Market Ahead Podcast, June 25: Top factors that could guide markets today

After a strong finish on Thursday, benchmark indices eye a flat-to-positive start to the day even as the global market setup remained extremely bullish. Analysts say despite a positive bias, there is restricted participation in the market and thus traders should focus more on the selection of sectors and stocks.

At 7.40 am, Nifty futures on Singapore Exchange were up 9 points at 15,846.

In the overnight session, US stocks climbed to an all-time high as President Joe Biden’s bipartisan $579 billion infrastructure deal added to optimism the economic recovery is taking hold. Companies that stand to benefit the most from a rebound in activity outperformed -- with financial and energy shares leading gains in the S&P 500.

The Dow Jones Industrial Average rose 0.95%, while the S&P 500 gained 0.58% and the Nasdaq Composite climbed 0.69%.

Asian markets rose tracking US stocks' performance on Thursday. Japan’s Topix index climbed 0.5%, South Korea’s Kospi index was up 0.8% and Australia’s S&P/ASX 200 rose 0.2%.

Oil prices, meanwhile, continued to trade at multi-year high levels with Brent crude eyeing the $76 mark. After closing 0.5% higher at $75.56 a barrel, Brent rose further to $75.81 in early trade.

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

ONGC reported a standalone profit at Rs 6,734 crore for the quarter ended June 2021, driven by realisation. The company had posted a loss of Rs 3,214 crore in the year-ago quarter. On a quarterly basis, the net profit rose 435%.

Derivative contracts of Coromandel International, Aditya Birla Fashion and Retail, Metropolis Healthcare and The Indian Hotels will be available to traders for trading from today onwards.

LIC will infuse equity capital worth about Rs 2,334.70 crore in its subsidiary LIC Housing Finance by picking up an additional stake in the company.

Indian Bank on Thursday said it has raised Rs 1,650 crore through the QIP launched earlier this week.

Lastly, an update on the primary market.

The IPO of India Pesticides, a manufacturer of agro-chemicals, has garnered 3.8 times subscription on Thursday. Bulk of the demand so far has come from retail investors The issue closes for subscription today.