Indian Shares May Open Slightly Weak; Earnings News, Inflation Data In Focus

Lower Nifty futures point to a slightly negative start for the Indian stock market Monday morning. Weakness in Asian markets due to disappointing economic data out of China may also weigh.

However, fairly buoyant quarterly earnings updates from Indian companies are likely to lift sentiment.

Data on wholesale price inflation for the month of July, due out at noon, is expected to make a significant impact on price movements.

The focus will also be on stocks making their debut today after a fairly encouraging response to the IPOs. Shares of Krsnaa Diagnotics, Exxaro Tiles, Windclass Biotech and Devyani International will be making their debut on the bourses today.

In earnings news, ONGC said it posted a net profit of Rs 4,335 crore in the first-quarter of the current financial year, compared to net profit of Rs 497 crore in the corresponding quarter of the previous fiscal.

Glenmark Pharmaceuticals Ltd. reported a 21 percent jump in net profit to Rs 306 crore in the first quarter, up from Rs 254 crore in the year-ago quarter.

JK Cement said its net profit soared to Rs 190.08 crore in the April-June 2021 quarter, fro Rs 49.94 crore a year-ago.

Apollo Hospitals Enterprise reported consolidated net profit of Rs 489 crore for the first quarter ended June 30, 2021, as against net loss of Rs 208 crore in the April-June quarter last year.

Amara Raja Batteries reported a 99% increase in first-quarter net profit, while NBCC said its profit rose three-fold in the latest quarter.

The Indian market had ended on a strong note on Friday with the benchmark indices Sensex and the Nifty posting fresh record highs after data showed a pick-up in manufacturing activity in June and a dip in retail inflation in July.

The 30-share BSE Sensex jumped as much as 593.31 points, or 1.08 percent, to settle at 55,437.29, while the broader NSE Nifty index ended at 16,529.10, up 164.70 points, or 1.01 percent, from its previous close.

On Wall Street, stocks ended somewhat flat on Friday. Among the major averages, the Dow and the S&P 500 both climbed to new record highs, while the Nasdaq edged up marginally.