The market is expected to open on a cautious note as trends in the SGX Nifty indicate a flat opening for the broader index in India with a gain of 17 points.
The BSE Sensex rallied 712 points or 1.25 percent to 57,570, while the Nifty50 climbed 229 points or 1.35 percent to 17,158 and formed bullish candle on the daily charts.
As per the pivot charts, the key support level for the Nifty is placed at 17,060, followed by 16,962. If the index moves up, the key resistance levels to watch out for are 17,215 and 17,271.
Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms which could impact Indian as well as international markets:
US Markets
US stocks added to their recent rally on Friday after upbeat forecasts from Apple and Amazon.com, and the S&P 500 and Nasdaq posted their biggest monthly percentage gains since 2020. Most S&P 500 sectors ended higher, with energy rising 4.5 percent, the most of any S&P sector. Chevron Corp rose 8.9 percent and Exxon Mobil shares jumped 4.6 percent after the companies reported record quarterly revenues.
The Dow Jones Industrial Average rose 315.5 points, or 0.97 percent, to 32,845.13; the S&P 500 gained 57.86 points, or 1.42 percent, to 4,130.29 and the Nasdaq Composite added 228.10 points, or 1.88 percent, to 12,390.69.
Asian Markets
Asian share markets got off to a slow start on Monday as disappointing Chinese economic data fed doubts last week's rally on Wall Street could be sustained in the face of determined policy tightening by global central banks.
Japan's Nikkei dithered either side of flat, while South Korea dipped 0.1 percent. S&P 500 futures slipped 0.4 percent and Nasdaq futures 0.3 percent.
SGX Nifty
Trends in the SGX Nifty indicate a flat opening for the broader index in India with a gain of 17 points. The Nifty futures were trading around 17,249 levels on the Singaporean exchange.
China's factory activity contracts unexpectedly in July as COVID flares up
China's factory activity contracted unexpectedly in July after bouncing back from COVID-19 lockdowns the month before, as fresh virus flare-ups and a darkening global outlook weighed on demand, a survey showed on Sunday.
The official manufacturing purchasing managers' Index (PMI) fell to 49.0 in July from 50.2 in June, the National Bureau of Statistics (NBS) said, below the 50-point mark that separates contraction from growth and the lowest in three months.
Oil prices slip ahead of OPEC+ meeting
Oil prices dropped early on Monday as investors braced for this week's meeting of officials from OPEC and other top producers on supply adjustments.
Brent crude futures dropped 63 cents, or 0.6 percent, to $103.34 a barrel by midnight on Monday. US West Texas Intermediate crude was at $97.87 a barrel, down 75 cents, or 0.7 percent, after hitting a session low of $97.55 when trading commenced in Asia.
Eurozone economy grows faster than expected
Consumer prices driven by the soaring cost of energy continued to take a toll on Europe, causing growth in the continent’s traditional engine, Germany, to stall even as other large economies grew faster than expected, new data released Friday showed.
France, Italy and Spain — all countries with a strong tourism sector — saw economic growth for the three months from April to June that beat analysts’ expectations. The French economy expanded 0.5 percent from the first quarter, while Italy’s grew 1 percent and Spain’s expanded by 1.1 percent.
China's factory activity contracts unexpectedly in July as COVID flares up
China's factory activity contracted unexpectedly in July after bouncing back from Covid-19 lockdowns the month before, as fresh virus flare-ups and a darkening global outlook weighed on demand, a survey showed on Sunday.
The official manufacturing purchasing managers' Index (PMI) fell to 49.0 in July from 50.2 in June, the National Bureau of Statistics (NBS) said, below the 50-point mark that separates contraction from growth and the lowest in three months.
FPIs return to Indian equities with Rs 5,000-cr investment in July
After nine consecutive months of relentless selling, foreign investors have turned net buyers and invested nearly Rs 5,000 crore in Indian equities in July on softening dollar index and good corporate earnings. This is in sharp contrast to a net withdrawal of Rs 50,145 crore from the stock market seen in June. This was the highest net outflow since March 2020, when foreign portfolio investors (FPIs) had pulled out Rs 61,973 crore from equities, data with depositories showed.
According to data with depositories, FPIs infused a net amount of Rs 4,989 crore in Indian equities in July. They were buyers for nine days in the month. The net inflow also propelled the equity markets northwards.
Results on August 1
ITC, UPL, Zomato, Arvind, Bajaj Consumer Care, Barbeque-Nation Hospitality, Carborundum Universal, Castrol India, Escorts Kubota, Eveready Industries India, Indo Count Industries, Kansai Nerolac Paints, Max Financial Services, Prudent Corporate Advisory Services, Punjab & Sind Bank, The Ramco Cements, RateGain Travel Technologies, Thyrocare Technologies, Triveni Turbine, and Varun Beverages will be in focus ahead of June quarter earnings on August 1.
FII and DII data
Foreign institutional investors (FIIs) have net bought shares worth Rs 1,046.32 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 0.91 crore on July 29, as per provisional data available on the NSE.
With inputs from Reuters and other agencies
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