Summary: The markets may feel the overhang of the Union Budget which was presented last week by Finance Minister Nirmala Sitharaman. However, as the week passes by, investors will shift their focus to June quarter earnings, which kicks off this week, with IT giants TCS and Infosys announcing their numbers on July 9 and 12, respectively. The D-street will also watch closely crucial macroeconomic indicators like the data for industrial production for May and CPI inflation for June to be released on Friday. That apart, global cues, progress in monsoon, foreign fund flow, crude oil prices and rupee movement against the dollar could also steer indices. On Friday, the benchmark S&P BSE Sensex closed 395 points lower at 39,513 levels, while the broader Nifty50 index tanked 136 points to end at 11,811 levels as Modi government's Union Budget failed to cheers investors. Now, let's see how the global markets have fared -- SGX Nifty is indicating a negative start to the day for domestic indices back home. Asian shares slipped on Monday as investors wagered on a less aggressive policy easing in the United States. MSCI's broadest index of Asia-Pacific shares outside Japan stumbled 0.3 per cent, with South Korea's KOSPI off 1 per cent and Australian shares down 0.4 per cent. Japan's Nikkei faltered 0.6 per cent. US stocks dipped on Friday, as the S&P 500 snapped a three-day streak of record closes, following an unexpectedly strong US payrolls report that led investors to reassess how dovish a stance the Federal Reserve may take at its next meeting. The Dow Jones fell 0.16 per cent to 26,922, the S&P 500 lost 0.18 per cent to 2,990 and the Nasdaq Composite dropped 0.1 per cent to 8,162. In commodity markets, oil prices rose with Brent crude futures up 9 cents at $64.32 per barrel while US crude added 8 cents to $57.59. Next up are some technical calls -- Angel Broking recommends buying Colgate Palmolive for a target of Rs 1,250 with the stop loss at Rs 1,137. CapitalVia Global Research recommends buying SBI at current market price of Rs 371 with a target of 395 and a stop loss at 365.
