FACTORS TO WATCH 12 noon: United Spirits management at conference call post first-quarter earnings. 12 noon: Rolex Rings IPO press conference. 4:30 pm: Joint Managing Director Dipak Gupta at a virtual media briefing on first-quarter earnings followed by an analyst call. 4:30 pm: Alembic Pharma management at conference call post first-quarter earnings. 5:00 pm: Group Chief Financial Officer P.B. Balaji at a conference call on first-quarter earnings. 5:00 pm: Vedanta Chairman Anil Agarwal at Indian Chamber of Commerce interactive session. 6:00 pm: Managing Director and Chief Executive Amitabh Chaudhry at a conference call on first-quarter earnings. 6:00 pm: Larsen & Toubro management at a media conference call on first-quarter earnings. 6:00 pm: Vedanta management at a conference call on first-quarter earnings.

PROMOTION LIVECHAT-REUTERS GLOBAL MARKETS FORUM Mike Dolan, Reuters Editor at Large, Finance & Markets, takes a look at the major themes and key events to watch in the week ahead. To join the conversation at 3:30 pm IST, click here

INDIA TOP NEWS Ant-backed Zomato's stellar debut sets pace for other Indian tech listings Indian food delivery firm Zomato surged 65.8% in its stock market debut on Friday, giving the startup a valuation of 988.49 billion rupees and setting the stage for other domestic startups that are waiting in the wings with listing plans of their own.

Court quashes Amazon, Walmart's Flipkart bid to stall antitrust probe An Indian court on Friday dismissed appeals by Amazon.com and Walmart's Flipkart that sought to stall an antitrust investigation into their business practices, dealing a major setback to the U.S. firms in a key market.

Reliance's revenue rises 58% as oil and gas business recovers Indian conglomerate reported a 58% jump in quarterly revenue on Friday, led by a strong show at its dominant oil and gas business.

Tesla lobbies for sharply lower import taxes on electric vehicles - sources Tesla Inc is likely to set up a factory in India if successful with imported vehicles, Chief Executive Elon Musk said on Twitter, after the company wrote to Indian ministries seeking a big reduction in import duties on electric vehicles, according to two sources with knowledge of the matter.

Top court rejects telecom firms' plea on dues, shares hit India's top court rejected on Friday a plea by mobile carriers seeking corrections of what they called errors in the government's calculation of their dues, leading to a slump in the shares of embattled .

Top refiner to fuel expansion with green power Indian Oil will seek to cut emissions by using clean electricity from the grid to fuel its capacity expansion, instead of building its own power plants, the country's top refiner said on Friday.

1 India refiners' June crude processing bridled by virus curbs Indian refiners' crude throughput in June was little changed from the previous month when it fell to multi-month lows as a severe second wave of coronavirus restrained demand, forcing refiners to reduce runs.

GLOBAL TOP STORIES Japan's July factory activity grows at slowest pace in 5 months - PMI Japan's factory activity expanded at the slowest pace in five months in July, a private sector survey showed, underscoring the world's third-largest economy's struggle to stage a convincing recovery from the coronavirus pandemic.

China's private education firms brace for hit from new rules, shares tumble China's private education firms are bracing for a "material" hit to their operations after Beijing announced new rules barring for-profit tutoring in core school subjects to ease financial pressures on families.

Australia's Lynas posts record revenue on robust demand, shares hit 8-year high Australia's Lynas Rare Earths posted record quarterly revenue on the back of "very strong" demand for its range of specialized metals that offset softer prices, sending its shares to a more than eight-year high.

STATE OF THE MARKETS SGX Nifty nearest-month futures were trading 0.6% lower at 15,758.50. - NewsRise

The Indian rupee is expected to weaken against the dollar ahead of the beginning of the U.S. Federal Reserve’s meeting that is likely to have more discussions on stimulus withdrawal. - NewsRise

Indian federal government bond yields are likely to trade largely unchanged in early session amid a lack of fresh cues, dealers said. The yield on the benchmark 6.10% bond maturing in 2031 is likely to trade in the 6.14%-6.18% band. - NewsRise

Wall Street gained ground for the fourth straight session on Friday, extending a rally that pushed all three major U.S. stock indexes to record closing highs as upbeat earnings and signs of economic revival fueled investor risk appetite.

Asian shares skidded to seven-month lows as regulation concerns upended Chinese equities and strong U.S. corporate earnings sucked funds out of emerging markets into Wall Street.

The U.S. dollar hovered near its strongest level since early April against the euro, as financial markets looked ahead to the Federal Open Market Committee (FOMC) meeting this week for clues on the timing of stimulus tapering.

Treasury yields rose on Friday ahead of the Federal Reserve's policy-setting meeting next week, which will provide clues on the strength of the U.S. recovery and when the central bank might start to curb its economic support.

Oil prices were little changed as investors balanced concerns about fuel demand from the spread of COVID-19 variants and floods in China against expectations of tight supplies through the rest of the year.

Gold prices inched lower, hovering around the $1,800 per-ounce psychological level, as the U.S. dollar held firm, with investors turning their attention to the Federal Open Market Committee's meeting this week.

CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 74.4/74.43 July 23 4,310.04 crores (867.67) crores 10-yr bond yield 6.165% Month-to-date (5,689) crores (1,166) crores Year-to-date 54,655 crores (23,317) crores

(FII investment numbers are in Indian rupees. Source: National Securities Depository Limited)

2 PICTURE OF THE DAY

Sathiyan Gnanasekaran of India in action against Lam Siu Hang of Hong Kong during round 2 of the Table Tennis Men's Singles event at the Tokyo 2020 Olympics in Tokyo, Japan, July 25. REUTERS/Thomas Peter

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