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

The 50-pack Nifty could make a dash for another record high in today's trade, boosted by a better than expected GDP print, firm global cues and easing coronavirus cases. At 7.40 am, SGX Nifty was ruling 65 points higher at 15,645.

Amid the coronavirus pandemic, India's GDP grew at 1.6 per cent in the January-March quarter of the fiscal year 2020-21, higher than the market forecast of 1 per cent, but witnessed a contraction of 7.3 per cent for the entire fiscal year.

Even then, the figure beat the CSO's estimate of 8 per cent contraction. Analysts believe the better than expected data will provide relief to the central bank as it announces its credit policy later this week.

Meanwhile, on the global market front, most Asian stocks were steady as traders await a host of manufacturing activity and key American jobs data later in the week to help assess the economic outlook. While Japan's Nikkie 225 declined 0.34 per cent, South Korea's Kospi added 0.82 per cent and Hong Kong Hang Seng rose 0.24 per cent. US markets were shut on Monday for a holiday.

In other news, the 75 per cent margin norms will come into effect from today onwards. Market players fear this move will further dent volumes, particularly in the intraday cash and future segments.

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

A total of 17 companies are slated to post their March quarter numbers today, including ITC, Balrampur Chini Mills, Gujarat Gas and Radico Khaitan.

Analysts expect ITC to post high single-digit revenue growth on a yearly basis during the quarter under review, although the profit after tax (PAT) is expected to fall.

Shares of auto companies will be in focus as automakers will report May sales figures between June 1-2. Experts eye a double-digit decline across segments, especially in the two-wheeler and commercial vehicles space, while the impact on tractors and the passenger vehicle segments could be lesser.

Defence stocks will be on investor radar today after the Defence Ministry on Monday notified the second negative import list of 108 items that can now be only purchased from indigenous sources.

Jammu & Kashmir Bank will consider the proposal of capital infusion in the bank by the state government as its promoter shareholder to the extent of Rs 500 crore on June 4.

The Board of Magma Fincorp on Monday appointed Adar Poonawalla as the Chairman and Abhay Bhutada as the Managing Director. Vijay Deshwal, a seasoned banker currently with ICICI Bank, will take charge as CEO of Magma Fincorp from July. He will also be the Group CEO.