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Volume IconMarket Ahead, July 20: Top factors that could guide markets this week

The Indian markets are likely to see a flat-to-negative start today as indicated by the SGX Nifty which was trading around 10,875.80 levels, down 42 points around 7:28 AM

ImageBS Web Team New Delhi
BSE-1

Photo: Kamlesh Pednekar

After witnessing over 1 per cent rally in both the Sensex and Nifty last week, investors will continue to focus on June quarter earnings. Further, stock-specific developments, global cues and updates related to Covid-19 will also remain on their radar.

That apart, listing of Rossari Biotech on July 23 will be closely watched by the market participants. The public offer of the company, which was open for subscription between July 13 and July 15, was subscribed 79.4 times.

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On the earnings front, over 250 companies, including Bajaj Finance, Axis Bank, Hindustan Unilver (HUL), ITC, L&T, and Asian Paints, among others are slated to report their quarterly numbers this week. Today, as many as 40 companies are scheduled to report their results today. The list includes names such as ACC, Den Networks, and SBI Cards.

Meanwhile, India on Sunday reported its highest single day spike of 38,902 cases and 543 deaths. The caseload rose to 1,113,400, according to Worldometer. However, the the Union Health Ministry said that India's Covid-19 fatality rate is "progressively falling" and is currently at 2.49 per cent, which is one of the lowest in the world. 

And, now let's focus on some of the key developments that took place during the weekend.

Private sector lender HDFC Bank posted a 5.15 per cent rise in profit before tax (PBT) at Rs 8,973.8 crore for the first quarter ended June 2020 (Q1FY21). It had posted a PBT of Rs 8,533.6 crore in quarter ended June 2019 (Q1FY20). The Net Interest Income (NII) grew by 17.8 per cent on a Year-on-Year basis. 

Pharma company Glenmark, which markets favipiravir under brand Fabiflu for treatment of mild-to-moderate Covid-19 patients, has come under the scanner of ‘the country’s drug regulator overpricing of the drug and claims of its therapeutic efficacy.

India’s largest airline IndiGo is in talks to raise around Rs 3,000 crore while travel demand has collapsed during the pandemic, according to a Business Standard report.

And, now, let's have a quick look at the market snapshot for today.

The Indian markets are likely to see a flat-to-negative start today as indicated by the SGX Nifty which was trading around 10,875.80 levels, down 42 points around 7:28 AM. On the global front, Asian shares were subdued in the early trade as investors eyed efforts to stitch together more fiscal stimulus in the eurozone and United States to help economies ride out the effects of a record jump in Covid-19 cases globally.

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First Published: Jul 20 2020 | 8:17 AM IST

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