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Market Ahead, Aug 5: Top factors that could guide markets today

Over 65 companies, including Adani Gas, Apollo Tyres, Butterfly Gandhimathi, Canara Bank, and Cadila Healthcare, are scheduled to release their June quarter results today

Market Ahead | Markets

BS Web Team  |  New Delhi 

The next batch of quarterly numbers, stock-specific action, global cues, and Covid-19 trends are expected to dominate investor sentiment today. Besides, investors will also keep an eye on Markit Services PMI for July, which is slated to be declared today.

On the earnings front, over 65 companies, including Adani Gas, Apollo Tyres, Butterfly Gandhimathi, Canara Bank, and Cadila Healthcare, are scheduled to release their June quarter results today.

Tata Consumer Products Ltd (TCPL) on Tuesday reported 81.78 per cent rise in net profit at Rs 345.55 crore for the June quarter helped by an increase in demand in some categories. Revenue from operations was up 13.44 per cent to Rs 2,713.91 crore during the quarter under review as against Rs 2,392.36 crore in the corresponding period of the last fiscal.

On the Covid front, India has recorded 52,020 cases in 24 hours for a 6th straight day, taking its tally to 1,878,382. After conducting over 20 million tests, India's positivity rate is now at over 8%. India's death toll stands at 39,188.

Now, let's look at the global cues for the day.

The SGX Nifty is indicating a subdued start for the Indian today. Globally, Wall Street ended higher after a choppy session on Tuesday, lifted by Apple and energy stocks. Asia shares were set to open lower on Wednesday, following a choppy trading session on Wall Street and losses in Europe.

In commodities, oil prices fell for the first time in four days on Wednesday, pulling back from as much as five-month highs as mounting coronavirus cases worldwide and in the United States undercut market confidence in a pickup in fuel demand.

Gold, on the other hand, scaled an all-time peak on Wednesday, rising above the key $2,000 mark.

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First Published: Wed, August 05 2020. 07:21 IST