Market Ahead, March 26: Top factors that could guide markets today

Tracking firm cues from global peers, Indian markets looked set to bounceback after two-days of bear hammering and kick off the April F&O series on a gap-up note. At 7.25 am, Nifty futures on the Singapore Exchange traded 0.65 per cent higher at 14,525.

In the overnight session, the US market ended higher as investors bought stocks likely to do well in the recovery after US President Joe Biden doubled his target for administering Covid-19 vaccines.

The Dow Jones Industrial Average rose 0.62%, the S&P 500 gained 0.52% and the Nasdaq Composite added 0.12%.

Asian stocks followed their US peers higher and were trading on an upbeat note with Japan’s Nikkei 225 Index up 1.7% and Australia’s S&P/ASX 200 Index up 0.6%. S&P500 and Nasdaq futures also traded higher by 0.30% each.

In the oil markets, prices were headed for a third weekly loss. Both Brent crude and WTI futures tanked 4% last night as new lockdowns in Europe and Asia undermined hopes for economic recovery. In early trade today, however, prices were mixed. Brent Crude was up 0.7% at $62.38 a barrel but WTI crude was or 0.8% at $59.05 a barrel.

That apart, the Street would track the Supreme Court judgement on the Tata-Mistry tussle which is slated to be out later today. The NCLT Mumbai had sided with the Tatas but the NCLAT had termed Mistry’s removal as illegal and had reinstated him as Tata group chairman, terming his successor N Chandrasekaran’s appointment as illegal. 

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

Shares of Kalyan Jewellers and Suroday Small Finance Bank will list at the bourses today. The IPO of Suryoday SFB was subscribed 2.37 times while that of Kalyan Jewellers was subscribed 2.61 times.

French company Groupe Atlantic would invest Rs 68.3 crore in Somany Home Innovation Limited (SHIL) for 50 per cent stake in its water heater business, as per a regulatory filing.

Promoters Jio Content Distribution Holdings, Jio Internet Distribution Holdings and Jio Cable and Broadband Holdings to sell up to 33.79 crore equity shares, representing 19.09% of the total equity share capital of Hathway Cable, through an Offer for Sale. The OFS opens for non-retail investors today and for retail investors on March 30.

Promoters Jio Futuristic Digital Holdings, Jio Digital Distribution Holdings and Jio Television Distribution Holdings to sell up to 5.54 crore equity shares, representing 11.63% of the total equity share capital of Den Networks, through an Offer for Sale. The OFS opens for non-retail investors today and for retail investors on March 30.

Power Grid Corporation on Thursday said it has acquired Bikaner-II Bhiwadi Transco Ltd (BBTL) which would implement a power transmission project. The entity was acquired for an aggregate value of about  Rs 20.50 crore including 10,000 equity shares at par at  Rs 10 each along with assets and liabilities of the company.

Lastly, an update on the primary market. The IPO by Barbeque Nation was subscribed 1.98 times at the end of Day 2. The issue closes for subscription today.