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Stock Market Updates: SGX Nifty indicates a negative start; RIL, ITC in focus

Stock Market Updates: SGX Nifty indicates a negative start; RIL, ITC in focus

On Friday, the benchmark indices ended higher amid positive global cues. Sensex rose 139 points to 52,975 and Nifty gained 32 points to 15,856

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Indian benchmark indices are likely to open lower today as the SGX Nifty was trading at 15,792.20, down 53 points at around 8:30 am.

Dalal Street will react to the earnings of Reliance Industries, ITC, ICICI Bank, and many more companies today.

On Friday, the benchmark indices ended higher amid positive global cues. Sensex rose 139 points to 52,975  and Nifty gained 32 points to 15,856.

Reliance Industries Limited (RIL) on Friday reported a 7.2 per cent year-on-year (YoY) decline in its consolidated net profit at Rs 12,273 crore for the April-June quarter. Before exceptional items, the company's net profit rose 66.7 per cent to Rs 13,806 crore.

Foreign institutional investors (FIIs) emerged as net sellers as they sold shares worth Rs 163.31 crore on July 23, as per provisional data available on the NSE.

Commenting on the outlook for Nifty, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short-term uptrend of Nifty remains intact. There is a possibility of further consolidation or minor downward correction from the highs in early next week. A sustainable move above 15,900 could open next upside towards 16,100 levels in the short term. Any weakness could find support at 15,750 levels."

Listing out factors that will affect stock market going ahead, Shibani Kurian, Senior EVP & Head- Equity Research, Kotak Mahindra Asset Management Company said, "Pace of vaccinations needs to be monitored which is important to guard India from third COVID wave. Few other factors that will likely decide the market movement include (a) Progress of monsoon and sowing of Kharif crop for summer season (b) global liquidity and global interest rates and improvement in global GDP and ( c) the trend of inflation in many global commodities like crude oil and steel and (d) pace of corporate earnings growth in India."