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Indian shares to open up; Ambanis’case watched MUMBAI, Oct 20 (Reuters) – Indian shares are set to open

19 Oct

MUMBAI, Oct 20 (Reuters) – Indian shares are set to open
higher on Tuesday, tracking stronger overseas markets, after
solid quarterly corporate earnings drove the Wall Street to its
12-month highs on Monday.

Developments in the billionaire Ambani brothers’ court
case, the hearing of which is likely to start in the Supreme
Court around 2:00 p.m. (0830 GMT), will be closely watched.

The Court will on Tuesday start hearing arguments in the
case between Reliance Industries (RELI.BO), headed by Mukesh
Ambani, and Reliance Natural Resources (RENR.BO), led by his
younger brother Anil, over a deal to sell gas to RNRL at
below-market rates as per a family settlement. [ID:nBOM419984].

“With all positive cues from overseas, we should open
higher,” said Mehul Dedhia of brokerage Sharekhan.

“Reliance pack will be watched for developments at Ambani
brothers’ court case. But a judgement is unlikely anytime
soon,” added Dedhia.

State-run power producer NTPC (NTPC.BO) will be in focus
after the government approved a 5 percent stake sale in the
company on Monday. [ID:nDEL348414]

Asian shares were trading higher with the MSCI’s measure
of
Asian markets other than Japan .MSCIAPJ up a percent by 0340
GMT, while Japan’s Nikkei .N225 climbed 0.8 percent.

The Nifty India stock futures in Singapore SINc1 were up
0.45 percent, hinting to a higher open in the domestic market.

Indian shares closed flat in an one-hour session on
Saturday, held every year on an auspicious period of Diwali,
the Hindu festival of lights.

Source: http://www.reuters.com/

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Posted by on October 19, 2009 in Business

 

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