BSE Sensex and Nifty 50 have been staring at a damaging opening on the 1st day of the week, as recommended by trends on SGX Nifty in early trade. Nifty futures tanked 223 points or 1.40 per cent to 15,713 on Singaporean Exchange. In the vacation-shortened week, 1st-quarter earnings, oil rates, rupee movement and other international developments will guide the markets today. Moreover, COVID-associated updates and progress of monsoon will stay in focus. During the last week, the BSE benchmark rallied 753 points or 1.43 per cent. “As we have stepped into the earning season, market momentum will be decided by outcomes of quarterly earnings and management commentary on recovery. IT, Pharma and Realty sectors have started showing increased buying interest in anticipation of strong quarterly earnings. We expect this sector-specific momentum to continue. However, lacklustre global market and FII net sellers are likely to increase volatility in the market” stated Vinod Nair, Head of Research at Geojit Financial Services.
IPO listing: GR Infra, Clean Science and Technology: GR Infraprojects, and Clean Science and Technology Ltd will debut on stock markets on Monday. The Rs 936-crore GR Infraprojects IPO was subscribed 102.58 instances. While the initial public supplying of Clean Science and Technology was subscribed 93.41 instances.
Q1 earnings: SE-listed organizations such as HCL Technologies, HDFC Life Insurance Company, ACC, Indian Bank, Mastek, Alok Industries, GTPL Hathway, Nippon Life India Asset Management, Ponni Sugars (Erode), PSP Projects, Supreme Petrochem, and Swaraj Engines, will announce April-June quarter benefits on July 19.
FPIs turn cautious: Foreign portfolio investors (FPIs) have pulled out Rs 4,515 crore from the equities segment in the 1st half of July as they turn cautious towards the Indian marketplace. Overseas investors pulled out Rs 4,515 crore from the equities for the duration of July 1-16, depositories information showed. At the very same time, they invested Rs 3,033 crore in the debt segment. Net outflow for the duration of the period below overview stood at Rs 1,482 crore. In June, FPIs became net purchasers in Indian markets at Rs 13,269 crore.
Global watch: Asian peers have been seen trading in deep sea of red in early trade on Monday. The Nikkei 225 in Japan dropped 1.41 per cent when the Topix index shed 1.44 per cent. South Korea’s Kospi fell practically one per cent. In overnight trade on Wall Street on Friday, US stock indices ended reduce The Dow Jones Industrial Average was down .7 per cent, and the tech-heavy Nasdaq composite fell .6 per cent.
Nifty technical view: The variety bound action continued in the marketplace and the Nifty failed to show decisive upside breakout on Friday. “At the same time the weakness from the highs has not negated the bullish sentiment of the market. A display of strength above 15960 could only open the next upside levels of 16100-16200 in the short term. Any weakness below 15850 is likely to trigger broad based downward correction in the market,” stated Nagaraj Shetti, Technical Research Analyst, HDFC Securities.