Sensex, Nifty Seen Opening Tad Lower

(RTTNews) - Indian shares are seen opening lower on Monday as investors await cues from the latest batch of corporate earnings, auto sales figures for July and the RBI policy announcement on August 6. Any move by RBI on loan moratorium or one-time restructuring of loans may induce volatility in the banking sector.

On the macro data front, PMI manufacturing and services sector numbers may sway sentiment as the week progresses.

Meanwhile, the total coronavirus cases in India surged to 17,50,723, on Sunday while the death count climbed to 37,364. The number of people who have recovered from Covid-19 in India crossed the 1.1 million mark over the weekend.

Benchmark indexes Sensex and the Nifty soared 7.7 percent and 7.5 percent in July but ended down over 1 percent during the previous week ended Friday.

Asian markets are trading mixed this morning as U.S. lawmakers struggled to hammer out a new stimulus plan and a private survey showed China's factory activity expanded at the fastest pace decade in July.

The dollar regained some ground against the yen as Japanese Finance Minister Taro Aso described the yen's recent rise as "rapid" and White House Chief of Staff Mark Meadows said he was not optimistic on reaching agreement soon on a stimulus deal.

Meanwhile, Fitch Ratings cut the outlook on the United States' triple-A rating to negative from stable and said the future direction of U.S. fiscal policy depends in part on the November election and the resulting makeup of Congress.

U.S. stocks ended mostly higher on Friday as better than expected quarterly results from several leading technology companies overshadowed continued uncertainty about the government's next round of coronavirus aid.

The Dow Jones Industrial Average inched up 0.4 percent, the tech-heavy Nasdaq Composite index rallied 1.5 percent and the S&P 500 added 0.8 percent.

European markets fell on Friday as virus worries persisted, the U.K. reintroduced new coronavirus restrictions in parts of northern England and data showed the euro area economy contracted at the fastest pace on record in the second quarter amid the coronavirus pandemic.

The pan European Stoxx 600 gave up 0.9 percent. The German DAX slid half a percent, France's CAC 40 index lost 1.4 percent and the U.K.'s FTSE 100 tumbled 1.5 percent.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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