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Indian stock markets may be wobbly; HDFC Bank, Vodafone shares in focus

Mumbai: Indian equities are likely to start volatile to the week, with SGX Nifty futures falling 0.4% in early deals.

On Friday, the BSE Sensex had ended at 37,020.14, an increase of 548.46 points, or 1.50%, while Nifty settled at 10901.70, an increase of 161.75 points, or 1.51% as per Indian Stock Markets.

Asian shares were wary on Monday as investors sought efforts to bundle more fiscal stimulus in the eurozone and the United States to help economies shed the effects of the record jump in coronavirus cases globally.

The broadest MSCI Asia Pacific Index outside Japan held steady at 541.49, with Australian stocks falling 0.3% and KOSPI only in South Korea.

Japan's Nikkei was up  0.1%.

indian stock markets

E-minis for the S&P 500 rose 0.1% in early Asian trade.

Last week, the European, US, and other equity markets posted their third consecutive weekly gain, despite the slow pace of the rally.

Investors are now focusing on the European Union summit as leaders negotiate a plan to revitalize economies strangled by the pandemic.

Leaders disagree on how to create a large-scale recovery fund designed to help lift Europe out of its deepest recession since World War II, and what restrictions should be imposed on countries that could benefit from it. Diplomats said they could leave the summit and try again to reach an agreement next month.

Indian Stock Markets - Upon returning home, HDFC Bank's actions will come into focus after managing director Aditya Puri said an internal investigation into the car loan business revealed problems related to personal misconduct, with appropriate disciplinary action against a section of employees. 

The lender also announced on Saturday an annual increase of 19.6% in its net earnings to ₹6,659 crore for the three months to June due to higher net interest income (NII) and lower tax expenses. The NII grew 17.8% year-on-year to ₹15,665.4 crores, while the net interest margin was 4.3%, unchanged from the same period last year.

Drug Controller General of India V.G. Somani, withdrew the alleged Glenmark Pharmaceuticals Ltd on false allegations about the use of Fabiflu for the treatment of COVID-19, in addition to an exaggerated price of the brand, after receiving a complaint from an unnamed legislator.

Telecom firm Vodafone Idea said on Saturday that it had paid an additional ₹1,000 crore to the Ministry of Telecommunications on July 17 as part of its total adjusted revenue (AGR) dues.

The major companies will declare the results for the June quarter today are ACC Ltd and SBI Card.

Among the currencies, the dollar rose against the Japanese yen at 107.06. The British pound was largely stable at $ 1.2571.

The Australian dollar rose 0.1% to $ 0.7002. This left the dollar index barely changing at 95.905.

For raw materials, spot gold held steady at 1808.5 ounces. US crude rose 6 cents to $ 40.65 a barrel, and Brent rose 2 cents to $ 43.15.

Also Read: 7 Indian firms in race to develop COVID-19 vaccine

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