Markets set to open slightly higher after most Asian peers

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  • Indian markets opened slightly higher as Clever SGXan early market indicator, rose 0.25%.
  • Global market signals remain jittery amid US-China tensions that have emerged as US House Speaker Nancy Pelosi travels to Taiwan
  • RIL, ONGC, ITC, Adani Green among the stocks to watch on August 3.

Indian markets are expected to open slightly higher, mirroring most of their Asian peers and SGX Nifty, an early market indicator which rose 0.25%

On Monday, Sensex closed 20 points or 0.03% higher at 58,136 and Crafty 50 finished 5 points or 0.03% higher at 17,345.

On the global front, Chinese and US markets are jittery amid US-China tensions that have emerged as US House Speaker Nancy Pelosi travels to Taiwan. This could add to tensions between the countries as China does not officially recognize Taiwan as an independent state.

Domestically, the government has once again revised the exceptional tax on crude oil, diesel and jet fuel (ATF). Tax on domestically produced crude oil was increased to ₹17,750 ($226.14) per ton from ₹17,000 per ton, while export taxes on jet fuel were reduced to zero from ₹4 per litre.

Here are some of the actions that will remain the focus of attention

Reliance Industries, CGSB

The government has raised the windfall tax on crude oil produced in the country to ₹17,750 per ton and export taxes on jet fuel will be zero from ₹4 per litre.

Adani green energy

The company recorded a drop of more than 2% in its consolidated net profit to ₹214 crore in the June quarter due to higher expenses.

ICC

The company exited the lifestyle retail business after a strategic review of its portfolio on August 2.

Bank of India

The lender reported a 22% drop in its after-tax self-sustaining profit to ₹561 crore in the June quarter due to higher provisioning for bad debts.

earnings today

Godrej Consumer Products, Adani Power, Adani Transmission, Adani Wilmar, Lupin, Gujarat Gas, Aditya Birla Capital, Vodafone Idea, Interglobe Aviation, Inox Leisure among the companies to publish their quarterly results.

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