BENGALURU (Reuters) – Indian shares are expected to start the week on a muted note as investors await fresh triggers and as the benchmark indexes could see profit booking near record high levels.
Investor focus will be on automobile companies’ monthly sales data for June due later in the day.
The GIFT Nifty was trading at 24,125 as of 07:55 a.m. IST, indicating the Nifty 50 will open slightly above Friday’s close of 24,010.6.
The Nifty 50 and the S&P BSE Sensex rose 6.6% and 6.9%, respectively, in June, marking their best month so far this year. The benchmarks closed at record highs in three out of five sessions last week.
“We expect this positive momentum to continue at a steady pace with stock-specific action,” said Siddhartha Khemka, Head – Research, Broking & Distribution, Motilal Oswal Financial Services.
Foreign inflows returning in June, after sustained outflows in April and May, lent support to the large-caps, analysts have said.
The benchmarks, however, are seeing some profit booking as they hover around record highs, on fears of expensive valuations, analysts said.
Domestic investors bought Indian shares worth 66.58 billion rupees ($798.6 million) on a net basis on Friday, while foreign investors net sold stocks worth 230.9 million rupees, per exchange data.
STOCKS TO WATCH:
Vodafone Idea: Telecom carrier hiked call tariffs in the range of 10%-23%.
JSW Energy: Power producer gets order from state-run SJVN for 300 MW wind-solar hybrid power projects.
SpiceJet: Budget carrier said eight of its flights have been cancelled due to a roof collapse at Delhi airport.
($1 = 83.3670 Indian rupees)
(Reporting by Hritam Mukherjee and Sethuraman NR in Bengaluru; Editing by Mrigank Dhaniwala)
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