Home >Markets >Stock Markets >Indian stock markets likely to be steady; Reliance, Vodafone Idea in focus
MSCI's broadest index of Asia-Pacific shares outside Japan added 0.15%, having climbed sharply to a five-month peak last week on the back of surging Chinese stocks. (Photo: AFP)
MSCI's broadest index of Asia-Pacific shares outside Japan added 0.15%, having climbed sharply to a five-month peak last week on the back of surging Chinese stocks. (Photo: AFP)

Indian stock markets likely to be steady; Reliance, Vodafone Idea in focus

  • Japan's Nikkei gained 1.3% and South Korea 0.9%. E-mini futures for the S&P 500 rose 0.2%
  • Brent crude futures were down 33 cents to $42.90 a barrel, while US crude lost 34 cents to $40.21

MUMBAI: Indian equities are likely trade steady on Monday following global cues. The SGX Nifty futures were up 0.65%, indicating a positive start for benchmark indices.

On Friday, the BSE Sensex had ended at 36,594.33, down 143.36 or 0.39% and the Nifty closed at 10,768.05, down 45.40 or 0.42%.

Asian shares got off to a firm start on Monday as investors wagered US earnings season would see most companies beat forecasts given expectations had been lowered by coronavirus lockdowns.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.15%, having climbed sharply to a five-month peak last week on the back of surging Chinese stocks.

Japan's Nikkei gained 1.3% and South Korea 0.9%. E-mini futures for the S&P 500 rose 0.2% even as some US states reported record new cases of covid-19

Back home, shares of Reliance Industries will be in focus. Qualcomm Ventures, the investment arm of Qualcomm Incorporated, will invest up to 730 crore to pick up a 0.15% equity stake in the oil-to-telecom conglomerate's Jio Platforms on a fully diluted basis.

Vodafone Idea has cumulatively paid out 2,850 crore to seven bond holders including mutual funds and banks. While the side pockets of Franklin Templeton India schemes have received 1,252 crore, UTI Mutual Fund has received 166 crore and Nippon India Mutual Fund has received 121 crore.

Specialty chemicals manufacturer Rossari Biotech Limited initial public offering (IPO) will open for subscription today with a price band of 423- 425 per share. The three-day share sale, which will close on 15 July, seeks to raise nearly 496 crore.

India’s economy may contract by 14.2% in the June quarter and the absence of a demand stimulus, a second wave of coronavirus infections and continuing curbs will weigh heavily on growth prospects, a survey of economists has found.

Meanwhile, yields on US 10-year notes came close to record lows last week at 0.569% and were last at 0.63%. Super-low rates have in turn been a boon for non-yielding gold which hit a near nine-year high after five straight weeks of gains. The metal was last at $1,800 an ounce, just off a $1,817.17 top.

The hunt for yield has tended to benefit emerging market currencies and those leveraged to commodities such as the Australian dollar, while weighing on the US dollar.

Against a basket of currencies, the dollar was off at 96.585 on Monday and not far from the June trough of 95.714. The dollar was a fraction softer on the yen at 106.88, while the euro held at $1.1309.

Oil prices eased in early trade, although that followed a sharp rise on Friday when the International Energy Agency bumped up its 2020 demand forecast.

Brent crude futures were down 33 cents to $42.90 a barrel, while US crude lost 34 cents to $40.21.

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