The global markets are still buoyant, rising cases in India have raised fears of the imposition of lockdown in certain parts, which could dent the pace of recovery
Nifty futures were trading 87.80 points or 0.83 per cent higher at 10,695.80 on Singaporean Exchange, indicating a positive opening for BSE Sensex and Nifty 50 on Wednesday. Market participants will track RIL’s 43rd annual general meeting (AGM), Yes Bank’s Rs 15,000 crore follow-on public offer (FPO), June quarter results of Wipro and Infosys. Apart from these, investors will keep tabs on trends on coronavirus, oil prices, rupee trajectory and stock-specific development. “Indications are in the favour of a further decline and Nifty could test 10,500 levels. Though the global markets are still buoyant, rising cases in India have raised fears of the imposition of lockdown in certain parts, which could dent the pace of recovery. We advise continuing with the stock-specific trading approach and accumulating defensive on dips,” said Ajit Mishra, VP – Research, Religare Broking Ltd.
Stock in focus today:
Reliance Industries: Mukesh Ambani-led RIL will hold its 43rd annual general meeting of shareholders today at 2 PM, through video conferencing or other audio-visual means (OAVM), in the wake of fast-spreading coronavirus pandemic. Company is likely to provide an update on the Saudi Aramco deal.
Yes Bank: Private sector lender Yes Bank’s Rs 15,000 crore follow-on public offer (FPO) will be open for subscription from July 15-17. The private lender on Tuesday raised Rs 4,500 crore from anchor investors. The company has fixed the price band at Rs 12-13 per equity share for its FPO.
Bharti Airtel: Telecom giant Bharti Airtel on Tuesday entered the videoconferencing space by partnering with Verizon to bring the latter’s BlueJeans service to India. The company would now be in direct competition with the likes of Zoom, JioMeet, Google Meet and Cisco’s Webex.
Wipro: IT firm Wipro posted a 7.3% drop in dollar revenues at $1.92 billion during the first quarter of FY21. The company also reported a 2.3% increase in net profit at $316 million amid the ongoing economic slowdown across the globe.
Infosys, Bandhan Bank: Federal Bank, Bandhan Bank, Infosys and L&T Infotech are among companies that are scheduled to announce their April-June quarter earnings on later in the day today.