Market Ahead Podcast, June 24: Top factors that could guide markets today

Amid mixed global cues, Indian markets eye a lacklustre start to today's session although high volatility on account of monthly F&O expiry could keep traders on edge. Action on Street is likely to pick up in the latter half of the session as the focus will turn to index heavyweight Reliance Industries' 44th AGM, slated to kick off at 2 pm.

At 7.12 am, SGX Nifty was trading 20 points higher at 15,704, indicating a flat-to-positive start for the benchmark indices.

Meanwhile, in the overnight session, Nasdaq climbed to a record-high close, fueled by a rally in Tesla Inc, although S&P 500 and Dow dipped even as investors cheered data that showed a record peak for US factory activity in June.

The Dow Jones Industrial Average fell 0.21%, the S&P 500 lost 0.11% and the Nasdaq Composite climbed 0.13%.

Asian stocks opened mostly steady after US shares moved in narrow ranges. Japan’s Topix index slipped 0.2%, South Korea’s Kospi index climbed 0.2%, Australia’s S&P/ASX 200 retreated 0.2% and Hang Seng futures fell 0.1%.

Globally, investors will watch out for Bank of England interest rate decision and US GDP data.

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

A total of 97 companies, including Oil and Natural Gas Corporation, Ashok Leyland, Bodal Chemicals, Future Supply Chain Solutions, Mishra Dhatu Nigam, PTC India and West Coast Paper Mills are slated to release their quarterly earnings on June 24.

Shares of Shyam Metalics and Sona Comstar will make their market debut today. The IPOs that ran between June 14-16 were subscribed 121 times and 2 times, respectively. As per the grey market trends, Shyam Metalics is expected to log strong listing gains while Sona Comstar could be up for a neutral start.

Shares of Reliance Industries will be in focus, with the company's 44th AGM slated for today. A roadmap for 5G rollout, likely announcements on affordable 5G phone, low-cost laptop JioBook and update on Aramco deal and retail business would be on top of investor radar. That apart, Fitch Ratings has upgraded RIL's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'BBB', from 'BBB-', with a Negative Outlook. At the same time, the agency has affirmed RIL's Long-Term Local-Currency IDR at 'BBB+' with a Stable Outlook.

Tata Motors said Guenter Butschek will step down as its MD and CEO with effect from June 30. He will, however, continue as a consultant to the company till the end of this fiscal year.

Lastly, an update on the primary market.

The Rs 800 crore initial public offer of India Pesticides was subscribed 1.29 times on the first day of the subscription itself, with the non-Institutional Investors category subscribed 19 per cent and those for retail individual investors(RIIs) 2.51 times.