Despite a weak global market setup, downward revision in GDP forecast for India and crude at over two-year high, Indian markets look set to open marginally higher, helped by continuously declining Covid cases and pick-up in the pace of vaccinations. At 7.40 am, SGX Nifty was trading 10 points higher at 15,778.
India reported cases below 1 lakh for the second day in a row with fresh Covid cases, with fresh cases at 92,712. At the same time, the government notified that it has placed an advance order for 440 million vaccine doses. However, the fallout arising from Covid second wave continued as the World Bank slashed India's GDP forecast for fiscal year 2021-22 to 8.3 per cent from 11.2 per cent predicted earlier.
On the global market front, Wall Street stocks struggled to eke out closing gains on Tuesday as a lack of clear market catalysts kept institutional investors on the sidelines, while retail traders fueled the ongoing meme stocks rally. All three major US stock indexes ended the range-bound session near flat or higher, with the S&P 500 and the Dow closing within about 0.5% of record highs.
The Dow Jones Industrial Average fell 0.09%, the S&P 500 gained 0.02% and the Nasdaq Composite added 0.31%.
Tracking a muted finish for Wall Street, most Asian indices started lower. Shares slipped in Japan and Hong Kong and fluctuated in China, where surging commodity costs drove factory-gate inflation to its highest level since 2008.
Japan’s Topix index fell 0.2%, Australia’s S&P/ASX 200 index rose 0.1%, South Korea’s Kospi index declined 0.2% and Hong Kong’s Hang Seng index slipped 0.1%.
In the oil markets, prices rose for a second day today on signs of strong fuel demand in Europe, while the prospect of a near-term return of Iranian oil supply faded. Brent crude futures rose 0.4% to $72.58, the highest since May 20, 2019.
Now, a look at the stock-specific triggers that are likely to guide the market today
A total of 37 companies are slated to post their quarterly earnings today, including GAIL India, Bata India, Star Cement and TeamLease Services.
Realty firm Prestige Estates Projects reported a sharp increase in its consolidated net profit to Rs 1,336.3 crore for the quarter ending March, driven by monetisation of large portfolio of commercial assets. Its net profit stood at Rs 15.4 crore in the year-ago period.
Financial services player Religare Enterprises Ltd (REL) on Tuesday said it proposes to raise Rs 570 crore via preferential issuance of shares to a clutch of investors, including existing shareholders, to fund its business plans.
Reserve Bank of India granted approval for the re-appointment of Chandra Shekhar Ghosh, Managing Director & Chief Executive Officer of Bandhan Bank for a period of three years, with effect from July 10, 2021.
Tata Motors on Tuesday said it has incorporated a new subsidiary to provide end-to-end services of operating, repair, annual maintenance contracts (AMC) and fleet management services (FMS) for its product range, including electric vehicles.
 "Market Ahead Podcast, June 9: Top factors that could guide markets today")
