Market Ahead Podcast, April 22: Top factors that could guide markets today

Indian markets look poised to open on a gap-down note on Thursday as a record spike in Covid-19 cases in the country is likely to keep investors on edge. However, market bulls could take heart from strong global cues and the recent ramp-up in vaccine drive announced by the country. High volatility could also mark the session amid weekly F&O expiry.

At 7.20 am, adjusted SGX Nifty was ruling 100 points lower at 14,190 vs Tuesday's close of 14,290. D-Street was closed for trading on Wednesday on account of Ram Navmi.

The massive second wave of the Covid-19 pandemic vaulted past another grim milestone as India reported nearly 3.16 lakh fresh cases in the last 24 hours, the highest single-day count recorded in any country so far. Deaths from the virus climbed to another high of 2,102 in the past 24 hours. The fast-rising Covid cases along with lockdown-like restrictions imposed by the states could harm India's economic recovery, opine experts, resulting in a correction in the markets.

Meanwhile, in an update on the global markets, Wall Street rebounded in overnight session after a two-day decline in a broad rally as a tilt toward stocks poised to benefit from a recovering economy offset Netflix Inc's sell-off after its disappointing results a day earlier.

The Nasdaq Composite added 1.19%, the Dow Jones Industrial Average rose 0.93% while the S&P 500 also gained 0.93%.

Tracking firm cues from US markets, Asia stocks bounced. Japan's Topix index rose 1.4%, Australia’s S&P/ASX 200 Index added 0.1% and the Kospi index rose 0.5%.

That apart, crude prices edged lower for a third day on Thursday on a surprise build in U.S. crude inventories and concerns surging Covid-19 cases in India will drive down fuel demand in the world's third-biggest oil importer.

Brent crude was trading 0.38% down at $65.07 a barrel in early trade after settling 2% down at $65.32 on Wednesday.

Now, a look at the stock-specific triggers that are likely to guide the market today

Cyient, Tata Elxsi and 10 other companies will release their quarterly earnings on April 22.

Nestle India on Tuesday reported a 14.6 per cent year-on-year growth in its net profit at Rs 602 crore for the quarter ending March 2021. It was Rs 525 crore in the year-ago period.

The Reserve Bank of India (RBI) mandated KV Kamath committee has approved banks' proposal to restructure loans to Future Retail and Future Enterprises the two main arms of the Kishore Biyani-led group, a media report said.

A year after announcing the merger of Den Networks, TV18 Broadcast, and Hathway Cable & Datacom into Network18 Media, Mukesh Ambani-led Reliance Industries (RIL) called off the transaction.

Life Insurance Corporation of India acquired 46,000 equity shares or 0.02% of paid-up equity in Voltas on April 19. LIC had increased its stake in the company to 5.01% from 4.99% earlier.