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What changed your markets while you were sleeping

What changed your markets while you were sleeping
A host of earnings announcements by blue chip firms and the MPC’s three-day policy review that kicks off today may keep the market volatile on Monday. Let’s check out what all might matter to Dalal Street during the day:

Singapore trading sets stage for flat start

Nifty futures on the Singapore Stock Exchange were trading 6.5 points, or 0.06 per cent, lower at 11,323.50, indicating a flat start for the Nifty50.

Tech view: Nifty forms Bullish Marubozu on weekly chart

The Nifty50 made a fresh record closing high of 11,278 on Friday and formed a ‘Bullish Marubozu’ pattern on the weekly scale. The gains seen on the first day of the August F&O series and the fact that the daily strength indicator is still away from the overnight zone may instil further confidence among traders. Friday’s gap zone between 11,210 and 11,185 levels will act as immediate support for now.

Asian shares edge lower

Asian share markets drifted lower on Monday while currencies kept to familiar ranges ahead of a busy week peppered with central bank meetings, corporate results and updates on U.S. inflation and payrolls, Reuters reported. Technology and energy shares led Japan’s Nikkei down 0.4 percent in early trade, while tech also featured in South Korea’s 0.2 percent decline.

Oil prices mixed

Oil prices were mixed on Monday with WTI rising on the back of strong US economic growth figures, while Brent began the week trading lower after posting its first weekly gain in four. Brent crude futures fell 11 cents, or 0.2 per cent, to 74.18 a barrel, Reuters reported. US West Texas Intermediate (WTI) crude futures were up 22 cents, or 0.3 percent, at $68.91 a barrel.

China factory growth seen cooling in July

The official manufacturing Purchasing Managers’ Index (PMI) is expected to fall to 51.3 in July from 51.5 in June, according to the median forecast of 28 economists in a Reuters poll.

US stocks settled lower on Friday

Wall Street’s major indexes fell on Friday as weak earnings reports from major technology companies led to a big drop for the sector, Reuters reported. The Dow Jones Industrial Average index fell 76.01 points, or 0.3 per cent, to 25,451.06. The S&P500 index lost 18.62 points, or 0.66 per cent, to 2,818.82. The Nasdaq Composite index dropped 114.77 points, or 1.46 per cent, to 7,737.42.

MPC’s 3-day policy review beings today

The monetary policy committee (MPC) will commence its three-day meeting on July 30 and announce its resolution on August 1. ” We expect RBI to keep repo rate unchanged at 6.25% after a rate hike in its las t meet,” said Edelweiss Securities in a note.

RIL, ICICI Bank to react to Q1 results

Both the Nifty50 companies reported quarterly results post Friday’s session. While ICICI Bank reported a loss of Rs 120 crore, the first ever in its history, Reliance Industries said its profit for the quarter quarter at Rs 9,459 crore was the highest ever.

TCNS Clothing to debut today

Women’s apparel maker TCNS Clothing will make its stock market debut on Monday. The Rs 1,125-crore public offer, which ran from July 18 to July 20, was subscribed 5.25 times. The issue had received bids for 5,77,07,520 shares against the total issue size of 1,09,99,828 shares.

HDFC, Axis Bank, Idea earnings today

HDFC, Axis Bank, Idea Cellular, JP Associates, Avenue Supermarts, Tech Mahindra, InterGlobe Aviation, Piramal Enterprises, IDFC and IDFC Bank will be some of the companies that will report their quarterly earnings later in the day. CPCL, Can FIn Homes, Escorts, Central Bank will also report their quarterly results during the day.

28% GST slab being phased out: Arun Jaitley

Union minister Arun Jaitley said in a blog post on Friday that the 28 per cent category of goods in under the goods and services tax (GST) is being phased out and the bracket currently covers mostly luxury items or sin goods. The tax on other items outside the luxury-sin goods such as cement, air-conditioners, large screen televisions and a handful of others could also be reduced as revenues rise.

PNB Metlife Life IPO likely soon

Shareholders of PNB Metlife Life Insurance Company plans sell 24.64 per cent in an IPO that will raise Rs 2,000 crore-2,500 crore and value the firm at about Rs 10,000 crore. PNB Metlife will become the fourth life insurer to list on the bourses after it filed the draft red herring prospectus with Sebi.

FPIs buy Rs 738 cr worth equities

Foreign portfolio investors (FPIs) bought Rs 738.05 crore worth of domestic stocks on Friday, provisional data available with BSE suggested. DIIs were net buyers to the tune of Rs 406 crore, data suggested.

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