Markets to open slightly higher following most Asian peers

• Indian markets opened slightly higher as SGX Nifty, an early indicator of the market, was up 0.25%.
• Cues from global market remain jittery amid US-China tension that emerged as US House Speaker Nancy Pelosi is visiting Taiwan
• RIL, ONGC, ITC, Adani Green among stocks to watch out for on August 3.

Indian markets are expected to open slightly higher mirroring most of its Asian peers and SGX Nifty, an early indicator of the market which was up 0.25%

On Monday, Sensex closed 20 points or 0.03% higher at 58,136 and Nifty 50 ended 5 points or 0.03% higher at 17,345.

On the global front, China and US markets are jittery amidst US-China tension that emerged as US House Speaker Nancy Pelosi is visiting Taiwan. This could add to the tensions between the countries as China does not officially recognise Taiwan as an independent state.

On the domestic front, the government has once again revised the windfall tax levied on crude oil, diesel and jet fuel (ATF). The tax on domestically produced crude oil has been raised to ₹17,750 ($226.14) per tonne from ₹17,000 per tonne, while export taxes on jet fuel have been cut to zero from ₹4 per litre.

Here are some of the stocks that will remain in focus

Reliance Industries, ONGC
The government has raised the windfall tax on domestically produced crude oil to ₹17,750 per tonne and export taxes on jet fuel will be zero from ₹4 per litre.

Adani Green Energy
The company reported over 2% fall in consolidated net profit at ₹214 crore in the June quarter due to higher expenses.

ITC
The company has exited the lifestyle retailing business after a strategic review of its portfolio on August 2.

Bank of India
The lender reported a 22% decline in standalone profit after tax to ₹561 crore in the June quarter on higher provisioning for bad loans.

Earnings today
Godrej Consumer Products, Adani Power, Adani Transmission, Adani Wilmar, Lupin, Gujarat Gas, Aditya Birla Capital, Vodafone Idea, Interglobe Aviation, Inox Leisure among companies to report quarterly results.

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