Market Ahead, June 11: All you need to know before the opening bell

The Indian markets are expected to see a muted opening today amid weakness in global stocks after the US Fed's latest policy statement. On the Wall Street, the Dow ended 1 per cent lower and S&P 500 fell half a per cent overnight after the Federal Reserve reassured investors of its support for the economy but projected a 6.5 per cent decline in US GDP this year. The Nasdaq added 0.67 per cent.

The Fed also forecast a 9.3 per cent unemployment rate at year’s end, and officials saw the key overnight interest rate remaining near zero through at least 2022.

Asian stocks also fell in early deals. Australian ASX 200 dipped 1.3 per cent, while Japan’s Nikkei was down almost a per cent. On the other hand, Hong Kong’s Hang Seng was trading flat. 

In commodities, Brent crude was last down 2 per cent at $40.90 a barrel.

Back home, investors will react to S&P's decision to affirm its rating on India's long-term foreign and local currency sovereign credit at the lowest investment grade with a stable outlook. The global rating agency projected the economy to contract 5 per cent in the current financial year, but said it would grow by 8.5 per cent in 2021-22. It said the fiscal deficit of the Centre may shoot up to 11 per cent of the GDP but also said the situation would improve by next year.

Similarly, Fitch Ratings has also forecast India's economy to bounce back with a sharp growth rate of 9.5 per cent next year provided it avoids further deterioration in financial sector health. For the ongoing financial year, Fitch Ratings has forecast a 5 per cent contraction in the GDP.

Meanwhile, the total number of coronavirus cases in India jumped to 2,87,155, while 8,107 people have died from the disease so far, according to Worldometer. Although, on the bright side, the number of recovered patients has now exceeded the total active cases for the first time since the country came in the grip of novel coronavirus.

Amid all this, the Centre is discussing a number of measures to help boost amid as the economy opens up again in the wake of the easing of lockdown curbs in most parts of the country. Sources tell Business Standard these steps might include an infrastructure push and increasing the scope and quantum of direct cash transfers to the beneficiaries who need it the most.

Besides, corporate results will continue to induce stock-specific action. A total of 23 companies including the likes of Dixon Tech, Shriram City Union Finance are scheduled to announce their March quarter numbers today.

Moreover, telecom stocks are also expected to remain active today as the Supreme Court will hear the AGR matter later in the day. The hearing may include the government's application that telecom companies be allowed to spread the payment of their dues over 20 years or less.