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Volume IconMarket Ahead, July 17: Top factors that could guide markets today

A total of 32 companies including Britannia Industries, HCL Tech, and ICICI Lombard are scheduled to announce their quarterly results

ImageBS Web Team New Delhi
People have been check entering the Bombay stock exchange for COVID-19 in Mumbai (Photo- Kamlesh Pednekar)

Photo: Kamlesh Pednekar

The Indian markets are likely to open higher today, as indicated by the SGX Nifty, which was trading 37 points up at 10,741 levels at 7:30 AM. However, mixed-to-weak global cues, a worrying milestone on the Covid front, and Icra's warning of a greater contraction in the Indian economy might cap the gains. Besides, investors will focus on corporate results for stock-specific moves while keeping track of oil's movement and the Rupee's trajectory.

On Wall Street, the Dow Jones Industrial Average fell 0.5 per cent overnight, the S&P 500 lost 0.34 per cent and the Nasdaq dropped 0.73 per cent. Asian markets were also trading flat to lower on Friday after reports emerged that the Trump administration was considering banning travel to the United States by all members of the Chinese Communist Party. Australian ASX 200 was flat in early trading while Japan's Nikkei slipped 0.2 per cent. 

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In commodities, oil prices were trading at $43.32 a barrel after earlier falling 1 per cent as Opec+ alliance confirmed it would start tapering output cuts from next month. 

Meanwhile, covid-19 cases in India yesterday achieved a grim milestone after surging to over 1 million-mark. As many as 25,609 have died due to the disease so far. Daily growth in cases across the country has breached the 30,000 level, prompting states and districts to impose localised lockdowns. 

On the results front, a total of 32 companies including Britannia Industries, HCL Tech, and ICICI Lombard are scheduled to announce their quarterly results.

Credit rating agency Icra has sharply revised its forecast on the contraction in the Indian economy to 9.5 per cent for FY21 from its earlier assessment of five per cent. It has attributed the revision to the climbing Covid-19 infections resulting in a spate of localised lockdowns in some states and cities.

And now, some other top headlines.

The Telecom Disputes Settlement and Appellate Tribunal yesterday reserved its order to stay the Trai's decision to halt tariff plans by Vodafone Idea and Bharti Airtel, which the regulator said were discriminatory in nature. The verdict is now likely to be announced today.

Global debt surged to a record $258 trillion in the first quarter of 2020 as economies around the world shut down to contain the coronavirus pandemic, the Institute for International Finance said on Thursday in a report. The IIF said the first-quarter debt-to-GDP ratio jumped by over 10 percentage points to reach a record 331 per cent.

Meanwhile, the International Monetary Fund has warned that the rate of bankruptcy for small- and medium-sized businesses may triple from 4 per cent to 12 per cent this year in the absence of sufficient government support.

And, Civil Aviation Minister Hardeep Singh Puri yesterday said India had finalised talks with the US, France, and is in final stages of discussion with Germany to resume limited international flights. In the interim, India has agreed to allow flights between the US and India with United Airlines operating 18 flights between July 17 and July 31.

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First Published: Jul 17 2020 | 7:54 AM IST

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