Market Ahead Podcast, June 2: Top factors that could guide markets today

Following a sharp rally over the past few days, Indian benchmark indices look set to take a breather amid tepid global market cues and high crude prices. Investor focus will now shift to the upcoming monetary policy outcome as the RBI goes into a three-day rate settling huddle from today. 

Analysts, meanwhile, believe the overall structure of the market remains positive as fresh covid cases continue to decline and investors are upbeat about unlocking of the economy.

At 7.30 am, SGX Nifty was down 15 points at 15,622, indicating a flat-to-negative start for Indian markets.

In the global market, Wall Street's main indices ended little changed in the overnight session, with gains in energy and financial shares countering declines in healthcare, as investors weighed the latest US economic data for signs of a rebound and rising inflation.

The Dow Jones Industrial Average rose 0.13%, the S&P 500 lost 0.05% and the Nasdaq Composite dropped 0.09%.

Asian markets traded on a mixed note although US equity futures were steady. Japan’s Topix index added 0.8%, Hong Kong’s Hang Seng index shed 0.3% and China’s Shanghai Composite index fell 0.2%.

Meanwhile, in the oil market, prices extended gains after closing at the highest since October 2018 as Opec+ provided an upbeat assessment of the demand outlook and the prospect of a speedy return of Iranian barrels to the market waned. Brent climbed 0.5% after settling above $70 a barrel on Tuesday for the first time since 2019.

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

Motherson Sumi, Muthoot Finance, PVR, MTAR Technologies and Lyka Labs are among 23 companies slated to post their quarterly numbers today.

ITC reported a consolidated net profit of Rs 3,755 crore for the quarter ended March 31, 2021 (Q4FY21), down 3 per cent YoY. The FMCG major's consolidated revenue from operations rose to Rs 15,404 crore during the quarter from Rs 12,560 crore in the year-ago period, an increase of 22.6 about per cent.

Sebi has barred eight entities, including two employees of Infosys, from the securities market for indulging in insider trading activities in the shares of the IT major. In a statement, Infosys said it will initiate an internal investigation into the insider trading matter.

The country's top two-wheeler maker Hero MotoCorp on Tuesday said it has sold 1,83,044 units last month, down by 51 per cent from 3,72,285 units dispatched in April this year.

Balrampur Chini Mills reported a 2.46 per cent YoY decline in consolidated profit during the quarter ending March 31, at Rs 235.50 crore compared to the same period of the last financial year.