BENGALURU, July 24 (Reuters) – Indian shares are set to open lower on Monday, tracking Asian peers, amid caution ahead of key corporate earnings and central bank meetings due later this week.
India’s GIFT Nifty on the NSE International Exchange was down 0.11% at 19,744, as of 8:03 am IST.
Asian equities declined ahead of monetary policy meetings of the US Federal Reserve and the European Central Bank.
Markets have fully priced 25 basis points rate hikes by the two central banks. The commentary from the Fed will be crucial for cues into its rate trajectory, according to analysts.
Also in focus is the market reaction to the quarterly results of top firms including Reliance Industries (RELI.NS), ICICI Bank (ICBK.NS) and Kotak Mahindra Bank (KTKM.NS).
While Reliance missed profit view, dragged by demand weakness in oil-to-chemicals (O2C) business, ICICI Bank and Kotak Mahindra reported larger-than-expected rise in profit.
Both the Nifty 50 (.NSEI) and Sensex (.BSESN) snapped a six-day winning streak on Friday, dragged by information technology (IT) stocks after top software services provider Infosys slashed its revenue outlook and flagged weakness in client spending.
Foreign institutional investors also snapped a six-day buying streak on Friday, offloading 19.99 billion rupees ($243.7 million) of Indian equities on a net basis, while domestic investors bought 12.91 billion rupees of shares, as per provisional NSE data.
STOCKS TO WATCH:
** Adani Enterprises (ADEL.NS): Bain Capital to buy 90% stake in Adani Capital and Adani Housing.
** Paytm (PAYT.NS): Co posts 39% rise in quarterly revenue, aided by robust loan demand.
** DLF (DLF.NS): Co reports 12% rise in June quarter profit as income from joint ventures jump.
** SJVN (SJVN.NS), REC (RECM.NS): SJVN signs a deal with REC worth 500 bln rupees for setting up new power generating stations.
** Key earnings today: Tata Steel (TISC.NS), HDFC Asset Management Co (HDFA.NS), TVS Motor Co (TVSM.NS).
($1 = 82.0250 Indian rupees)
Reporting by Bharath Rajeswaran in Bengaluru; Editing by Varun HK
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