Market Ahead Podcast, June 17: Top factors that could guide markets today

The global markets went into a tailspin after the US Federal Reserve officials sped up their expected pace of policy tightening. The central bank indicated it could begin raising interest rates in 2023, a year earlier than expected, which according to analysts was more hawkish than what the market was pencilling in. Although, the Fed decided to hold interest rates near zero and said it will continue to buy $120 billion in bonds each month to fuel the economic recovery.

Early indications suggest the rout is likely to extend to the Indian markets too, with SGX Nifty down 105 points at 15,670 around 7.30 am. Volatility could remain high on account of weekly f&o expiry.

In the overnight session, three main Wall Street indexes closed lower following the US Fed's announcement. The Dow Jones Industrial Average fell 0.77%, the S&P 500 lost 0.54% and the Nasdaq Composite dropped 0.24%.

Asian markets and US futures also declined in early trade on Thursday. S&P 500 futures fell 0.5%, Japan's Topix index declined 0.6%, Australia’s S&P/ASX 200 Index lost 0.5% and Kospi index retreated 0.7%.

That apart, crude oil prices came off their multi-year high, pressured by a stronger US dollar, but losses were limited by a big drop in crude oil inventories in the United States. Brent crude oil futures dropped 1% to $73.65 a barrel after reaching their highest since April 2019 in the previous session.

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

A total of 33 companies, including Power Grid Corporation, Natco Pharma, Jammu & Kashmir Bank, DB Corp, and Khadim India are scheduled to release their quarterly earnings today.

SBI Board is slated to meet on June 21 to consider a fundraising plan for FY22.

ISGEC Heavy Engineering has received an order for the fabrication of above-ground piping spools from Tata Projects.

IDFC First Bank has approved the re-appointment of V Vaidyanathan as the MD & CEO for a further period of three years, with effect from December 19, 2021.

Lastly, an update on the IPO market.

The initial public offering of Shyam Metalics and Energy garnered 121 times subscription while Sona BLW received 2.3 times bids by end of Day 3. Issue by Dodla Dairy sailed through on Day 1 itself while Krishna Institute of Medical Sciences was subscribed 27%.