Market Ahead Podcast, June 29: Top factors that could guide markets today

Domestic markets are likely to react to the Finance Minister's announcements that were aimed at boosting economic recovery, and global trends when they open for trade today.

Early indications suggest a muted start for Dalal Street as global trends largely remain sombre, while most analysts are of the view that FM's Rs 6.3 trillion package, a large portion of which is by way of credit guarantee schemes with no immediate outflow, is unlikely to enthuse market much and could only be mildly positive. Some action in stocks from healthcare, tourism, fertilisers and financial sectors on the back of the announcements cannot be ruled out.

SGX Nifty traded 5 points lower at 15,869 around 7.30 am, indicating a flat-to-negative start.

In the global markets, the Nasdaq and S&P 500 hit all-time highs, fueled by tech stocks as investors expect a robust earnings season while interest rates remain low. The Dow Jones Industrial Average fell 0.44%, the S&P 500 gained 0.23% and the Nasdaq Composite added 0.98%.

Asian stocks, however, dipped on Tuesday amid concerns a more infectious Covid-19 strain will derail an economic recovery. Japan's Topix index and Australia’s S&P/ASX 200 fell 0.8% each, Kospi index dropped 0.3% and Hang Seng Index shed 0.2%.

Oil prices declined amid worries over the spread of the new Covid variant that could dent demand. Brent crude futures dipped 0.1% to $74.58 a barrel after sliding 2% on Monday.

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

DCM, IRCTC, Ruchi Soya, Sintex Industries and Suzlon Energy are among the companies that will announce their March quarter earnings today.

Standard Life will divest 3.46% or 70 million shares in HDFC Life Insurance Company on Tuesday. The price range for the share sale has been fixed at Rs 658 to Rs 678 per share—a discount of between 2.6% and 5.5% to the life insurer’s last close.

Triveni Turbine on Monday reported a 69% YoY rise in its consolidated net profit to Rs 23.28 crore for the March quarter, mainly on account of higher income.

Punjab & Sind Bank on Monday said it will seek shareholders' approval next month to set off accumulated losses of over Rs 3,577 crore from its share premium account.