Market Ahead, Feb 23: All you need to know before the opening bell

Even as the Asian markets traded lower and US stocks ended in the red, early signs suggest that bulls could make a comeback on D-Street after a five-day hiatus and Sensex could once again reclaim the 50,000 mark. At 7.10 am, Nifty futures on the Singapore Exchange traded 50 points higher at 14,725.

However, elevated crude oil prices could temper the sentiments. Crude prices rose as US output was slow to return after a deep freeze in Texas shut crude production last week. Brent crude futures were up 0.4% at $65.52 a barrel while US crude oil rose 0.2% to $61.84 a barrel after rising 4% each in the previous session. Besides, Goldman Sachs Group Inc. predicted prices could advance above $70 in the coming months.

In the overnight session, the S&P 500 and Nasdaq closed lower as climbing Treasury yields and prospects of rising inflation triggered valuation concerns, hitting shares of high-flying growth companies.

S&P 500 lost 0.77%, the Nasdaq Composite dropped 2.46%, however, Dow index ended 0.09% higher lifted by a 4% surge in Walt Disney Co shares.

Consequently, Asian shares too traded on a tepid note. The Australian S&P/ASX 200 fell 0.11% and South Korea's Kospi declined 0.87% in early trading. Japanese markets are closed for a public holiday on Tuesday.

That apart, Bitcoin traded below $54,000. It plunged as much as 17% earlier Monday following a tweet from Elon Musk that the cryptocurrency’s price had risen too high too fast.

In other news, the latest RBI policy minutes show that Governor Shaktikanta Das opined that growth momentum needs to be strengthened for a sustained revival of the economy and quick return to the pre-Covid trajectory while pitching for a status quo on rates. While the MPC found comfort in the recent fall in inflation, it warned of inflation pressures that may emerge from rising commodity prices with some of them calling for a cut in indirect taxes on fuel products.

Now, a look at the stock-specific developments that are likely to sway the market today:

Reliance Industries, in a late-night filing, said that has begun the process of carving out the O2C business into an independent subsidiary. The process for seeking approvals is likely to be completed by Q2FY22. The reorganisation of the O2C business will result in no change in the company's shareholding.

Jindal Power on Monday announced the appointment of former bureaucrat Anil Kumar Jha as its Chairman.

Bharat Forge said it has inked a pact with global aerospace and technology firm Paramount Group to manufacture armoured vehicles in the country.

The Securities Appellate Tribunal (SAT) has stayed a Sebi order which imposed a fine of Rs 1 crore on HDFC Bank for invoking securities pledged by stock broker BRH Wealth Kreators, till further orders.

Bharti Airtel will meet global fixed income investors on or after Feb 23, 2021, to take the decision on the issuance of foreign currency bonds or notes.

Lastly, Heranba Industries' Rs 625 crore IPO would open for subscription today. The price band for the issue has been fixed at Rs 626-627 per share. The firm, on Monday, garnered Rs 187.50 crore from 18 anchor investors ahead of its IPO.