After a bounce-back on Thursday, the Indian stock market is expected to open with declines on Friday on weakness in global markets. Continued selling by foreign portfolio investors (FPI) will also weigh on the sentiments.
Meanwhile, if benchmark indices end with declines today it will be the second consecutive weekly decline for the market.
Nifty Futures that are trading in the Singapore market is down by 100 points at 15,738 compared to a close of 15,812 in Indian trading. Even on technical charts, 15,820 is a resistance indicating possible profit-taking.
In the previous session, FPI continued to sell in the cash market for the 11th session. However, aggressive buying from the domestic funds helped the market bounce back.
The last trading day of July will see a large number of companies reporting their April – June quarter earnings. Some of the large companies that are likely to report their numbers include Britannia Industries, Sun Pharma, UPL, Indian Oil, JSW Energy and Zydus Wellness. Investors will react to earnings reports of these companies during the trade.
