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Sensex, Nifty may open in deep sea of red; Q1 results, IPO listing, oil prices among key factors

In the holiday-shortened week, first quarter earnings, oil prices, rupee movement and other global developments will guide the markets today

BSE Sensex and Nifty 50 were staring at a negative opening on the first day of the week, as suggested by trends on SGX Nifty in early trade. Nifty futures tanked 223 points or 1.40 per cent to 15,713 on Singaporean Exchange. In the holiday-shortened week, first-quarter earnings, oil prices, rupee movement and other global developments will guide the markets today. Moreover, COVID-related updates and progress of monsoon will remain in focus. During the last week, the BSE benchmark rallied 753 points or 1.43 per cent. “As we have stepped into the earning season, market momentum will be decided by outcomes of quarterly earnings and management commentary on recovery. IT, Pharma and Realty sectors have started showing increased buying interest in anticipation of strong quarterly earnings. We expect this sector-specific momentum to continue. However, lacklustre global market and FII net sellers are likely to increase volatility in the market” said Vinod Nair, Head of Research at Geojit Financial Services.

IPO listing: GR Infra, Clean Science and Technology: GR Infraprojects, and Clean Science and Technology Ltd will debut on stock markets on Monday. The Rs 936-crore GR Infraprojects IPO was subscribed 102.58 times. While the initial public offering of Clean Science and Technology was subscribed 93.41 times.

Q1 earnings: SE-listed companies such as HCL Technologies, HDFC Life Insurance Company, ACC, Indian Bank, Mastek, Alok Industries, GTPL Hathway, Nippon Life India Asset Management, Ponni Sugars (Erode), PSP Projects, Supreme Petrochem, and Swaraj Engines, will announce April-June quarter results on July 19.

FPIs turn cautious: Foreign portfolio investors (FPIs) have pulled out Rs 4,515 crore from the equities segment in the first half of July as they turn cautious towards the Indian market. Overseas investors pulled out Rs 4,515 crore from the equities during July 1-16, depositories data showed. At the same time, they invested Rs 3,033 crore in the debt segment. Net outflow during the period under review stood at Rs 1,482 crore. In June, FPIs became net buyers in Indian markets at Rs 13,269 crore.

Global watch: Asian peers were seen trading in deep sea of red in early trade on Monday. The Nikkei 225 in Japan dropped 1.41 per cent while the Topix index shed 1.44 per cent. South Korea’s Kospi fell nearly one per cent. In overnight trade on Wall Street on Friday, US stock indices ended lower The Dow Jones Industrial Average was down 0.7 per cent, and the tech-heavy Nasdaq composite fell 0.6 per cent.

Nifty technical view: The range bound action continued in the market and the Nifty failed to show decisive upside breakout on Friday. “At the same time the weakness from the highs has not negated the bullish sentiment of the market. A display of strength above 15960 could only open the next upside levels of 16100-16200 in the short term. Any weakness below 15850 is likely to trigger broad based downward correction in the market,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

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