Indian Indices:
Indian shares are likely to witness a positive start on Monday morning as the global markets look supportive with SGX Nifty trading 16 points higher @9928
Indian equities are likely to open on flat note with positive bias on Monday, tracking firm cues from Nifty futures on the Singapore Stock Exchange and weak trading across Asian markets.
Back home, bullish trend in the SGX Nifty Index Futures for July delivery, which were trading at 9,924.50, up by 12.00 points or 0.12 per cent, at 10:46 AM Singapore time, also signaled a positive opening for local bourses.
On the corporate front, Avenue Supermarts, owner of the DMart retail chain, will remain in focus after the company reported a 47.60 per cent year-on-year (YoY) growth in net profit at Rs 174.77 crore for the June quarter, compared to Rs 118.44 crore profit in the year ago period.
On the earnings front, Ambuja Cements, HDFC Bank, HUDCO, India bulls Realty, Texmaco Rail and Zee Entertainment, will announce their June quarter results today.
On Friday, the Indian equities ended higher in choppy trade, tracking firm cues from Asian peers, led by gains in frontline bluechip such as Wipro, Reliance Industries, Coal India, Tata Consultancy Services, Kotak Mahindra Bank and Infosys. Wipro surged over 6 per cent after IT major reported better-than-expected earnings and announced to buyback equity shares worth Rs 11,000 crore. Mukesh Ambani-led RIL ended nearly 4 per cent higher
after the company reported net profit of Rs 9,108 crore for the June 2017 quarter, up 28 per cent from the corresponding period last year.
The 30-share barometer SENSEX closed at 32028.89, up by 124.49 points or by 0.39 per cent, and the NSE Nifty ended at 9915.25, up by 41.95 points or by 0.42 per cent.
Global Market:
Asian stocks were trading mostly lower after Wall Street ended marginally lower on Friday weighed down by disappointing corporate earnings, while fall in oil prices dragged energy companies. The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producers will meet today in St Petersburg, Russian to discuss on crude oil production cuts, which was agreed upon earlier this year.
Prospects for tighter monetary policy in Europe and other countries could pose a fresh problem for the Federal Reserve when it meets next week to ponder its plan to reduce its $4.2 trillion bond portfolio purchased after the 2008 financial crisis.
In September 2015, the U.S. Federal Reserve cited risks from China as a key reason for delaying its first interest rate hike in a decade. A wall of Chinese debt maturing in the next few years could jolt the country back into the U.S. central bank's policy deliberations.
Major Headlines of the day:
• Pricol agrees to buy car wiper business of PMP Auto Components.
• Morgan Stanley increases stake in Redington for Rs 107 cr.
• GVK completes residual stake sale in Bangalore Airport to Fairfax India.
Trend in FII flows: The FIIs were net buyers of Rs 12.90 the cash segment on Friday while the DIIs were net sellers of Rs 147.66 as per the provisional figures.
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