Market Ahead Podcast, June 22: Top factors that could guide markets today

Positive global cues, receding Covid cases and a record vaccination spree have set the stage for a strong opening for the Indian markets on Tuesday, although, high crude oil prices could cap upside. That said, investors will track Fed chair Jerome Powell's testimony before the Congress later today for guidance, after a surprise shift in the US central bank's policy outlook.

At 7.30 am, SGX Nifty was ruling 52 points higher at 15,781.

India on Tuesday, meanwhile, reported 39,000 Covid cases, the lowest since March 18. The pace of vaccination also picked up, boosting expectations of a faster economic recovery. On Monday, India administered a record 8.1 million doses as the central government-led “free for all” vaccination drive kicked off.

In the overnight session, US stocks notched their biggest rally in five weeks as speculation the Federal Reserve will tighten policy at a gradual pace outweighed concern about the central bank’s hawkish pivot. The Dow Jones Industrial Average rose 1.76%, while the S&P 500 gained 1.40%. The Nasdaq Composite climbed 0.79%.

Asian stocks opened higher, tracking a US equity rebound. Japan's Topix index climbed 2.2%, Australia’s S&P/ASX 200 Index added 0.7% and Kospi index rose 0.6%.

Oil prices continued to rally, with Brent oil hitting $75 a barrel for the first time in more than two years amid signs of a rapidly tightening market. Futures in London edged above that mark in early Asian trading after rising 1.9% in the previous session, the most in four weeks, a Bloomberg report said.

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

NMDC, Aster DM Healthcare, Bharat Electronics, GE Power India, PNB Gilts, Religare Enterprises and Sobha are among 79 companies slated to post their quarterly numbers on Tuesday.

Indian Bank on Monday launched its qualified institutional placement (QIP) of shares to raise around Rs 4,000 crore, setting the floor price at Rs 142.15 per share.

Setting aside Sebi's direction, the Securities Appellate Tribunal (SAT) on Monday allowed PNB Housing Finance to go ahead with the shareholders' meeting on Tuesday to consider the proposed Rs 4,000 crore-investment by private equity firm Carlyle and others in the mortgage firm.

The National Company Law Tribunal (NCLT) will pass its order on the Kalrock-Jalan consortium’s plan for revival of Jet Airways today.

Dish TV India on Monday said its board has approved raising up to Rs 1,000 crore through a rights issue in one or more tranches.