Global trends once again are likely to dictate market trend as a selloff in world equities continued amid concerns that the spread of the Delta variant could hamper economic recovery. SGX Nifty traded marginally lower by 31 points at 15,710 around 7.30 am, helped by strength in US futures.
In overnight trade, Dow recorded its worst session since October as investors sheltered in the safety of government bonds and sold shares of companies directly affected by lockdowns.
The index crashed 700 points or 2.09%. S&P and the Nasdaq suffered their largest one-day percentage drop since mid-May. They ended 1.59% and 1.06% lower, respectively.
Crude prices plunged 7% in Monday's trade to below $69 a barrel. The prices stabilised earlier today, up 0.6%.
Equities fell in Japan, Australia and South Korea on Tuesday but the drops were orderly. Japan’s Topix index fell 1%, Australia’s S&P/ASX 200 index fell 0.9% and South Korea’s Kospi index fell lost 0.4%. S&P 500 and Nasdaq futures, meanwhile, gained 0.4% each.
Apart from global cues, Street will react to HCL Tech's Q1 numbers in early trade with eyes on the earnings from some 30 other companies. Amid this, stock-specific moves are likely to remain high and could sway market trajectory. Traders may also choose to remain on the sidelines ahead of the market holiday on Wednesday on account of Bakri-Id, resulting in lower volumes.
That apart, Tatva Chintan Pharma Chem's IPO would close today, offering a last chance to investors to bid for it. The IPO has already been subscribed 15.05 times so far.
Now, a look at the stock-specific triggers that are likely to guide the market today.
Thirty-three companies, including Asian Paints, Bajaj Finance, Crisil and Network 18 are slated to post their June quarter results today.
HCL Technologies' first-quarter numbers were propelled by cloud and digital transformation deals. Net profit for the quarter at Rs 3,214 crore was up 9.9 per cent year-on-year and 8.5 per cent sequentially. Although, it did not meet the consensus estimate of analysts tracked by Bloomberg at Rs 3,425 crore. Further, Shiv Nadar has stepped down as the managing director and board member of HCL Technologies. He will now take on the role of Chairman Emeritus and Strategic Advisor to the company's board.
Cement maker ACC reported an over two-fold jump in consolidated net profit to Rs 569.45 crore for the second quarter ended June 2021, helped by a lower base, increase in sales and cost efficiency.
Reliance Infrastructure has raised Rs 550.56 crore through issuance of securities on preferential basis.
IndusInd Bank Board is slated to meet on July 23 to consider the proposal of raising funds through debt securities or equity instruments or convertible debt securities.
 "Market Ahead Podcast, July 20: Top factors that could guide markets today")
