The 9,800 level is past for Nifty and 9,900 is the present. Is it headed for the 10,000 mark next?
Let’s check out what all might matter to Dalal Street on Tuesday:
Singapore trading sets stage for flat opening
At 6.30 am, Nifty50 futures on the Singapore Stock Exchange were trading 37 points down at 9,907, indicating a flat to negative opening for the domestic market.
Nifty formed Doji pattern on daily chart
The Nifty50 on Monday closed above the 9,900 level for the first time ever. The index could not breach its upper limit in the key area between 9,000 and 9,940 levels that analysts have been talking about for a while. The index made a Small Bull Candle on the day chart, which resembled a Doji pattern, suggesting indecisive among market participants. Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in noted that even as the Nifty50 closed higher for the day, a weakening advance decline ratio is a cause of concern.
Monsoon session of Parliament
Investors would keep an eye on the monsoon session of Parliament, which is expected to be stormy.
“Although the monsoon session of Parliament could be dominated by issues of cow vigilantism, farmers’ protests, unrest in Kashmir and India’s stand-off with China, it could nonetheless be a productive one for business and financial matters,” said Motilal Oswal Securities. The session will have a total of 19 sittings over 26 days, including four Private Members’ days. A total of 21 Bills pending in Lok Sabha and 42 Bills pending in Rajya Sabha will be in focus.
A dozen firms to report Q1 results
Over a dozen BSE-listed companies will report June quarter numbers on Tuesday. Among them would be UltraTech Cement and NBFC Sundaram Finance, drugmaker Jubilant Life Sciences, rating agency CRISIL and others.
1 week for RBI to reply on NPAs
The Supreme Court on Tuesday granted one week to the Reserve Bank of India (RBI) to respond to a report of a committee appointed to deal with bad loans with banks that have crossed Rs 8 lakh crore. A bench of Chief Justice J S Khehar and Justice D Y Chandrachud gave the federal bank time till July 24 to file its response to the report of a committee set up by it to suggest measures to deal with increasing of loan defaults.
ITC, other cigarette stocks in focus
The GST Council on Monday raised the cess on cigarettes to take away an estimated Rs 5,000 crore annual ‘windfall’ manufacturers could have reaped from lower GST rates, Finance Minister Arun Jaitley said. However, cigarette prices will not change as a result of the increased cess, which became effective from Monday midnight.
IOC eyes stake 66% stake in Oil India
Indian Oil is in talks to buy out the government’s 66 per cent stake in upstream major Oil India. This is all a part of the Modi government’s vision to create integrated oil and gas companies, and as announced by Finance Minister in his 2017 Budget speech.
Cyber attack at Religare!
Several units of India’s Religare Financial Services suffered a cyber attack, but its systems, operations and sensitive client information were secure and unaffected, it said on Monday. Religare, which offers a broad range of financial services including equities and commodity trading under holding company Religare Enterprises Ltd, added the attack was of “medium severity,” and that “necessary damage control steps” had been taken.
CCI orders probe against GAIL
The Competition Commission of India has ordered a fresh investigation against state-owned GAIL (India) for alleged abuse of dominant position with regard to supply of natural gas. This is the second time in less than a week the company has come under the lens of the watchdog for alleged unfair business practices.
Most Asia markets were weak in early trade. The Nikkei stock index dipped 0.4 per cent in early deals, as the Japanese market resumed trade after a public holiday. The Standard & Poor’s 500 index lost 0.13 points to 2,459.14, the Dow Jones industrial average shed 8.02 points to 21,629.72 while the Nasdaq composite gained 1.97 points to 6,314.43. The Russell 2000 index of smaller-company stocks rose 2.79 points, or 0.2 per cent, to 1,431.60.