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Sensex, Nifty Set For A Weak Start; HDFC Bank, Reliance Industries In Focus

In Friday's session, the S&P BSE Sensex and NSE Nifty 50 Indexes witnessed a sharp selloff and fell close to their worst levels since mid-May

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Sensex, Nifty Set For A Weak Start; HDFC Bank, Reliance Industries In Focus

The S&P BSE Sensex and NSE Nifty 50 Indexes are set to open lower as indicated by Nifty futures traded on the Singapore Exchange. Singapore Nifty futures also known as the SGX Nifty was testing 11,400 levels. HDFC Bank and Reliance Industries shares will be on investors radar as they reported their June quarter earnings post market hours yesterday. As of 8:17 am, the SGX Nifty traded 32 points lower at 11,397 indicating a start for Nifty around 11,400 levels.

In Friday's session, the S&P BSE Sensex and NSE Nifty 50 Indexes witnessed a sharp selloff and fell close to their worst levels since mid-May as the investor sentiment was hurt after the Finance Bill for current financial year was passed in the parliament on Thursday without any amendments. Passing of Finance Bill without amendments meant that the higher tax surcharge proposed for super rich in the budget was not rolled back as requested by the association of foreign portfolio investors.

Meanwhile, Asian markets eased on Monday as investors reduced expectations of an aggressive interest rate cut by the Federal Reserve, while heightened Middle East tensions following an Iranian seizure of a British tanker lifted crude oil prices.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.1 per cent.

Hong Kong's Hang Seng fell 0.75 per cent, Japan's Nikkei was down 0.34 per cent, South Korea's KOSPI fell 0.1 per cent and China's Shanghai Composite was down 0.93 per cent.

Indian ADRs or shares of Indian companies listed on US exchanges on Friday mostly ended on a weak note. HDFC Bank fell 3.72 per cent, Infosys declined 0.15 per cent, Vedanta dropped 1.35 per cent and ICICI Bank fell 2.27 per cent.

Back home, HDFC Bank reported its June quarter earnings on Saturday, the largest private lender in the country, registered a 21 per cent net profit rise for the June quarter on the back of strong retail lending.

Reliance Industries' net profit rose 6.8 per cent to Rs. 10,104 crore in June quarter compared with profit of Rs. 9,459 crore a year earlier, the company said in a stock exchange filing after-market hours on Friday.

Kotak Mahindra Bank shares will also be on investors' radar as it is set to report its June quarter earnings later in the day.

(With inputs from Reuters)



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