Indian shares are likely to open with a negative bias Monday morning, tracking Friday’s weak close on Wall Street, and largely sluggish Asian markets. Lower SGX Nifty too points to a weak start for the market.
Persisting worries about coronavirus pandemic and India-China tensions are likely to weigh on stocks. Quarterly results and other corporate news, and the rupee’s movements are expected to provide some direction to the market.
According to data released by the Union Ministry of Health and Family Welfare on Sunday, India’s total count of confirmed coronavirus cases rose to over 4.2 million cases, going up by nearly 92,000 cases on Monday.
Data showing an over 24 percent year-on-year drop in combined revenues of nearly 2,200 listed Indian companies in the first quarter, slightly more than the 23.9 percent contraction in India’s GDP in the same period, may also weigh on the market.
Nalco reported a net profit of Rs 16.7 crore for the quarter ended June 2020, compared with Rs 98 crore in the year-ago quarter. Revenue dropped to Rs 1,380.6 crore in the quarter from Rs 2,084.1 crore last year.
Vodafone Idea will be in focus. The company, which announced that its board has approved a proposal to raise upto Rs 25,000 crore, is expected to make a strategic announcement today.
Jubilant Life Sciences Limited reported a net profit of Rs 88.01 crore for the first quarter of this financial year, a sharp drop from profit of Rs 185 crore a year ago.
Indian shares ended with sharp losses on Friday as concerns about a surge in coronavirus cases and escalation in tensions between India and China triggered heavy selling almost across the board.
The benchmark S&P BSE Sensex plunged 633.76 points or 1.63 percent to 38,357.18, while the broader Nifty 50 of the National Stock Exchange tumbled 193.60 points or 1.68 percent to 11,333.85.
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