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The benchmark indices are likely to have a nervous start to the week tracking the weak cues across Asia. At 8.20am, the Asian markets were trading in the red across the board and the SGX Nifty was at 8,496, down 55 points.
The markets had weakened by 1% in the bygone week as a result of muted earnings posted by some blue-chip companies. In the week ended July 24, the Sensex had declined by 351 points to settle at 28,112 and Nifty had shed 88 points to end at 8,521.
On the earnings front, IT major Tech Mahindra and Ambuja Cements will be among the major companies to unveil their numbers during the day.
GLOBAL MARKETS
Asian shares have begun the week on a plaintive note amid losses on Wall Street and worries over China, while investors brace for a Federal Reserve meeting that might take another small step toward lifting US interest rates. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.2%. Hang Seng dipped by 2% and Nikkei slipped 0.8% in early trade. China's Shanghai index slumped about 1% as the country's industrial profits declined 0.3% year-on-year in June, according to data. The Straits Times and Taiwan indices ahve also shed about 1% each.
In the US, the Dow had shed 0.9% and Nasdaq had lost 1.1% On Friday.
STOCKS TO WATCH
Reliance Industries is likely to be in the news after reporting a nearly 12% rise in quarterly profit as income from converting crude oil into fuels at the world's biggest refinery in Jamnagar soared to a six-year high, at a time when low oil prices reduced the conglomerate's turnover by more than a quarter.
PFC is set to see action after the government set the floor price at Rs 254 per equity share for divestment of 5% of its stake in the power major on July 27.
ONGC reportedly plans to invest more than USD 8.8 billion in bringing to production its much-touted KG-basin oil and gas discoveries by 2018-19. Keep an eye on this counter.
Indian Overseas Bank has reported a 94.56% decline in net profit at Rs 14.76 crore for the quarter ended June 30, 2015, compared to the same period last year, on sharp increase in provisioning for bad loans.
Andhra Bank has reported a 89.27% jump in Net profit at Rs 202.52 crore for the first quarter ended June 30, 2015, on improved asset quality.
Havells India's standalone net profit remained flat at Rs 107.37 crore in the first quarter ended June 30, 2015.
Crompton Greaves reported a 75% decline in its consolidated net profit at Rs 16.01 crore for the quarter ended on June 30.
Meanwhile, the IPO of Biocon subsidiary Syngene International Limited will be open for subscription today. The price band for the offer is Rs 240-250.
