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Pre Session- Markets set to open in the red as global sell-off weighs Analysis for Jul 27, 2015

By Religare
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Bears may strengthen grip at Dalal Street with the 30-share Sensex set to extend a two-day losing streak on Monday as a sell-off in Asia and the US, coupled with a continued Parliamentary logjam which has derailed hopes of passage of key bills such as the GST and Land Acquisition, and weak set of Q1 earnings numbers from India Inc. lure away investors from equities. Marking a second straight closing in the red, the Sensex, shed 258.53 points or 0.91 per cent to end at 28,112.31 on Friday as the Parliament failed to conduct any business for the fourth straight day with opposition parties demanding resignations from the BJP"s key ministers amid graft allegations, while weak Q1 earnings from TVS Motor, Crompton Greaves, M&M Financial Services and rising NPAs of banks also marred sentiment. Doubts whether the Modi-led government will be able to get Parliamentary nod for key reforms in the ongoing Monsoon Session, have curbed risk taking appetite. Shares of RIL may be in focus today as the company"s Q1 consolidated net income of Rs 6,222 crore came in below estimates while net revenue dipped amid lower sales from its petrochemicals & refining business. Investors will also eye June quarter earnings report card from the likes of Tech Mahindra & Just Dial today, while ICICI Bank, HDFC, NTPC, L&T and Maruti Suzuki will be in focus as they reveal their Q1 earnings report card later this week. Amidst the backdrop of steep losses in Asia and a sell-off at Wall Street on Friday; the SGX CNX Nifty Index futures for July delivery fell 0.59 per cent at 8,501.50 at 10:44 am Singapore time, signaling a bearish opening at Dalal Street on Monday. Indian equity benchmarks are expected to witness high volatility this week ahead of the expiry of the July Futures & Options (F&O) on Thursday, while Q1 earnings from Sensex blue chips and the fate of crucial reforms will also set the tone for the country"s stock markets this week.

 

Markets in Asia treaded water on Monday while American stocks tumbled on Friday as a commodity rout exasperated by heightened fears of a slowdown in China and gloomy earnings from technology giants forced investors to cut risky bets. China"s Shanghai Composite slipped after industrial profits fell 0.3 per cent, year on year in June 2015, offering evidence of a struggling economy. Hang Seng tumbled while a stronger yen hit Japanese shares. Wall Street succumbed to heavy losses on Friday with the Dow Jones Industrial Average posting its worst week since January as a China factory slump hit biotechnology & raw material producers while a surprise drop in New Home Sales in the US in June dampened the outlook for the world"s biggest economy.

 

Top traded Volumes on NSE Nifty – ICICI Bank Ltd. 19252369.00, Axis Bank Ltd. 13673495.00, State Bank of India 7796401.00, Tata Motors Ltd. 7059848.00 and Bank of Baroda 5482823.00.

On BSE, total number of shares traded was 34.11 Crore and total turnover stood at Rs. 3422.43 Crore.

On NSE Future and Options, total number of contracts traded in index futures was 496100 with a total turnover of Rs. 13561.83 Crore. Along with this total number of contracts traded in stock futures were 1181791 with a total turnover of Rs. 32801.34 Crore. Total numbers of contracts for index options were 8340237 with a total turnover of Rs. 196848.22 Crore and total numbers of contracts for stock options were 653064 with a total turnover of Rs. 18743.71 Crore.

The FIIs on 24/07/2015 stood as net buyer in equity and net seller in debt. Gross equity purchased stood at Rs. 3860.41 Crore and gross debt purchased stood at Rs. 340.82 Crore, while the gross equity sold stood at Rs. 3554.42 Crore and gross debt sold stood at Rs. 1117.74 Crore. Therefore, the net investment of equity and debt reported were Rs. 305.99 Crore and Rs. -776.92 Crore.

Story first published: Monday, July 27, 2015, 8:48 [IST]
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