Market Ahead, March 12: Top factors that could guide markets today

In the overnight session, the S&P 500 and the Dow closed at all-time highs as worries about rising inflation subsided, while a bigger-than-expected fall in weekly jobless claims and the signing of a  $1.9 trillion stimulus bill into law reinforced expectations of a strong economic recovery.

The Dow Jones Industrial Average rose 0.58%, the S&P 500 gained 1.04% and the Nasdaq Composite added 2.52%.

Following a strong finish for US stocks, its Asian peers also climbed. Australia’s S&P/ASX 200 Index rose 0.8%, Japan’s Topix index advanced 0.2% and South Korea’s Kospi index added 1.3%.

Indian markets too looked set top open on a firm footing, amid a firm global setup. The SGX Nifty was trading at 15,420 levels around 7.15 am against Wednesday close of 15,209.

However, rising Covid-19 cases in the country, which have led to a lockdown in Nagpur, Maharashtra, could dampen the sentiment on Street. Yet, investors could take heart from the news that Bharat Biotech’s Covaxin has been given the regular emergency use authorisation, putting it on a par with the approval granted to Serum Institute’s Covishield’s. This development could help speed up India's inoculation process.

Besides that, investors would also watch out for industrial production data for January and CPI inflation data for February that are slated to be released today.

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

Insurance stocks are likely to be in focus today after the cabinet has approved changes to the Insurance Act for increasing the foreign direct investment (FDI) limit to 74 per cent from the present 49 per cent.

IDBI Bank has been taken out of the PCA framework by the RBI. The bank has provided a written commitment that it would comply with the norms of minimum regulatory capital, net NPA and leverage ratio on an ongoing basis.

JSW Steel's crude steel production in February 2021 declined to 13.06 lakh tonnes from 13.20 lakh tonnes in the same month last year.

Max Healthcare raises Rs 1,200 crore via the qualified institutional process.

REC Ltd and Power Finance Corporation (PFC) have entered into a pact with Bhutan-based Kholongchhu Hydro Energy Ltd (KHEL) to finance a 600-megawatt hydroelectric project at Trashiyangtse in the neighbouring country.

Wipro has appointed Pierre Bruno as Chief Executive Officer of its European operations.

Lastly, an update on the primary market. Anupam Rasayan's Rs 760 crore IPO would open for subscription today. The company has fixed a price band of Rs 553-555 a share for its initial share sale, which will open for public subscription on March 12 and close on March 16. On Wednesday, it raised Rs 225 crore from anchor investors.