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Market Ahead, July 22: Top factors that are likely to guide markets today

Today, the benchmark indices may take hint from their global peers which moved higher after expectations of a rate cut by Federal Reserve strengthened.

BS Web Team  |  New Delhi 

Today, the benchmark indices may take hint from their global peers which moved higher after expectations of a rate cut by Federal Reserve strengthened. Another big factor affecting the investor sentiment today will be the Union government's stance on the "super-rich" tax on FPIs, which Finance Minister Nirmala Sitharaman yesterday said will remain undiluted.

Investors will continue to track the June quarter earnings. Reliance Industries and InterGlobe Aviation, IndiGo's parent company, are among the 27 companies scheduled to announce their results today. You can read our preview on what analysts expect from the results on our website www.businessstandard.com

Yesterday, the benchmark S&P BSE Sensex closed 0.81 per cent lower at 38,897 level. The broader Nifty50, too, ended at 11,597 mark, down 0.78 per cent amid fresh trade war concerns and mixed June quarter earnings.

Now, let's see how the global have fared overnight and they mean for Sensex and Nifty

US stocks moved higher on Thursday as comments from New York Fed President John Williams helped cement expectations for an interest rate cut. Asian stocks took clues from Wall Street to inch higher. Australian stocks added 0.4 per cent, South Korea’s KOSPI rose 0.8 per cent and Japan’s Nikkei advanced 1 per cent. And, MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.3 per cent.

SGX Nifty is also indicating a positive start for the domestic indices.

Let's go through top headlines for the day --

-- The controversial super-rich tax on foreign portfolio investors (FPIs) that are organised as trusts will stay undiluted, Finance Minister Nimala Sitharaman said on Thursday as Parliament passed the Finance Bill, 2019

-- An independent review of IndiGo’s related-party transactions has found no major procedural lapses by the company

-- The interim resolution professional (IRP) handling Jet Airways insolvency has received claims of more than Rs 24,000 crore from its lenders, vendors, travel agents, and employees

-- Insurance companies exposed to DHFL's debt papers have approached the Irdai to get a go-head from the regulator for participating in the inter-creditor agreement for DHFL, as per a Business Standard report.

And finally, here's a commodities call by Tradebulls Securities, who recommend selling gold with target of 34,280 and stoploss of 35,100 closing basis

First Published: Mon, July 22 2019. 08:10 IST
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