Some of the key triggers for the week starting 27 July can be summarized as under.

· Rising COVID numbers are a worry as average daily afflictions have crossed 45,000 in India. The good news is that even the recovery rate has improved sharply.

· With key states like Maharashtra, Delhi, Tamil Nadu, Karnataka and MP under pandemic stress, the deadline could be extended beyond 31 July.

· Mindspace REITS IPO opens on 27 Jul with 60% assured commitments from institutional investors, setting the tone for more REIT IPOs. Rossari bumper listing should help.

· US-China tensions have worsened in last few weeks with US likely to ban Chinese companies listing in US markets.

· The EU $858 billion fiscal spending package to give a liquidity boost for the equity markets globally.

· Nifty may be losing valuation edge as P/E rises above pre-COVID levels. The rally caused valuation concerns and may be an impediment on further rally in markets.

· FPI flows robust at Rs.7792 crore even as DFIs pulled out Rs.5323 crore hinting at domestic liquidity stress

· Major earnings releases this week including Reliance Industries, Kotak Bank, HDFC, Maruti, Reddy Labs, SBI, Bharti, Havells and IOCL could set the tone.

· Yes Bank FPO listing on 27 July will be critical after the 40% correction in last month and the tepid FPO subscription.

· Auto sales and core sector numbers will boil down to cars versus tractors debate as well as a likely recovery in core sector for June 2020.

· Markets will await key global triggers like the US FOMC meet, jobless claims, EU jobs & inflation, Japan growth and India F&O expiry could hold the key to markets.