The Indian markets may see a tepid start today as indicated by the SGX Nifty which was trading around 11,153 levels, down 21.75 points at 7:16 AM.
Asia shares were expected to open lower on Wednesday after US President Donald Trump’s comments regarding the country’s surge in novel coronavirus cases outweighed a slight rally on Wall Street.
In the currency market, the dollar nursed losses against most currencies, undermined by concern that Republicans and Democrats are struggling to reach consensus on the next round of US economic stimulus measures.
Besides global cues, investors will today focus on corporate results, other stock-specific developments, and trend in Covid-19 cases.
On the Covid-19 front, the total number of coronavirus cases in India has reached 1,191,636. And the country's death toll has reached 28,763.
FMCG major HUL on Tuesday reported a mixed set of numbers for the quarter ended June 30, 2020 (Q1), aided in part by its merger with GSK Consumer on April 1. While profit before tax (PBT) for the period fell 6 per cent year-on-year to Rs 2,411 crore, revenue-wise HUL reported a 4.4 per cent year-on-year increase to Rs 10,560 crore, thanks to the merger of GSK Consumer nutrition brands with the companies.
Private sector lender Axis Bank Ltd on Tuesday reported a 31.29 per cent year-on-year drop in profit before tax for the first quarter ended June 30 on higher provisions booked in the current quarter, and also due to moving towards a more conservative mode of accounting.
Today, as many as 39 companies are expected to report their June quarter results including names such as Bajaj Auto, L&T, and Rallis India.
And now, a quick look at other top headlines:
Jet Airways has received resolution plans from at least two of the four shortlisted entities that made the cut in the fourth round, thereby raising hopes for a revival of the beleaguered airline.
Oil marketing companies (OMCs) are planning to rope in start-ups or FuelEnts (fuel entrepreneurs) for doorstep delivery of high-speed diesel (HSD) through mobile petrol pumps. This move is expected to help garner around Rs 9,000 crore of investments, according to industry experts.