Indian shares are likely to witness muted opening as the global cues look unsupportive with SGX Nifty trading 4.50 points lower.
With speculation regarding Rajan’s successor now over, and the person chosen to fill his shoes seen continuing his legacy, Urjit Patel’s appointment as RBI governor will act as a positive trigger for domestic stock markets.
Among key earnings slated for the week ahead, NTPC and HPCL are scheduled to announce Q1 June 2016 results on Monday, 22 August 2016. Aurobindo Pharma and Tata Power Company are scheduled to announce Q1 June 2016 earnings on Tuesday, 23
Indian shares closed marginally lower on Friday as global sentiment was subdued following comments by some U.S. Federal Reserve officials, although gains in individual stocks such as State Bank of India supported indexes. The S&P BSE Sensex and CNX Nifty fell 0.17%-0.07% each.
The BSE SENSEX closed at 28077, down by 46.44 points or by 0.17 per cent and the NSE Nifty ended at 8666.9, down by 6.35 points or by 0.07 per cent.
Asian shares slipped on Monday and the dollar pulled away from last week’s lows on expectations that a signal might emerge from a Federal Reserve gathering this week in Jackson Hole, Wyoming that the U.S. central bank is gearing up to hike interest rates.
The Federal Reserve is close to hitting its targets for full employment and 2 percent inflation, the Fed’s No. 2 policymaker said on Sunday in comments that did not address when the U.S. central bank should next raise interest rates.
European stock markets fell on Friday in their worst weekly loss since the middle of June, with storage tank group Vopak slumping after its results while major bank stocks also weakened.
Major Headlines of the day:
• Apollo Tyres to invest Rs 1,700 cr in Chennai plant
• Sunil Mittal re-appointed Chairman of Bharti Airtel for 5 years
• India’s tea exports rise marginally to 42 million kg
Trend in FII flows: The FIIs were net buyers of Rs 409.94 Cr in the cash segment on Friday while the DIIs were net buyers of Rs 106.19 Cr, as per the provisional figures.
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