Opening bell: Benchmark indices open lower; ICICI Bank, Kotak Mahindra Bank and Bajaj Finance emerge as Sensex gainers

The benchmark indices commenced the week with subdued sentiments among global peers and due to earnings' impact. On Monday, oil prices slipped erasing earlier gains, continuing a recent losing streak, due to an expected increase in interest rates in the U.S. and it may limit fuel demand growth. Globally, the US markets fell on Friday due to disappointing corporate results. Dow Jones ended 0.4% lower, while the S&P 500 dropped 0.9% and NASDAQ Composite declined 1.8%.

On the domestic front, at the open, the Sensex was down 118.64 points or 0.21% at 55953.59, and the Nifty was down 29.60 points or 0.18% at 16689.90. Apollo Hospitals, ICICI Bank, Bajaj Finance, Tata Consumer Products and UPL were among the major gainers on the Nifty, while losers were Reliance Industries, Infosys, ONGC, Tech Mahindra, and UltraTech Cement. From Sensex pack, the top stocks were ICICI Bank, Kotak Mahindra Bank, Bajaj Finance, Tata Steel and Titan Company.

Meanwhile, the broader markets were seen outperforming benchmark indices. The BSE MidCap and SmallCap indices were up to 0.11% higher. India VIX climbed 4% up indicating decent volatility. On the sectoral front, the indices were seen trading flattish.

Axis Bank, Tata Steel, Tech Mahindra, Macrotech Developers, Canara Bank, Supreme Industries, KPIT Technologies, IIFL Wealth Management, Indian Energy Exchange, Aether Industries, Jindal Stainless, Sterlite Technologies, and Tejas Networks are likely to report their Q1FY23 (June 2022 quarter results on Monday, July 25. Hence, these stocks will be on investors’ radar. Reliance Industries, Infosys, Axis Bank, ICICI Bank, Yes Bank, and Kotak Mahindra Bank will be on the watchlist as they have declared the quarterly results for Q1FY23 over the weekend.

Other than the above-mentioned stocks, the shares of Tata Motors are likely to be in focus as the company has bagged an order for 1,500 electric buses from Delhi Transport Corporation (DTC) as part of a tender by Convergence Energy Services to supply, operate and maintain air-conditioned, low-floor, 12-metre fully built electric buses for 12 years. Besides, the aviation stocks are likely to be in action as due to higher fares and seasonality, domestic air traffic dropped 7.8% in June 2022 as airlines flew over 10 million passengers.