Cautious start likely ahead of GST Bill decision
Indian Indices:
Indian equity benchmarks are likely to witness a negative opening on Tuesday tracking weakness across markets in Asia and concerns over tepid corporate earnings, curbing risk taking appetite.
Losses in the CNX Nifty Index Futures for August delivery which fell 0.14 per cent or 12.5 points at 8,675.5, at 10:35 AM Singapore time, signal that Dalal Street may open lower today. Weak report cards from Sensex heavyweights such as ICICI Bank which reported a 25 per cent drop in quarterly profit due to higher provisions and L&T which warned of continued sluggishness in the country’s investment climate has dimmed some optimism over Asia’s third biggest economy.
Shares of HCL Technologies, Tech Mahindra, Indian Bank, Tata Power and GlaxoSmithKline Consumer Healthcare will be in focus this week amidst their April-June quarter earnings announcements.
Global Market:
Asian stocks were trading on a soft note today as a slump in oil which fell below the USD 40 per barrel mark for the first time since April, hit stocks of energy and commodity companies.
China’s Shanghai Composite was little changed amid continued concerns over the country’s economy after a contraction in manufacturing in July.
Hang Seng was closed and Japan’s Nikkei 225 fell amid caution ahead of the announcement of a USD 274 billion stimulus package.
Most US stocks ended lower on Monday after cooling factory growth raised concerns over a slowdown in the world’s biggest economy. The gauge measuring US manufacturing fell to 52.6 In July from a one-year high of 53.2 in June.
Trend in FII flows: The FIIs were net buyers of Rs 726.22 Cr in the cash segment on Monday while the DIIs were net sellers of Rs -413.77 Cr, as per the provisional figures.
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