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SGX Nifty falls, Sensex, Nifty stare at cautious start; delta COVID variant, global rout, Q1 key factors

Investors will closely watch the spread of the Delta variant, April-June quarter results, oil prices, rupee movement against US dollar, and other global developments. Image: Reuters

Nifty futures trimmed losses in early trade and were down just 8.5 per cent to 15,733 on Singaporean Exchange. BSE Sensex and Nifty 50 were staring at a cautious start on Tuesday, on the back of global rout. Investors will closely watch the spread of the Delta variant, April-June quarter results, oil prices, rupee movement against US dollar, and other global developments. Analysts said that the first quarter result season has been a mixed bag so far and has led to sector /stocks specific action which is likely to continue. Also, it may provide investors with some insights into the scale of economic recovery through the management commentaries. “Market has been consolidating near its life highs for last couple of weeks. Overall, equity markets have shown strong resilience even though it faces headwinds from the advent of a possible third COVID wave,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.

Last day to bid for Tatva Chintan IPO: Today is the final day for investors to bid for Tatva Chintan Pharma’s IPO. The public issue has been subscribed 15 times so far with all categories of investors oversubscribing their portion.

Global watch: Asian stock markets plunged in early trade on Tuesday, following an overnight sell-off on Wall Street. In US, COVID-19 cases soared 70% last week, fueled by the Delta variant. The Dow Jones Industrial Average fell 725.81 points, or 2.09 per cent, the S&P 500 lost 68.67 points, or 1.59 per cent, and the Nasdaq Composite dropped 152.25 points, or 1.06 per cent., to 14,274.98.

Economy to grow at 6.5-7% in FY23: The economy will likely grow at 6.5-7% in FY23 and the rate of expansion could further accelerate thereafter, as the fruits of structural reforms undertaken in the wake of the Covid-19 pandemic will be visible in the coming years, chief economic advisor (CEA) Krishnamurthy V Subramanian said on Monday.

FIIs turn net sellers in Indian stock market: On Monday, foreign institutional investors (FIIs) offloaded shares worth Rs 2,198.71 crore, while domestic institutional investors (DIIs) lapped up shares worth Rs 1,047.66 crore on a net basis in the Indian stock market.

Q1 results: ICICI Prudential Life Insurance Company, Bajaj Finance, Asian Paints, Syngene International, ICICI Securities, Crisil, DCM Shriram, Shyam Metalics and Energy, ITDC, Newgen Software and Jubilant Ingrevia are among the company that will release April-June quarter earnings on July 20.

Call, PUT OI: Maximum Call open interest of 67,843 contracts was seen at 16,000 strike, followed by 15,900 strike. Maximum Put open interest of 39,685 contracts was seen at 15700 strike, followed by 15,600 strike.

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