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Indian Shares Likely To Open Flat Or Slightly Higher

Marginally higher SGX Nifty futures point to a flat or slightly positive start for Indian shares Tuesday morning.

The overnight strong gains on Wall Street thanks to a rally in technology stocks and positive reaction to news about resumption of phase III clinical trials of AstraZeneca's coronavirus vaccine in the U.K., may aid sentiment.

The mood is likely to remain cautious with investors looking ahead to the Federal Reserve's monetary policy decision, due on Wednesday. The Bank of Japan and the Bank of England are also scheduled to announce their policies this week.

Continued surge in coronavirus cases in the country and forecast from S&P Global that India's GDP will likely shrink 9% this fiscal may weigh on the market.

In earnings news, realty firm Omaxe Limited reported a loss of Rs 63.9 crore for the first quarter of this year, against profit of Rs 14.9 crore a year ago.

Hudco Limited said it posted a profit of Rs 203.4 crore in the first quarter, compared with Rs 335.6 crore in the year-ago quarter.

Apollo Hospitals Enterprises Limited posted a loss of Rs 226.2 crore in the first quarter of this financial year, against profit of Rs 49.2 crore in the corresponding quarter last year.

Future Retail reported a loss of Rs 562 crore for the April - June quarter, against profit of Rs 159.2 crore a year ago.

JB Chemicals reported a net profit of Rs 121.9 crore for the quarter ended June 2020, significantly higher than a net profit of Rs 59.1 crore it had posted in the year-ago quarter.

On Monday, the benchmark BSE Sensex, which soared about 375 points in early trades, ended with a loss of 97.92 points or 0.25% at 28,756.83.

The National Stock Exchange's Nifty ended down 24.40 points or 0.21% at 11,440.05, despite posting a high of 11,568.90 intraday.

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