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The Indian equity markets likely to start this week on a weak note after having mounting over 1% in the week gone by. Trends on SGX Nifty indicate a negative start for the broader index in India amid weakness in rest of the Asian peers this morning
Key factors that could guide market this week includes –
- Rating agency S&P’s warned that the Indian economy is in deep trouble, and has projected the economy’s growth to contract by 5 per cent this fiscal ? which may have a bearing on today?s markets.
- On the geo-political front markets will be react on the development related to ?India-China standoff as well as the US-Sino trade talks as any escalation will negatively impact the markets.
- The total Covid-19 cases over the world has crossed 10 million yesterday, while Indian cases near to 5.49 lakh ?and reported 19,620 new cases in a day. Investors will ?watch out for any signs of the second phase of reopening although Jharkhand became the first state after West Bengal to extend the lockdown till July 31.
- Key data points on the macro front includes Manufacturing PMI that is scheduled for release on Wednesday and Services PMI will be released on Friday. The auto sales data for June will be available from Wednesday onwards. Investors will also watch out for the meeting of US Fed’s meeting held on June 9 and 10 which will be released on Wednesday.
- On the corporate earning front, over 1,400 companies are scheduled to announce their quarterly earnings this week including some major companies such as SAIL,, ONGC, Vodafone Idea, MRF, RITES and many more.
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