Market Ahead Podcast, July 7: Top factors that could guide markets today

Domestic benchmark indices eye a weak start to the session, tracking overnight fall in US markets and a lacklustre start for Asian peers. At 7.30 am, SGX Nifty was ruling 59 points lower at 15,782.

A lot of stock-specific action amid Q1 business updates and ahead of earnings season could keep the indices volatile. That apart, investors will track the Federal Reserve minutes for more clues on when the US central bank may begin tapering the substantial asset purchases.

Action will return to the primary market today as two IPOs - Clean Science & Technology and GR Infraprojects - will open on Wednesday to raise a total of Rs 2,500 crore. Ahead of the IPO, GR Infraprojects garnered Rs 283 cr from anchor investors on Tuesday and Clean Science and Technology Rs 464 crore. Most analysts have 'subscribe' ratings on both issues.

Meanwhile, on the global market front, the Dow and S&P 500 fell, with financials and other groups closely tied to economic growth leading declines, while the Nasdaq edged higher to another closing record.

Overall, the Dow Jones Industrial Average declined 0.6%, the S&P 500 lost 0.20% and the Nasdaq Composite added 0.17%.

In Asia, stocks fell as concern over the economic recovery from the pandemic, virus variants and China’s scrutiny of the technology sector sapped sentiment.

Japan’s Topix index slid 0.5%, Australia’s S&P/ASX 200 index added 0.6%, South Korea’s Kospi index shed 0.6% and China’s Shanghai Composite index lost 0.3%.

In the oil markets, Brent crude steadied at $74.56 a barrel after slumping more than 3% on Tuesday following the cancellation of talks among OPEC+ producers that raised the prospect that the world's major crude exporters will turn on the taps to gain market share.

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

NMDC OFS will open for retail investors today. The Rs 3,600-crore share sale by the government managed to garner full subscription on Day 1 from institutional investors.

Titan's jewellery division in Q1FY22 grew by around 107% YoY (excluding bullion sales), primarily due to zero sales in April of last year. Watches and wearables division grew by around 280% over Q1FY21 and eye wear division grew by around 117% over Q1FY21. The company recorded revenue growth of around 117% YoY (excluding bullion sales) in the June quarter.

RBL Bank’s total deposits grew by 21% YoY to Rs 74,480 crore and gross advances increased by 2% YoY to Rs 58,755 crore in June 2021 quarter.

Gillette India appointed Gautam Kamath as Chief Financial Officer and Additional (Executive) Director effective August 1.

The National Housing Bank has imposed a monetary penalty on HDFC of Rs 4.75 lakh for non-compliance with certain provisions.