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Market Ahead, August 8: All you need to know before the Opening Bell

Corporate earnings and global cues will be the biggest factors giving direction to the markets today.

BS Web Team  |  New Delhi 

Corporate earnings and global cues will be the biggest factors giving direction to the today.

As many as 175 companies, including Page Industries and Ultratech Cement, are scheduled to announce their June quarter earnings today.

Market participants will continue to track the Kashmir situation, the progress in monsoon, foreign fund flow, rupee's trajectory, and oil price movement.

They will also react to the results announced yesterday post the market hours. HCL Technologies posted an 8.2 per cent year-on-year (YoY) decline in its June quarter net profit at Rs 2,230 crore while revenue rose 18.4 per cent rise YoY to Rs 16,425 crore.

Tata Steel reported a lower-than-expected consolidated net profit of Rs 702 crore. This was down 64 per cent for the same period last year, even as its India operations took a hit.

Yesterday, the Sensex fell 0.8 per cent to end at 36,690 while the Nifty50 index dropped 0.9 per cent to close at 10,856 as the RBI reduced the annual growth forecast for the economy and cut interest rate to help revive demand.

The rupee edged lower by 8 paise and closed at 70.89 against the US dollar.

In the primary market, the initial public offer of Sterling & Wilson Solar Limited was subscribed 32 per cent on the second day of bidding on Wednesday.

Now, let's take a look at the global The US fell on Wednesday as investors rushed into the safety of US government bonds, fearing that the US-China trade war will inflict broad damage on the global economy. The Dow fell 0.09 per cent to 26,007, the S&P 500 gained 0.08 per cent to 2,884 and the Nasdaq Composite added 0.38 per cent to 7,863. Early Thursday, Asian share markets were wobbly. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.03 per cent while Japan's Nikkei inched up 0.1 per cent.

In commodity markets, oil prices slipped to near seven-month lows. International benchmark Brent crude futures fell 2.5 per cent to $57.44 a barrel, while US crude dropped 2.5 per cent to $52.31.

Nifty futures on Singapore Exchange (SGX) are trading 7.50 points or 0.07 per cent higher at 10,872 levels, indicating a flat to positive start for the Indian market.

First Published: Thu, August 08 2019. 08:06 IST