Nagpur: Extending the losses from Friday’s session, markets have commenced the week on a lower note, tracking weakness in the global peers.
At 1:15 pm, The Sensex was at 27,623 levels, 438 points down while the Nifty was at 8,392 levels, 198 points down.
The corporate earnings from major companies such as Maruti, ITC, ICICI Bank, HDFC, NTPC and L&T would dictate the trend on the bourses for the week.
Further, the futures and options (F&O) expiry for the month of July would also bring some volatility in the market.
Meanwhile, the on-going monsoon Parliament session would be keenly watched by the market participants in the hope of a rollout of key legislations such as the Land Acquisitions Bill as well as the GST Bill.
The first week of the monsoon session, which commenced on July 21st, was a complete washout. On the monsoon front, the progress of the southwest monsoon is crucial for the easing of the monetary policy and would be closely followed by the central bank and the traders.
“CNX Nifty has been finding multiple hurdles near 8,650 levels from last five trading sessions and has witnessed buying interest on declines.
It needs to hold 8,500 levels to witness further up move towards 8,550-8,580 leveks. On the downside, it has immediate support near 8,480 levels and below that we may continue to witness fresh selling towards 8,440 zones,” points out a morning note from Anand Rathi Research.
Tech Mahindra, Ambuja Cement, Just Dial, Torrent Pharma are set to announce their quarterly earnings for the period April-June later in the day.
Asian shares have begun the week on a plaintive note amid losses on Wall Street and worries over China, while investors brace for a Federal Reserve meeting that might take another small step toward lifting US interest rates.
MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.2%. Hang Seng dipped by 2% and Nikkei slipped 0.8% in early trade.
China’s Shanghai index slumped about 1% as the country’s industrial profits declined 0.3% year-on-year in June, according to data. The Straits Times and Taiwan indices have also shed about 1% each.