Markets may open slightly lower on mixed cues from Asian markets

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Markets may open slightly lower on mixed cues from Asian markets
  • Indian markets may open slightly lower as SGX Nifty, an early indicator of the market, was down 0.21%.
  • Most global markets including peers Asian markets gave negative cues ahead of a key Fed rate decision due this week. Investors expect a sharp interest rate hike by the US Fed.
  • Tech Mahindra, Tata Steel, Axis Bank among stocks to watch out for on July 26.
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Indian markets may open slightly lower today mirroring mixed cues from global markets that remained cautious ahead of the US Fed meet this week. Investors expect a sharp interest rate hike by the US Fed.

Sensex and Nifty closed 0.5% lower, down by 306 points at 55,766 and 88 points down at 16,631 respectively.

In China, not only are Covid-19 cases going up, its financial troubles are mounting too.

Goldman Sachs reduced its earnings growth outlook of the Chinese stock market i ndex, MSCI, to zero, yesterday. This came after a housing bubble has built up in the nation, so much so that people are refusing to pay mortgages.

Meanwhile, Indian investors will closely monitor the 5G spectrum auction that starts today. Four companies -- Reliance Jio, Bharti Airtel, Vodafone Idea, Adani Group will bid for the 72 GHz of radiowaves. The bidding will begin at 10 am and continue until 6 pm.

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Here are stocks that will remain in focus during the day on their developments.

Tech Mahindra

The IT company’s June quarter revenues were eaten up by employee expenses, pushing its profits down by 25% on a sequential basis.

Tata Steel
The company reported a sharp decline in its consolidated profit in the first quarter of fiscal year 2023, even as its revenues from operations rose by 18.6% to ₹63,430 crore.

Axis Bank
The third largest private sector bank reported a net profit of ₹4,125 crore in the opening quarter of FY23, a jump of 91% annually but remained flat sequentially.

Bajaj Finserv
The NBFCs board of directors will meet on Thursday to consider the proposal for a stock split of company's equity shares.

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Macrotech Developers
The real estate company reported a 68% jump in its consolidated net profit to ₹270.80 crore for the June quarter on better sales.

Life Insurance Corporation of India
The insurance company has reduced its stake in pharma company Sun Pharmaceuticals Industries to 5.02% from 7.03%.

Earnings today
Asian Paints, L&T, Bajaj Auto, Tata Power, and Union Bank among companies to declare June quarter earnings today.

SEE ALSO: It is attrition rates and not the wage hikes dampening Indian IT cos earnings
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