The domestic stock markets are likely to open in the red on the back of negative global cues. Asian shares struggled to rally on Monday and SGX Nifty is trading in the red. Trends on SGX Nifty indicate a negative opening for the Nifty, with a 95-point loss. At 7:30 am, the Nifty futures were trading at 15,759, lower by 95 points or 0.87 per cent, on the Singapore Stock Exchange.
Asian shares struggled to rally on Monday as super-strong US corporate earnings sucked funds out of emerging markets and into Wall Street, where records were falling almost daily.
Japan’s Nikkei bounced 1.6 per cent in early trade, but that was off a seven-month low. South Korea has fared somewhat better thanks to demand for tech stocks, but was little changed on Monday.
Stocks to watch in trade in today’s session
Reliance Industries on Friday reported net profit of Rs 12,273 crore in the quarter ended June 30, 2021, marking a decline of 7.25 per cent from the same quarter last year on the back of increase in total expenses. The oil-to-telecom conglomerate’s revenue from operations advanced 58 per cent to Rs 1.44 lakh crore compared with Rs 91,238 crore in the year-ago period.
ICICI Bank reported a 78 per cent rise in net profit to Rs 4,616 crore in the quarter ended June 30, 2021, compared to Rs 2,599 crore in the same quarter a year ago. The country’s leading private sector lender’s provisions – excluding provision for tax, declined sharply as it has changed its policy on nonperforming loans in the quarter to make it more conservative.
ITC’s Q1FY22 net profit rose 28.6 per cent to Rs 3,013.5 crore from Rs 2,342.7 crore, whereas revenues jumped 36.4 per cent to Rs 12,959.2 crore on a YoY basis.
SBI Cards and Payment Services
SBI Cards’ Q1FY22 net profit declined 22 per cent from Rs 393 crore to Rs 305 crore, whereas total income rose from Rs 2,196 crore to Rs 2,451 crore.