Market Ahead Podcast, July 1: Top factors that could guide markets today

Amid a mixed set of cues from global peers and concerns over the new variant of Covid-19, Indian markets eye a muted start to the new month, with SGX Nifty ruling 2 points lower at 15,745 around 7.30 am. Market participants will also be closely eyeing the auto sales and PMI data for cues while volatility could remain high due to weekly F&O expiry.

That apart, amid rising crude prices, investors will also keenly watch out for the Opec+ meeting that will decide on the production levels. While the group is expected to return some barrels to the market in August, nervousness over the fast-spreading delta virus variant may limit the increase. Ahead of the outcome, crude prices traded higher, with Brent up 0.49 per cent at $75.13 a barrel.

In overnight trade, the S&P 500 nabbed its fifth straight record closing high as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday's highly anticipated employment report. Dow posting gains, while the Nasdaq edged lower.

Overall, the Dow Jones Industrial Average rose 0.61%, the S&P 500 gained 0.13% and the Nasdaq Composite dropped 0.17%.

In Asia, stocks slipped amid a firmer dollar as traders weighed signs that Covid-19 flareups are hampering some of the region’s manufacturing.

Japan’s Topix index fell 0.3%, Australia’s S&P/ASX 200 index and South Korea’s Kospi index dropped 0.4% each.

Meanwhile, in other news, the finance ministry retained the interest rate on small savings schemes for the September quarter. The scheme will continue to fetch small investors better rates than other fixed income avenues such as bank fixed deposits (FDs).

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

Vodafone Idea cut down its net loss by 39.5 per cent YoY in the fourth quarter FY21 to Rs 7,022 crore on the back of lower operating and exceptional expenses. In the same quarter of the previous year, it had posted a net loss of Rs 11,643 crore. The figure, however, widened 55 per cent on a sequential basis.

SpiceJet reported narrowing of net loss to Rs 235.3 crore for the quarter ended March 2021, and announced that it will raise up to Rs 2,500 crore to ensure long-term growth and sustainable operations.

Auto stocks will be in focus as firms will release their sales figure for the month of June. There are expectations that sales would have revived in June, having taken a hit in the previous month following lockdown curbs imposed by states amid second Covid wave.

Cdc Group Plc on Wednesday sold shares worth nearly Rs 337 crore in IIFL Finance Ltd, through an open market transaction.

Indian Railway Finance Corporation (IRFC) reported a 126 per cent YoY jump in net income to record Rs 1,482.55 crore in the March quarter, mainly due to higher interest income from record disbursals and cheaper