Flat opening seen for Indian markets
Indian markets may open with little changed on Monday as traders resort to be a cautious approach ahead of the next batch of quarterly earnings from blue chips which may offer fresh cues over the health of Asia’s third biggest economy. SGX Nifty is trading 2.50 points up.
This week will see April-June earnings numbers from the likes of ICICI Bank, HDFC Bank, Maruti Suzuki, Dr Reddy's Lab, ACC, Bajaj Auto and Larsen & Toubro. Indian shares ended higher on Friday, although the indexes ended marginally down for the week, with corporate earnings bringing positivity into an otherwise lacklustre market. The S&P BSE Sensex and CNX Nifty rose 0.33%-0.37% each.
On Friday (July 22, 2016), Amidst choppy trade, the BSE SENSEX closed at 27803.24, up by 92.72 points or by 0.33%, and the NSE Nifty ended at 8541.2, up by 31.1 points or by 0.37%.
Asian shares held near nine-month highs on Monday as worries over the impact of Britain's Brexit vote eased amid efforts to maintain growth, while the dollar was buoyed by a run of solid U.S. economic data.
European stock markets slipped on Friday, weighed down by falls at Spain's Banco de Sabadell, though Vodafone gained after its update.
US stocks rose cautiously Friday to notch a fourth week of gains, with a rally by telecom shares offsetting weakness in the industrial sector as investors awaited next week s Federal Reserve policy statement.
Major Headlines of the day:
• Mphasis Q1 net profit up 38% to Rs204 crore
• Rallis India Q1 net profit surges four-fold at Rs174 crore
• Piramal Enterprises to raise Rs300 crore via NCDs
UPCOMING RESULTS : CANBK, EVEREADY, IBULHSGFIN, bajaj corp
Trend in FII flows: The FIIs were net buyers of Rs 437.78 Cr in the cash segment on Friday while the DIIs were net sellers of Rs -365.67 Cr, as per the provisional figures.