Home >News >India >Markets likely to be steady; Vodafone Idea, Tata Steel shares in focus
Vodafone Idea will be under focus as the telecom servcies provider reports its June quarter earnings today. Investors will be watching out its commentary on future AGR payments to comply with the Supreme Court verdict.   (Mint )
Vodafone Idea will be under focus as the telecom servcies provider reports its June quarter earnings today. Investors will be watching out its commentary on future AGR payments to comply with the Supreme Court verdict. (Mint )

Markets likely to be steady; Vodafone Idea, Tata Steel shares in focus

  • Global markets were up as sentiment boost from upbeat US data outweighed the threat of rising covid-19 infections
  • The Modi government banned 59 Chinese apps Monday. The two countries will hold 3rd round of military-level talks today

MUMBAI: Indian markets may be steady on Tuesday following global cues. SGX Nifty trends indicate a gap up opening of Indian benchmark indices. On Monday, the BSE Sensex ended at 34,961.52, down 209.75 points or 0.60% and the Nifty closed at 10,312.40, down 70.60 points or 0.68%.

A certain nervousness over India-China standoff can't be ruled out, given that Narendra Modi government banned 59 Chinese apps on Monday and the fact that the third round of military-level talks between the two countries are to take place today. The list of banned apps includes popular ones like TikTok, Helo, Shareit, UC Browser and WeChat.

Modi will also address to the nation at 4 pm today.

The Union home ministry on Monday extended the lockdown in containment zones till the end of July, but tried to minimize movement curbs to boost economic activity and allowed states to take steps based on their assessment of the situation.

India’s five largest state-owned banks collectively have at least 7.9 trillion of loans under moratorium, including loans that were stressed even before the coronavirus outbreak, regulatory filings showed. That accounts for about 20% of local advances.

India’s largest private steel producer Tata Steel reported consolidated net loss of 1,236.17 crore for the March 2020 quarter a provision for impairment on asset held within the European operations, overseas mining and Indian operations. The company had reported net profit of 2,353 crore in the same period last year.

Axis Bank said on Monday its board will meet on 2 July to explore raising funds through shares or depository receipts.

Vodafone Idea will announce its March quarter results today. According to a consensus of analysts, Vodafone Idea is expected to report a consolidated revenue of 11,692.30 crore in fourth quarter up 5.4% sequentially and net loss of 4,610.30 crore. It is expected to report around 3-4% gains in average revenue per user (ARPU) during January-March to bring it up to Rs113.

Asian markets followed Wall Street's firm lead on Tuesday as the sentiment boost from upbeat US data outweighed the threat of rising covid-19 infections in the world's largest economy.

In Asia, investor focus will be on China's official purchasing managers' index (PMI), which is expected to show factory activity grew for a fourth straight month in June albeit at a slower pace, raising concerns the recovery in the world's second-largest economy may be stalling.

Investors cheered strong US housing data that showed a bounce back in home sales, and are anticipating positive jobs data later this week as the US jobs numbers are expected to tick up as people head back to work.

A recent resurgence in coronavirus infections had caused some investors to doubt the strength of a rebound in global economic activity. However, gains in equities, long-term yields, and oil futures suggest the majority of investors remain optimistic about the long-term prospects for growth.

MSCI's gauge of stocks across the globe rose 0.72% during Monday trading fueled by gains on Wall Street. On Monday, the Dow Jones Industrial Average rose 2.32%, the S&P 500 gained 1.47% and the Nasdaq Composite added 1.2%.

US Treasuries were little changed after Monday trading as the intervention by the Federal Reserve Bank kept yields stable.

In currency markets, the dollar held onto gains against the yen and the Swiss franc as the recent increase in coronavirus cases supported safe-haven demand for the greenback. China's yuan held steady at 7.0752 per dollar in the offshore market as traders braced for China's PMI.

In oil markets, Brent crude contracts were unchanged at $41.71 per barrel.

(Reuters contributed to the story)

Subscribe to newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Click here to read the Mint ePaperLivemint.com is now on Telegram. Join Livemint channel in your Telegram and stay updated

Close
×
My Reads Logout