Market Ahead Podcast, April 20: Top factors that could guide markets today

US stocks retreated from an all-time high in the overnight session as investors awaited the heart of the earnings season and more economic data later in the week. Technology shares dragged down the S&P 500, which posted its biggest drop in almost four weeks.

The Dow Jones Industrial Average fell 0.36%, S&P 500 lost 0.53% while the Nasdaq Composite dropped 0.98%.

Tracking weakness in US stocks, markets in Asia too declined. Japan's Nikkei fell 1.82%, Hong Kong's Hang Seng shed 0.49%, although, South Korea's Kospi was up 0.36%.

Meanwhile, in the oil markets, prices edged higher supported by a weaker US dollar but gains were capped by concerns about the impact on demand from rising coronavirus cases in India. Brent crude futures were up 0.15% at $67.15 per barrel after settling at $67.05 on Monday.

Despite a weak global setup and strength in oil prices, Indian markets looked poised to bounceback after bear hammering in Monday's session, boosted by the government's decision to vaccinate all above 18 years of age, starting May 1, a move that's expected to change the course of the pandemic currently raging through the country. At 7.40 am, SGX Nifty was trading 26 points or 0.18% higher at 14,415.

That apart, India also reported a slight decline in the number of fresh Covid cases although the figure was above 2.5 lakh.

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

Nestle India and 7 other firms will report their March quarter numbers today. Analysts expect Nestle to post up to 14% YoY jump in Q1 PAT, led by increased in home consumption, better demand from rural and urban India, sustainable growth in Maggi noodles and new products launches.

Tech Mahindra said it has acquired a 100% stake in DigitalOnUS, a hybrid cloud and DevOps services provider, for USD 120 million (about Rs 898 crore) to augment hybrid-cloud offerings for enterprise customers globally.

Cement maker ACC reported a 74.17 per cent YoY increase in consolidated net profit to Rs 562.59 crore for the first quarter ended March 2021, helped by an increase in sales and cost-efficiency. It had posted a profit of Rs 323.02 crore in the corresponding quarter a year ago.

Indian Overseas Bank said it has convened an extraordinary general meeting (EGM) next month to seek shareholders' approval for issuance of preferential shares to the government for Rs 4,100 crore capital infusion in 2020-21.

ICICI Prudential Life Insurance Company reported a lower consolidated profit at Rs 62.51 crore in Q4FY21 as against Rs 178.73 crore in Q4FY20.