Indian markets may open lower on fear of global recession

• Indian markets may open lower as SGX Nifty, an early indicator of the market, was down 0.48%.
• Global markets remained weak after economic data from the US, Europe and China showed demand weakening because of high inflation.
• Investors are awaiting the outcome of the monetary policy meeting that will conclude tomorrow August 3.
• RIL, Bharti Airtel, ITC, Zomato among stocks to watch out for on August 2.

Indian markets may open lower following Asian and US markets that traded down on fears of recession after economic data from the US, Europe and China showed demand weakening due to inflationary pressures.

Also, US long-term treasury yields sank to a four-month low, pulling the US dollar down against other currencies while investors worried about risk of global recession.

At home, investors are awaiting the outcome of the monetary policy meeting that will conclude tomorrow August 3, where RBI is expected to hike benchmark interest rates.

On Monday, Sensex and Nifty50 closed nearly 1% higher each at 58,115 points and 17,340 points respectively.

Here are some of the stocks that will remain in focus today.
Reliance Industries
The telecom to oil conglomerate has bagged a total of 24,740 megahertz of 5G spectrum and will pay the government ₹7,877 crore per annum at a compound annual interest of 7.2% for a total of ₹88,078 crore over 20 years.

Bharti Airtel
The telecom operator bagged 19,800 megahertz of 5G spectrum and will pay ₹43,084 crore to the government.

ITC
ITC’s net profit for April-June quarter grew by 33% to ₹4,389 crore as compared to ₹3,276 crore in the same quarter last year, beating street estimates. Its total revenue from operations increased by 39% on year to ₹19,831 crore from ₹14,240 crore last year.

Zomato
Online food delivery platform narrowed its consolidated loss at ₹185 crore in June quarter compared to ₹359 crore last year.

Hero MotoCorp
The two-wheeler major reported total sales of 4.46 lakh units in July 2022, down 1.8% on year. Scooter sales declined 19.8% to 24,292 units on year.

Bharat Electronics
The state-run company is considering a proposal to issue bonus shares to its shareholders.

Earnings today
Adani Green Energy, Godrej Properties, Siemens, Bank Of India, Bosch, Deepak Nitrite, Indus Towers, Jubilant Pharmova, Voltas, JKumar Infraprojects, Lemon Tree Hotels, among companies to launch quarterly earnings.

SEE ALSO: Auto sales data July 2022: Maruti and Toyota post strong growth in sales while MG Motor and Kia decline
ITC’s net up 33% in Q1 on a strong show in cigarette, hotel, agri segments