares May Move Higher After Flat Start

Indian shares may open flat Thursday morning if the trend in SGX Nifty futures is any indication. However, shares are likely to climb higher soon, tracking overnight sharp gains on Wall Street and positive cues from Asian markets.

Concerns about India-China tensions and continued rise in coronavirus cases may limit market's upside.

Reliance Industries will be in focus again as the company looks to raise over Rs 60,000 crore by selling a 15% stake in Reliance Retail Ventures to some private equity investors and sovereign wealth funds, including the Abu Dhabi Investment Authority and Saudi Arabia's Public Investment Fund.

Syngene International Limited said it has received ICMR approval for HiMedia-Syngene's COVID-19 antibody test kit, ELISafe 19.

Eveready Industries Limited reported consolidated net profit of Rs 24.98 crore for the quarter ended June 2020, a three-fold jump from a year-ago, thanks to improved gross margin and lower operational costs.

Shriram EPC Limited reported a net loss of Rs 29.85 crore for the first quarter of 2021, compared with a net profit of Rs 6.45 crore in the year-ago quarter. The company's revenue for the quarter fell sharply to Rs 127.2 crore from Rs 382 crore a year ago.

The market ended notably lower on Wednesday despite paring most of its losses. Worries about India-China tensions at the border, rising coronavirus cases and the steep slide on Wall Street on Tuesday rendered the mood bullish.

The benchmark BSE Sensex ended down 171.43 points or 0.45% at 38,193.92, nearly 260 points off the day's low of 37,935.26.

The National Stock Exchange's Nifty, which dropped to a low of 11,185.15 intraday, settled with a loss of 39.35 points or 0.35% at 11,278.00.

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