US equities ended lower on Friday with the S&P 500 and the Nasdaq declining for the fourth day in a row. The indices also saw their worst week since March, with the Nasdaq declining nearly 3 percent. On the other hand, crude oil prices advanced for the sixth week in a row.
After a three-day drop, the Nifty 50 saw a relief rally on Friday with the index crossing the mark of 19,500. However, Foreign investors were sellers in the cash market for the seventh straight session. Domestic investors, on the other hand, were buyers at lower levels.
On to the earnings front, most of the names that reported results after market hours on Friday and over the weekend were weak. While Britannia, Balkrishna Industries and Bank of Baroda missed street expectations, BHEL saw its losses increase year-on-year.
All eyes are now on the Reserve Bank of India as to what the Monetary Policy Committee delivers on August 10. While expectations are that the central bank will leave interest rates unchanged, you can read this piece to know why the street is expecting a hawkish policy this time around.
Nifty 50 earnings take a breather on Monday but there will be multiple broader market names like India Cements, Torrent Pharma, MedPlus among others that will be reporting results today. At the fag end of the Nifty 50 earnings, stocks like Coal India and Hindalco will be reporting results later this week.