Sensex, Nifty may open in green; Glenmark Life Sciences IPO opens today

SGX Nifty: Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 12 points at the opening bell.

Global markets: Overseas, Asian stocks traded higher on Tuesday even as several major Chinese tech stocks in Hong Kong remained under pressure following a Monday tumble.

All three major US stock indices eked out record closing highs for a second straight session on Monday as investors were optimistic heading into a slew of earnings from heavyweight technology and internet names this week, while caution ahead of a Federal Reserve policy meeting kept the market in check.

Investors will be watching the Federal Reserve’s two-day policy meeting, beginning Tuesday. The Federal Open Market Committee and the Board of Governors are expected to issue a statement on the stance of monetary policy Wednesday. On Thursday, the Commerce Department will report second-quarter gross domestic product data.

Meanwhile, on the data front, sales of new US single-family homes dropped unexpectedly in June, falling 6.6% to a seasonally adjusted annual rate of 676,000 units, the Commerce Department said on Monday.

IPO today: Glenmark Life Sciences Rs 1,513.60 crore initial public offering (IPO) to open on July 27 for the subscription. The price band for the issue has been fixed at Rs 695-720 a share and the three-day issue concludes on July 29.

Domestic markets: Back home, the domestic equity barometers ended a volatile session with modest losses on Monday. The barometer index, the S&P BSE Sensex, fell 123.53 points or 0.23% to 52,852.27. The Nifty 50 index lost 31.60 points or 0.20% to 15,824.45.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,376.79 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,551.27 crore in the Indian equity market on 26 July, provisional data showed.

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