Key companies that will announce March quarter results today are Godrej Properties, IDBI Bank, Kotak Mahindra Bank, SBI Life Insurance and L&T Tech
MUMBAI: Indian stock markets are likely to be volatile on Monday, while trends in SGX Nifty indicate a weak opening for domestic benchmark indices. State election results released on Sunday are likely to add to the choppy trade.
On Friday, the Sensex ended 2% lower at 48,782 and Nifty closed at 14,631 down 1.8%.
Meanwhile, data on Saturday showed that the central and state governments collected a record ₹1.41 trillion goods and services tax (GST) in April, representing the tax received from transactions done in March.
Reliance Industries Ltd (RIL) will be in focus as the company more than doubled its March quarter consolidated net profit from a year ago to ₹14,995 crore, even as revenue rose a more sedate 14% to ₹1.72 trillion. Reliance Jio (RJio)'s revenue fell 6% as the removal of IUC charges dragged down average revenue per user (ARPU) by 9%, partially offset by 4% subscriber growth.
Yes Bank will be eyed as the private lender is exploring a potential bid for the Indian retail assets of Citibank, joining a list of suitors eyeing the local operations of the foreign bank that is partially exiting 13 countries. Yes Bank will look at acquiring Citi’s retail assets, including credit cards and wealth management in India, chief executive Prashant Kumar said.
Major automobile manufacturers Maruti Suzuki, Hyundai Motor, Tata Motors and Kia on Saturday reported a decline in passenger vehicle sales in April compared to March this year as the second wave of the coronavirus pandemic hit dispatches. However, Mahindra & Mahindra along with Honda Cars India posted sequential growth in their passenger vehicle sales last month.
Key companies that will announce March quarter results today are Godrej Properties, IDBI Bank, Kotak Mahindra Bank, SBI Life Insurance and L&T Tech.
Asian share markets got off to a slow start on Monday as holidays in China and Japan crimped volumes and investors awaited a raft of data this week which should show the U.S. leading a global economic recovery.
MSCI’s broadest index of Asia-Pacific shares outside Japan was all but flat after taking a bit of a spill on Friday. Japan’s Nikkei was shut for a holiday, but Nikkei futures edged up 0.2%.
A busy week for U.S. economic data is expected to show resounding strength, particularly for the ISM manufacturing survey and April payrolls. Forecasts are that 978,000 jobs were created in the month as consumers spent their stimulus money and the economy opened up more.
Such gains could stir speculation of a tapering in asset purchases by the Federal Reserve, though Chair Jerome Powell has shown every sign of staying patient on policy.
The dollar index stood at 91.253 and off a two-month trough of 90.422, though it still ended April with a loss of 2%. The euro was steady at $1.2026, having backtracked form a nine-week peak of $1.2149 on Friday. It now has solid support around $1.1990.
In commodity markets, gold held to a narrow range around $1,768 an ounce sidelined in part by investor interest in crypto currencies as an alternative hedge against inflation.
Oil prices ran into profit-taking on Friday but still ended the month with gains of 6% to 8%. Brent was last up 16 cents at $66.92 a barrel, while U.S. crude firmed 18 cents to $63.76 per barrel.
(Reuters contributed to the story)
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