Markets may be flattish; L&T, HUL, Zee Entertainment to report Q1 earnings2 min read . Updated: 23 Jul 2019, 08:53 AM IST
- Asian stock markets were higher tracking gains in the US
- Shares of IndiGo, Kotak Mahindra Bank likely to be in focus
Mumbai: Indian markets may be marginally higher on Tuesday after severe sell-off in equities on Monday.
Asian stock markets were higher tracking gains in the US. The US stocks gained ground on Monday at the onset of a heavy earnings week, while European shares inched higher as investors took heart from potential progress in US-China trade talks and increasing geopolitical tensions sent oil prices climbing.
The South China Morning Post reported US trade negotiators will likely visit China next week for their first face-to-face talk with Chinese officials since US President Donald Trump postponed a new round of tariffs on Chinese imports after a meeting with his Chinese counterpart in Japan on 29 June.
The Dow Jones Industrial Average rose 17.7 points, or 0.07%, to 27,171.9, the S&P 500 gained 8.42 points, or 0.28%, to 2,985.03 and the Nasdaq Composite added 57.65 points, or 0.71%, to 8,204.14.
Back home, shares of InterGlobe Aviation Ltd may be in focus as its feuding co-founders Rahul Bhatia and Rakesh Gangwal, are working towards a compromise formula that may result in every related party transaction in the company being vetted by independent directors, according to a Mint report.
Kotak Mahindra Bank on Monday reported a 33% increase in its June quarter net profit due to higher net interest income and lower provisions. Net profit for the quarter stood at ₹1,360.20 crore, up 32.71%, from ₹1,024.94 crore a year ago.
Major companies which are going to announce June quarter results on Tuesday are Larsen & Toubro, Hindustan Unilever, Zee Entertainment Enterprises, SBI Life Insurance Company, HDFC Life Insurance Company, Jyothy Labs, Torrent Pharmaceuticals, M&M Financial Services and Indian Overseas Bank.
Oil prices inched lower on Tuesday as the International Energy Agency (IEA) said it would act quickly if needed to keep the market supplied amid tensions in the Middle East and traders eyed a weaker demand outlook.
Brent crude futures slipped 2 cents to $63.24 a barrel by 0121 GMT. The international benchmark rose more than 1% in the previous session, following Iran’s seizure of a British tanker last week that stoked fears of supply disruptions from the energy-rich Gulf.
West Texas Intermediate (WTI) crude futures were down 6 cents, or 0.11% at $56.16 per barrel.
The Organization of the Petroleum Exporting Countries (Opec) and some non-affiliated producers including Russia, known collectively as Opec+, have withheld supplies since the start of the year to prop up prices.
(Reuters contributed to the story)