India's equity benchmarks set to open near one-month low
The Gift Nifty futures were trading at 24,841 points as of 8:04 a.m. IST, indicating that the Nifty 50 (.NSEI), opens new tab will open near Friday's close of 24,837.
The benchmark hit its lowest level since June 20 at 24,806.35 points in the previous session
The Nifty 50 and 30-stock Sensex (.BSESN), opens new tab have logged four consecutive weekly losses due to weak earnings, foreign outflows and uncertainty over U.S.-India trade deal.
Negotiations between India and the United States remained deadlocked over tariff cuts on agriculture and dairy products, dimming hopes of an interim deal ahead of U.S. President Donald Trump's August 1 deadline.
Meanwhile, the U.S. struck a framework trade agreement with the European Union over the weekend, averting a bigger trade war between the two allies, which account for almost a third of global trade.
The easing global trade tensions buoyed equities globally. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab was up 0.2%, just shy of the almost four-year high it touched last week.
Kotak Mahindra Bank (KTKM.NS), opens new tab will be in focus on the day after India's No. 3 lender by market capitalisation reported a drop in first-quarter profit on Saturday, as it set aside more funds for potential bad loans and saw a contraction in lending margins.
** India's largest IT services provider Tata Consultancy Services (TCS.NS), opens new tab will reduce its workforce by 2%, affecting roughly 12,200 employees, in fiscal year 2026 as it deploys AI and other technologies while entering new markets and contending with an uncertain demand outlook
** Bank of Baroda (BOB.NS), opens new tab posts higher profit and interest income for April-June quarter, and says it is targeting a 9%-10% growth in corporate loans for fiscal year 2026
** Homebuilder Sobha's (SOBH.NS), opens new tab first-quarter profit more than doubled, helped by higher prices and sustained demand for premium apartments
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