Indian equity market is likely to open lower on Monday following losses in global peers as fears of rising inflation and a relentless surge in Delta variant of the coronavirus in Asian countries dampened investors’ risk appetite. The SGX Nifty is showing a gap down opening of 200 points. The short term reversal of rising wedge will be activated on close below 15850 and should force Nifty towards 15000 in a quick span of time. The main risk of larger unwinding comes from breakdown from MSCI-All country world equity index which has settled at support line of rising wedge on Friday and 0.25% lower close would open wider cracks of 20% in most of world indices.
U.S stocks ended a volatile week broadly lower, with most of Friday’s loss attributable to weakness in big technology companies like Apple and Amazon. The S&P 500 index fell 0.8% and marked its first weekly loss after three weeks of gains. The Dow Jones lost 0.9% and the Nasdaq fell 0.8%. Shares in Asia-Pacific slipped in Monday morning trade, as markets watched oil prices after OPEC and its allies reached a deal. Oil falls more than 1% after OPEC+ agrees to boost supply by as much as 400,000 barrels a day each month from August until all of its halted output has been revived
Stocks in news –
- HDFC Bank AGM: HDFC Bank’s MD and CEO Sashidhar Jagdishan, on July 17, asserted that over 26 years, the lender has invested in tech way ahead of time and its clear focus is on digitising and improving productivity without laying off people. “Our aim is to become like a fintech,” he said while addressing the HDFC Bank annual general meeting (AGM).
- Digital payments startup Paytm has filed a draft red herring prospectus (DRHP), for an initial public offering (IPO) of up to Rs 16,600 crore. The total issue size of Rs 16,600 crore consists of a fresh issue and an offer for sale (OFS) of up to Rs 8,300 crore each.
- Just Dial: Reliance Retail Ventures, the subsidiary of Reliance Industries, will take controlling stake in Just Dial for Rs 3,497 crore
- Tata Power Company: The company joined hands with HPCL to set up electric vehicle charging stations at its petrol pumps across the country.
- Results today: HCL Technologies, HDFC Life Insurance Company and ACC.
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