Market Ahead Podcast, June 3: Top factors that could guide markets today

After a two-day hiatus, the stock market bulls look set to return to the Street, with 50-pack Nifty poised to make a dash for another record high, buoyed by firm cues from global peers. The session, however, could witness high volatility on account of weekly expiry.

At 7.30 am, SGX Nifty was trading 80 points higher at 15,710.

Stock-specific moves, Covid-19 related updates and crude price movement could further sway market mood.

On the global market front, Wall Street's main indexes posted slim gains on Wednesday ahead of key U.S. economic data due later in the week as investors weighed inflation concerns and a fresh surge in so-called "meme stocks."

The Dow Jones Industrial Average rose 0.07 per cent, the S&P 500 gained 0.14 per cent and the Nasdaq Composite added 0.14 per cent.

Meanwhile, in Asia, stocks climbed with Japan leading gains, boosted by optimism over the nation’s vaccine rollout, while Hong Kong and China fluctuated. U.S. contracts advanced after the S&P 500 and Nasdaq 100 posted a modest increase.

Japan’s Topix index increased 1.1 per cent, Australia’s S&P/ASX 200 index was up 0.8 per cent, Hong Kong’s Hang Seng index added 0.1 per cent and China’s Shanghai Composite gauge rose 0.2 per cent.

Oil prices too extended gains on recovering demand prospects. After rising 1.6% on Wednesday, Brent crude futures were trading 0.5 per cent higher at $71.71 per barrel in early trade today.

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

Gujarat State Petronet, APL Apollo Tubes, Arvind Fashions, Nucleus Software Exports and Quess Corp are among 29 companies slated to post their quarterly numbers today.

Sugar stocks will be in focus today after the government brought forward the target date for achieving 20 per cent ethanol-blending with petrol by two years to 2023 to help reduce India's dependence on costly oil imports.

Drug firm Panacea Biotec reported a consolidated net loss of Rs 54.14 crore for the quarter ended March 31, 2021, as against a net loss of Rs 69.70 crore for the corresponding period of the previous financial year.

After record fundraising and debt prepayments, Reliance Industries now has a strong balance sheet with high liquidity that will support growth plans for its three hyper-growth engines - telecom arm Jio, retail and oil-to-chemicals business, firm's Chairman and Managing Director Mukesh Ambani said.

Tata Power Solar, a subsidiary of Tata Power, has got a letter of award for an order worth Rs 686 crore from state-owned power giant NTPC.

Rossari Biotech on Wednesday announced the acquisition of Unitop Chemicals, a supplier of surfactants, emulsifiers, and specialty chemicals, for Rs 421 crore.