Market Ahead Podcast, June 18: Top factors that could guide markets today

Dalal Street looked set to snap two-day losing run amid a mixed set of global cues, with SGX Nifty ruling 72 points higher at 15,764 around 7.30 am. Apart from global triggers, movement in the rupee, oil and stock-specific news triggers are also likely to sway the market mood.

In the overnight session, a conviction in the strength of the economic recovery pushed investors into US technology stocks, driving the Nasdaq to near record high, although a post-Fed hangover left a subdued S&P nursing a very minor loss. Meanwhile, Dow - with a more pronounced drop - posted its fourth straight lower close. The Dow Jones Industrial Average fell0.62%, the S&P 500 lost 0.04% and the Nasdaq Composite added 0.87%.

Asian stocks drifted in early Friday trade. Japan’s Topix index slipped 0.2%, Australia’s S&P/ASX 200 Index gained 0.4% and Hang Seng Index rose 0.3%.

Meanwhile, commodities steadied after nursing overnight losses. US spot gold was at $1,779 an ounce, up 0.3% after a 2% fall on Thursday. Silver rose 0.7% to $26.12 per ounce and palladium gained 0.7% to $2,513.88. Silver had lost over 4% and palladium 10% in the previous session. Oil continued to languish as it dipped 0.4% after over 1% fall on Thursday.

In other news, lockdowns imposed by the states in April and May to contain the second wave of the deadly Covid-19 pandemic has likely led to the economy contracting 12 per cent in the June quarter as against 23.9 per cent contraction in the same quarter in 2020, a report by UBS says.

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

A total of 52 companies, including Ashoka Buildcon, GMR Infrastructure, Hinduja Global Solutions, Insecticides (India) and Welspun Specialty Solutions will release their quarterly earnings today.

Private equity (PE) major Carlyle plans to offload 5.1% take in SBI Cards and Payment Services on Friday. A total of 48 million shares of the credit card company will be on offer in the range between Rs 1,002 to Rs 1,041.3 per share --- a discount of 1% and 4.7% to the last closing price of Rs 1,051.7.

Power Grid Corporation posted a 6.4% YoY increase in its consolidated net profit at Rs 3,526.23 for the fourth quarter of FY21. The figure stood at Rs 3,313.47 crore in same period last year.

Max Ventures Investment Holdings, promoter of Max Financial Services, on Thursday divested the company's shares worth Rs 783 crore through an open market transaction.

Lastly, an update on the primary market.

The initial public offer (IPO) by Dodla Dairy was subscribed 3.30 times on the second day of subscription while was subscribed 56 per cent. Both issues close today.