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Indian shares are set to open marginally higher on Tuesday, tracking Asian peers, while investor focus will be on the country's biggest insurer, Life Insurance Corp of India (LIC), after its quarterly earnings.

The Gift Nifty was trading at 23,022 points as of 7:29 a.m. IST, indicating that the Nifty 50 will open higher than its previous close of 22,932.45.

MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.4% on Tuesday. [MKTS/GLOB]

Indian equity benchmarks have hit record highs in three straight sessions through Monday, but volatility remains high ahead of the results of the general elections, due on June 4. The Nifty volatility index rose to its highest in nearly two years on Monday.

"We may see further consolidation in the index ahead," Ajit Mishra, vice president of research at Religare Broking said.

Meanwhile, investors eye LIC after it reported a drop in its new business margin in the fourth-quarter, which the company said was curtailed by weakness in its group business. Its profit rose slightly.

Foreign investors were net sellers on Monday, offloading shares worth 5.41 billion rupees ($65.1 million), while domestic institutional investors bought 9.23 billion rupees in stocks.

STOCKS TO WATCH:

** NMDC, Goodyear India, NALCO: reported fourth-quarter results.

** Adani Energy Solutions: said on Monday that its board has approved a fundraise of up to 125 billion rupees ($1.50 billion).

** Key results for the day: 3M India, MedPlus Health Services, R R Kabel