Markets likely to open weak

KS Badri Narayanan Chennai | Updated on July 26, 2021

All eyes on Tata Motors, Vedanta, SBI Life, L&T, Kotak Bank, Axis Bank results

Domestic markets are expected to open the new week negative amid mixed global cues. The SGX Nifty is currently ruling at 15,790 (8 am), against Nifty futures closing of 15,853 on Friday.

With almost all high-profile companies coming with results, mostly on expected lines, analysts see a narrow range for the market. However, mid and small-cap stocks are likely to remain in focus, they added.

Asia-Pacific markets are mixed in early trade on Monday. While Japan's Nikkei surged 1.4 per cent and Australia's ASX 0.2 per cent, others such as Korea, Taiwan and China are down marginally.

The US major indices such as Dow Jones, S&P 500 and Nasdaq ended strongly last week, but futures in early deals on Monday are down.

According to Arun Agarwal, Deputy Vice President, Fundamental Research at Kotak Securities, In the absence of any major economic data, markets will continue to focus on corporate earnings while keeping a tab on macro events and key data release.

Joseph Thomas, Head of Research, Emkay Wealth Management, said: Over the coming week, the focus would continue to be on the corporate earnings. The market participants gauge the sustainability of the earnings upgrades seen during the last couple of earning seasons. Another factor to watch is the rise in the delta variant cases in the US and certain parts of Europe.

Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said: The short-term uptrend of Nifty remains intact. There is a possibility of further consolidation or minor downward correction from the highs in early next week. A sustainable move above 15,900 could open the next upside towards 16100 levels in the short term. Any weakness could find support at 15,750 levels.

Stocks to watch

Jindal Steel & Power has decided to launch an additional transparent, competitive bidding process for the proposed stake sale of Jindal Power Ltd. After various rounds of discussions and negotiations, JSPL and its transaction advisors have successfully negotiated a revised and improved binding offer from Worldone accommodating all of the investor feedback received by the company. The revised offer is that Worldone will buy out all the equity shares and redeemable preference shares of JPL held by JSPL for about ₹7,401 crore of which ₹3,015 crore will be payable by cash and the balance by way of assumption and takeover of liabilities and obligations of JSPL concering inter-corporate deposits and the capital advances extended by JPL to JSPL.

TVS Motor Company, a reputed manufacturer of two-wheelers and three-wheelers in the world, today announced the launch of BS-VI TVS NTORQ 125 with Race Tuned Fuel Injection (RT-Fi) in Nepal. The company has developed two versions of BS-VI Fi platforms, RT-Fi (Race Tuned Fuel injection) and ET-Fi (Ecothrust Fuel injection). The RTFi technology is specially designed to ensure an enjoyable racing experience in all driving conditions.

Gayatri Projects Limited has signed an MoU with the overseas investor to start a due diligence process with a 90 day exclusivity period for signing definitive documents. Any potential deal will be subject to successful completion of the due diligence process, the ability of the investor to arrange sufficient capital, receipt of approval from investors' investment committee, multiple statutory / regulatory bodies, agreement on representation and warranties / indemnities, etc.

Nila Spaces Limited receives an FSI allotment confirmation from Gujarat International Finance Tec-City Company Limited (GIFT) for residential real rstate development at GIFT City, Gandhinagar. The allotment envisages development, construction, and marketing of the residential real estate project, wherein the company can develop about 5.40 lakh sq ft Built Up Area (BUA) on a land plot admeasuring 5128 sq metres.

Sharika Enterprises Limited has received the order from LS Cable India Private Limited for supply of cable accessories amounting to about ₹1.68 crore, including taxes.

Aksharchem India Ltd has resumed the production as per the schedule, after a planned shutdown of H-Acid Plant at Village Indrad, Mehsana district, which was carried out for repairs and maintenance.

Results Calendar

Alembic Pharmaceuticals, Apollo Pipes, Axis Bank, Bombay Wire Ropes, Chemo Pharma, Coromandel International, DLF, Duncan Engineering, Glaxosmithkline Pharmaceuticals, Garden Reach Shipbuilders & Engineers, Jindal Stainless, Kabra Extrusions, KPIT Technologies, Kirloskar Ferro, Kotak Mahindra Bank, KZ Leasing, Larsen & Toubro, M&M Financial Services, Medi Nova, Navin Fluorine International, Orient Bell, Phillips Carbon Black, Pondy Oxide, Ramkrishna Forgings, Rane Braking, RK Forge, Sun Pharma Advanced Research Company, SBI Life Insurance Company, Tata Motors, Udaipur Cement, Vedanta, Vakrangee, Visaka Industries, VLS Finance and Zensar Technologies will declare their quarterly results on Monday.

Published on July 26, 2021

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