Market Ahead Podcast, June 4: Top factors that could guide markets today

After clocking record closing highs in Thursday's session, the benchmark indices eye a sombre start to the day, mainly on account of weakness in global peers. But the ongoing slide in fresh Covid cases is likely to cap the downside.

Besides, the outcome of the RBI monetary policy committee and commentary by Governor Shaktikanta Das will be closely tracked by investors and could sway the market mood later today. Expectations are ripe that the MPC may hold the key interest rate near an all-time low of 4%.

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

At 7.40 am, SGX Nifty was down 17 points at 15,678.

On the global market front, US stocks ended lower in the overnight session, with tech shares dragging on the S&P 500 and Nasdaq, as investors balanced concerns about inflation and the Federal Reserve reining in stimulus with relief about corporate tax hikes.

The Dow Jones Industrial Average 0.07%, the S&P 500 lost 0.36% and the Nasdaq Composite dropped 1.03%.

Asian stocks followed Wall Street lower. Japan's Nikkei fell 0.8% early in the Asian session, while MSCI's broadest index of Asia-Pacific shares outside Japan was off 0.3%. Chinese blue chips slipped about 0.1% at the open.

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

PNB, Bank of India, Bharat Forge, Jubilant Pharmova and NIIT are among 34 companies slated to post their quarterly numbers today.

Shares of telecom equipment manufacturers will be in focus today after the Department of Telecom issued guidelines on the implementation of production-linked incentive (PLI) schemes for equipment manufacturers in the sector.

Gujarat State Petronet reported a higher consolidated profit at Rs 577.5 crore for the quarter ended March 2021 as against Rs 497.67 crore in the same quarter last fiscal.

Mahindra & Mahindra will be in focus today after the Ministry of Defence signed a contract with Mahindra Telephonics Integrated Systems for procurement of 11 Airport Surveillance Radars with Monopulse Secondary Surveillance Radar for Indian Navy and Indian Coast Guard. The procurement will be made under the ‘Buy & Make’ category and will cost MoD Rs 323.47 crore.

The National Stock Exchange, on Thursday, added four stocks, namely -- Coromandel International, Aditya Birla Fashion, Metropolis Healthcare and The India Hotels -- for trading in the futures and options segment. Their derivative contracts will be available to traders for trading from June 25.