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Market Ahead, July 10: All you need to know before the opening bell

The June quarter results of TCS will be a major focus for the Indian markets today which is also likely to decide how the rest of the IT space trades throughout the session

Market Ahead | Markets | SGX Nifty

BS Web Team  |  New Delhi 

The June quarter results of TCS will be a major focus for the Indian today which is also likely to decide how the rest of the IT space trades throughout the session. The IT services major's Q1 performance largely disappointed the street as net profit declined 13.81 per cent year-on-year to Rs 7,008 crore for this period while sequentially it went down by 12.9 per cent. The decline in revenues was larger than estimates in constant currency terms.

Besides that, investors can expect global cues, macro data, and some more stock-specific developments to be the other key triggers for the today.

On Wall Street, the fell 1.4 per cent, and the dropped 0.56 per cent overnight as record-breaking new Covid-19 cases in several US tampered investor sentiment. Despite this, technology stocks rose, lifting the up 0.5 per cent for its fifth record closing high in six days.

Asian shares also opened lower on Friday. Australian ASX 200 was last down 0.4 per cent and Japan's Nikkei edged down 0.5 per cent. Meanwhile Hong Kong's Hang Seng index was up 0.3 per cent.

In line with these trends, the also dipped 60-odd points and was trading around 10,770 levels at 7:20 AM.

On the Covid-19 front, India's total number of Covid-19 cases has now jumped to 7.94 lakh after the addition of another 25,000 plus cases on Thursday. The death toll stands at 21,623.

Meanwhile,companies will continue to roll out quarterly numbers. Today, a total of 44 companies, including IRCTC, Lakshmi Vilas Bank, are scheduled to announce their quarterly numbers. Investors will also await the IIP data, although it is scheduled to be announced post market hours today.

And, now, a quick look at some other top developments.

has defaulted on rental and energy payments for June to telecom tower companies, citing the payment of AGR to the government and the resultant cash flow problems for the default.

and on Thursday announced the commencement of their new fuel retailing and mobility joint venture, named Reliance Mobility. The JV will now begin rebranding RIL fuel retail outlets to Jio-

Almost 10 months after Rs 15,000-crore sovereign guarantee was announced as part of their revival package, BSNL and MTNL have got an approval for the same from the DEA in the finance ministry although with a set of stiff riders.

Sources have told Business Standard that the Union government is considering a plan to raise as much as Rs 20,000 crore by selling stake in the coal India, and IDBI Bank to fund a stimulus programme aimed at boosting the virus-battered economy.

Punjab National Bank yesterday said its board has approved a proposal to raise Rs 10,000 crore through a mix of both equity and debt. Besides, the board has cleared opening balance sheet of the amalgamated bank as on April 1, which is post amalgamation of Oriental Bank of Commerce and United Bank of India into PNB.

Read by Kanishka Gupta

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First Published: Fri, July 10 2020. 07:27 IST