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Market Ahead, July 24: Top factors that are likely to guide markets today

Corporate earnings and global cues will continue to dominate investor sentiment today. They will first react to major results announced Tuesday post-market hours. In that regard, Larsen & Toubro (L&T)

BS Web Team  |  New Delhi 

Corporate earnings and global cues will continue to dominate investor sentiment today. They will first react to major results announced Tuesday post-market hours. In that regard, Larsen & Toubro (L&T) and Hindustan Unilever (HUL) will be in focus.

L&T’s net profit for the June quarter rose 21 per cent on the back of improved performance.

FMCG major HUL reported its lowest volume growth in seven quarters owing to moderation in consumer demand while net profit rose 15 per cent year-on-year to Rs 1,755 crore.

Besides, market participants may also react to the International Monetary Fund lowering India's FY20 growth forecast by 30 basis points to 7 per cent, citing subdued domestic demand. Additionally, they will continue to track the progress in monsoon, oil price, and the movement of rupee against the US dollar.

Benchmark indices dipped 0.13 per cent each on Wednesday. The S&P BSE Sensex settled at 37,983 levels, while the broader Nifty50 ended at 11,331-mark.

The rupee closed with a marginal 2 paise drop at 68.94 against the US dollar.

And now, let's take a look at global

The US market gained on Tuesday, lifted by corporate results and optimism over the US-China trade talks. The Dow Jones rose 0.65 per cent to end at 27,349, while the S&P 500 gained 0.68 per cent to 3,005. Asian shares also nudged higher on Wednesday. Japan’s Nikkei added 0.4 per cent in early trade, while Australian stocks rose 0.6 per cent. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.04 per cent.

SGX Nifty is indicating a flat start for the domestic indices.

In the results corner, around 44 companies, including Asian Paints, Canara Bank, and Jubilant Foodworks, are scheduled to declare their June quarter results later in the day.

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

>> India is set to break into the club of the 50 most innovative nations once the Global Innovation Index (GII) is launched on Wednesday;

>> Modi govt proposes major labour law changes for ease of compliance

>> Retail investors raise bets on penny stocks despite high investment risk

>> Foreign portfolio investors (FPIs) may look at participatory notes (p-notes) for making fresh investments in India, to sidestep the additional surcharge levied in the Budget.

First Published: Wed, July 24 2019. 07:53 IST
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