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Market Ahead, July 30: All you need to know before the Opening Bell

Investors will eye quarterly earnings and global cues for market direction on Tuesday. They will also react to major results announced on Monday after market hours.

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Market Ahead

BS Web Team  |  New Delhi 

Investors will eye quarterly earnings and global cues for market direction on Tuesday. They will also react to major results announced on Monday after market hours.

A total of 72 companies are scheduled to declare their June quarter results today. That includes Tech Mahindra which analysts may report a weak set of numbers for the June quarter. In line with industry peers, the company is expected to see a dip in operating margin, owing to rupee appreciation, wage hikes, visa fees and Comviva seasonality.

Another big name scheduled to declare results today is Hero Motocorp which may report a decline in revenue as well as profit due to falling volumes amid a sector-wide slowdown.

Private lender Axis Bank may report an over 150 per cent rise in net profit for the quarter on improved loan growth and increased net interest income (NII).

You can read our full preview for all three companies and what analysts expect to be on our website.

Globally, all eyes will be on the US Federal Reserve which will begin its two-day policy review later in the day at which it is widely expected to lower interest rates by 25 basis points.

Apart from these, market participants will continue to track the progress in monsoon, foreign fund flow, oil price, and the movement of rupee against the US dollar.

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

US stocks on Monday took a breather ahead of an expected interest rate cut by the Fed, falling between 0.1 to 0.4 per cent. Asian stocks edged up on Tuesday. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.15 per cent. South Korea's KOSPI advanced 0.2 per cent and Japan's Nikkei added 0.7 per cent.

As for SGX Nifty, it's indicating a positive start for the domestic indices.

Next, let's go through today's top headlines

-- The RBI plans to discuss the government's proposal to raise foreign currency debt on August 16

-- The state Bank of India on Monday cut its deposits rates for fresh cunds across segments

-- Former RBI governor Bimal Jalan has warned that the higher income taxes the government introduced in its Budget could lead to a flight of funds from the country

-- Internatinal rating agency Moody's has warned that the heightening growth slowdown and the lingering crisis at non-banking lenders post fresh challenges to their asset quality

-- U.S. trade negotiators open a new round of talks with China in Shangai later in the day.

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First Published: Tue, July 30 2019. 08:00 IST
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