Gap-down opening likely
Published on Jul 26, 2021 08:14
Indian indices are likely to open lower today. Shares of index heavyweights RIL, ITC and ICICI Bank will react to their results.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 89 points at the opening bell.
Overseas, Asian stocks are trading mixed on Monday, as Chinese tech stocks in Hong Kong plunged. China`s antitrust regulator ordered Tencent to give up its exclusive music licensing rights and slapped a fine on it for anti-competitive behavior, marking yet another development in Beijing`s ongoing crackdown on its domestic internet titans.
Investors likely continued to monitor the Covid situation in Asia as it weighs on sentiment. In South Korea, the second highest level of virus restrictions will be reportedly applied to non-capital areas starting Tuesday. Indonesia on Sunday also reportedly extended its Covid restrictions by a week.
U.S. equities rose Friday with the the major averages hitting new records as they overcame concerns about economic growth from earlier in the week. The Dow closed above 35,000 for the first time ever. The blue chip average rose 238.20 points, or 0.68%, to 35,061.55. The S&P 500 gained 1.01% to 4,411.79 and the Nasdaq Composite climbed 1.04% to 14,836.99, both new closing highs for the benchmarks.
Back home, benchmark indices ended a volatile session with decent gains on Friday. The barometer index, the S&P BSE Sensex, added 138.59 points or 0.26% at 52,975.80. The Nifty 50 index advanced 32 points, or 0.2% at 15,856.05.
Foreign portfolio investors (FPIs) sold shares worth Rs 163.31 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,187.80 crore in the Indian equity market on 23 July, provisional data showed.
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