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Indian shares are set to open higher on Tuesday, tracking a rebound in global markets, while Reliance Industries will be in focus after the conglomerate beat fourth-quarter profit estimates.

India's GIFT Nifty was trading at 22,396.50, as of 08:04 a.m. IST, indicating that the Nifty 50 will open above its Monday's close of 22,336.40.

The benchmark indexes Nifty and S&P BSE Sensex extended gains for a second session in a row on Monday, tracking a rebound in global markets due to easing worries over the escalation of tensions in the Middle East.

Shares of Reliance Industries will be in focus, after the company reported March-quarter profit above analysts' estimates, post closing bell on Monday.

Adani group shares will also be in focus after Reuters reported that India's markets regulator has found a dozen offshore funds invested in Adani group companies were in violation of disclosure rules and in breach of investment limits.

Asian markets opened higher, while U.S. equities closed up overnight, as investors scaled back safe-haven bets, leading to a drop in gold prices. [MKTS/GLOB]

Foreign portfolio investors (FPI) sold Indian shares worth 29.15 billion rupees (about $350 million), on a net basis, on Monday, while domestic institutional investors (DIIs) bought 35.43 billion rupees of stocks, according to provisional data from the NSE.

FPIs, who were net buyers in the first half of April, and purchased power and financial services stocks ahead of earnings season, have turned net sellers for the month, shedding 44.81 billion rupees of stocks, according to National Securities Depository data.

STOCKS TO WATCH:

** Key earnings today: Tata Consumer Products, ICICI Prudential Life Insurance, Tata Elxsi.

** Tejas Networks: Company reports consolidated profit after tax of 1.47 billion rupees in the March quarter versus loss of 114.7 million rupees year-on-year.

** Mahindra Logistics: Company's fourth-quarter loss widened on subdued volume growth.

** Rallis India: Company's net loss narrowed in March quarter, year-on-year; also declared dividend of 2.50 rupees per share.

($1 = 83.3560 Indian rupees)