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Volume IconMarket Ahead, July 23: All you need to know before the opening bell

The SGX Nifty indicates a flat to positive start for the Indian indices today on the back of mixed to positive global cues

ImageBS Web Team New Delhi
stocks, BSE Bankex

The SGX Nifty was trading 20 points higher at 11,150 levels, indicating a flat to positive start for the Indian indices today on the back of mixed to positive global cues.

Wall Street ended higher overnight. The Dow Jones rose 0.62 per cent, the S&P 500 gained 0.57 per cent and the Nasdaq added 0.24 per cent.

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Asian stocks were mixed as investors weighed between fresh diplomatic tensions between the US and China as well as the boost to Wall Street from U.S. stimulus hopes. In early Asian trade, Hong Kong’s Hang Seng index rose 1 per cent and Australian ASX 200 gained 0.3 per cent. On the other hand, South Korea's Kospi slipped half a per cent

In commodities, Brent crude futures rose 0.2 per cent to $44.38 a barrel.

On the results front, investors will react to Larsen & Toubro's Q1 numbers announced post market hours yesterday in which the company saw its profit after tax crash 79 per cent year-on-year. L&T reported net profit of Rs 303.14 crore, down from Rs 1,473 crore in Q1FY20. An exceptional gain of Rs 224.72 crore thanks to divestment in its wealth management business, came as a shot in the arm.

Today, a total of 49 companies including Biocon, Dish TV, and HDFC AMC, are scheduled to announce their quarterly results today. 

Moreover, specialty chemical company Rossari Biotech will get listed at the bourses today. The public issue, which consists of a fresh issue of Rs 50 crore and an offer for sale of 1.05 crore shares by promoters, saw a massive subscription of 79.37 times backed by QIB and non-institutional investors.

Meanwhile, India witnessed a huge spike of over 45,000 in the count of new coronavirus cases in the past 24 hours, taking its tally to over 12.39 lakh. With this, India's Covid-19  death toll rose to 29,890.

And, now, a quick look at other top news.

Chief Economic Advisor Krishnamurthy Subramanian yesterday hinted that the next set of fiscal measures could be announced after a vaccine was developed against Covid-19. The vaccine, he said, would end uncertainty, prompting people to spend money on discretionary consumption.

S&P Global Ratings warned on Wednesday that it would downgrade Future Retail to default category because the company faced liquidity pressure, depressed operating cash flow and delays in disbursement of credit lines from banks.

In a relief to Vodafone Idea, the Supreme Court has  dismissed the petition filed by the finance ministry against the Bombay high court order that had directed the revenue department to refund Rs 833 crore to the cash-strapped telecom company. The refund was held by the income tax (I-T) department citing possible future demands.

Singaporean brokerage DBS has forecast deeper distress for India which will lead to a 6 per cent growth contraction in FY21. It cited the yet to be stabilised infection curve and the Covid-19 caseload in economically key states for its forecast.

In its earlier forecast, the brokerage had penciled in a minus 4.8 per cent growth for the current fiscal.

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First Published: Jul 23 2020 | 7:05 AM IST

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