Market Ahead Podcast, August 17: Top factors that could guide markets today

Amid profit booking at higher levels and weakness in Asian peers, Indian benchmark indices could take a breather, early indications suggest. At 7.20 am, SGX Nifty was trading 25 points lower at 16,538.

Despite a record-breaking run for S&P500 and Dow in the overnight session, Asian stocks were mixed early Tuesday as traders weighed the impact of delta virus variant on global growth. Australia’s S&P/ASX 200 Index lost 0.5 per cent and South Korea’s Kospi index slid 0.3 per cent. Japan's Nikkei added 0.2 per cent.

In the overnight session, the Dow Jones Industrial Average rose 0.31 per cent, the S&P 500 gained 0.26 per cent and the Nasdaq Composite dropped 0.2 per cent.

Meanwhile, in the oil markets, oil prices recovered from Monday's losses, as investors sought bargains and on expectations that major producers will not boost supply soon, though fears of weaker global demand amid surging pandemic capped gains. Brent crude was up 0.2 per cent at $69.64 a barrel, after falling 1.5 per cent on Monday.

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

Adani Road Transport (ARTL), a wholly-owned subsidiary of Adani Enterprises (AEL), announced it would be acquiring Maharashtra Border Check Post Network (MBCPNL), a subsidiary of Sadbhav Infrastructure Project, at an enterprise value of Rs 1,680 crore.

Vodafone Idea (Vi) is in discussion with bond holders to refinance over Rs 6,000 crore of debt that is due in the next four-six months, the company said in an analyst call on Monday. The telecom company’s operational performance has been affected by intense competition, low tariffs, and a debt of Rs 1.9 trillion, leaving it with little surplus for a network upgrade.

Ruchi Soya on Monday got market regulator Securities and Exchange Board of India’s (Sebi) approval for its Rs 4,300 crore follow on public offer (FPO), according to reports. According to its draft documents, the issue’s net proceeds will be utilised to repay its borrowings and fund incremental working capital requirements.

Infosys on Monday said it will make an additional investment of $0.45 million in TidalScale Inc, taking its total investment in the software-defined-server technology startup to $3.45 million.

Drug firm Lupin on Monday said it has received tentative nod from the US health regulator to market its generic Brivaracetam tablets used for the treatment of partial-onset seizures.