Indian stocks off to a flat start ahead of Reliance-Jio Financial spin-off

BENGALURU, July 20 (Reuters) – Indian stocks will open unchanged on Thursday, ahead of the spin-off of Reliance Industries’ financial services business and quarterly results from several top Nifty 50 companies, amid better global signals.

India’s GIFT Nifty on the NSE International Exchange was down 0.02% at 19,837 as of 7:59 am IST.

Both the Nifty 50 (.NSEI) and sensex (.BSESN) hit new highs for a fourth straight session on Wednesday, buoyed by a late-session rally in Reliance Industries (RELI.NS) and finances in strong profits.

Reliance, India’s most valuable company, is break away its financial services business on Thursday, with stock exchanges set to hold a special “price discovery” session for the first time to determine the value of Jio Financial Services shares. various analysts wait the financial services business will be valued at Rs 160-190 per share.

The conglomerate has been a major factor behind the recent rise in Indian stocks, with shares up 8% since the announcement of the record date for the spin-off on July 8. The Nifty 50 (.NSEI) it has risen 2.6% in the same period.

Global equities rose on improved confidence following a surprise moderation in inflation in the United Kingdom, amid rising hopes that the US Federal Reserve is nearing the end of its tighter monetary policy. Asian markets rose.

Investors also await June quarter earnings from top 50 firms Nifty Infosys (INFY.NS) and Hindustan Unilever (HLL.NS)due later in the day.

Foreign institutional investors bought 11.65 billion rupees ($142.04 million) worth of Indian shares on net on Wednesday, while domestic investors sold 21.35 billion rupees worth of shares, according to NSE provisional data.

ACTIONS TO SEE:

** Dr. Reddy Laboratories (REDY.NS): US FDA completes pre-approval inspection at drug makers’ API manufacturing facilities in Andhra Pradesh without comment.

**Olectra Greentech (OLEC.NS): Co awards a contract worth Rs 3,950 crore for the construction of a brand new electric vehicle (EV) manufacturing plant to Megha Engineering.

** Shree Cement (SHCM.NS): Co receives a letter from the Ministry of Corporate Affairs reporting the inspection order.

** Tata Communications (TATA.NS): co reports 30% drop in profit in the June quarter due to higher costs.

($1 = 82.0200 Indian rupees)

Reporting by Bharath Rajeswaran in Bangalore; Edited by Sonia Cheema

Our standards: The Thomson Reuters Trust Principles.