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Markets likely to consolidate; Zomato, DRL, InterGlobe in focus

On Monday, the BSE Sensex ended at 52,852.27, down 123.53 points or 0.23%. The Nifty closed at 15,824.45, down 31.60 points or 0.20%.Premium
On Monday, the BSE Sensex ended at 52,852.27, down 123.53 points or 0.23%. The Nifty closed at 15,824.45, down 31.60 points or 0.20%.

  • Among key companies Dr. Reddy's Laboratories, IndusInd Bank, Interglobe Aviation, Canara Bank, Torrent Pharmaceuticals, Dalmia Bharat, Dixon Technologies (India), UCO Bank and IIFL Finance will announce their June quarter earnings today.

NEW DELHI: Markets are likely to remain in consolidation mode on Tuesday while trends in SGX Nifty suggest a positive opening of Indian benchmark indices. On Monday, the BSE Sensex ended at 52,852.27, down 123.53 points or 0.23%. The Nifty closed at 15,824.45, down 31.60 points or 0.20%.

Most Asian stocks rose Tuesday as China and Hong Kong stabilized from a tailspin sparked by Beijing’s sweeping regulatory overhaul. Another record close on Wall Street also supported sentiment.

Shares fluctuated in Hong Kong but climbed in China and Japan. US stock futures inched lower after the S&P 500 hit a new peak, with Tesla Inc. the latest firm to post better-than-expected results. The Nasdaq 100 and Dow Jones Industrial Average also ended at all-time highs.

The Nasdaq Golden Dragon China Index—which tracks 98 of China’s biggest firms listed in the US—suffered its largest two-day drop since 2008, hurt by China’s clampdown on sectors ranging from technology to education and real estate as Xi Jinping’s Communist Party tightens its grip on the economy.

Among key companies Dr. Reddy's Laboratories, IndusInd Bank, Interglobe Aviation, Canara Bank, Torrent Pharmaceuticals, Dalmia Bharat, Dixon Technologies (India), UCO Bank and IIFL Finance will announce their June quarter earnings today.

Zomato Ltd is set to double down on the online grocery market. The food delivery platform, which went public last week, will lead a 3,500 crore ($470 million) investment in Grofers, which turned unicorn recently, according to a Mint report.

Treasuries and the dollar were steady ahead of this week’s Federal Reserve policy meeting, where officials are expected to discuss an eventual tapering of stimulus. The real yield on US 10-year debt touched a record low, which for some reflects concerns over the spread of the delta coronavirus variant and a possible peak in the economic recovery from the pandemic.

Beijing’s crackdown has left investors wondering which sectors might be targeted next and whether the selloff in Chinese equities increases the odds of wider risk aversion. At the same time, robust corporate profits and the ongoing rebound from the health crisis in the most-vaccinated nations are bulwarks for sentiment. Traders are also awaiting the Fed meeting.

(Bloomberg contributed to the story)

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