Business Standard

Monday, December 23, 2024 | 03:40 PM ISTEN Hindi

Notification Icon
userprofile IconSearch

Volume IconMarket Ahead Podcast, June 8: Top factors that could guide markets today

A total of 46 companies are slated to post their quarterly numbers today, including Engineers India, Petronet LNG, Max Financial Services and Wonderla Holidays

ImageBS Web Team New Delhi
stocks, markets, funds, growth, investments

After clocking fresh record closing highs on Monday, the domestic markets look set to open higher for the second day today amid a sharp fall in Covid cases in the country and accelerated pace of vaccinations, even as the global market setup remains mixed.

At 7.30 am, SGX Nifty was trading 43 points up at 15,822.

India in the last 24 hours reported 86,161 cases, a level last seen on April 1. Meanwhile, Prime Minister Narendra Modi last evening announced free vaccination for all adults from June 21. The containment of active Covid cases and pick up in the pace of vaccinations would provide confidence in economic growth recovery in FY22E, driving markets higher, said analysts.

On the global market front, the S&P 500 and the Dow ended a languid session slightly in the red on Monday, with investors standing by on news of a global minimum corporate tax rate, lingering inflation fears, and a lack of market-moving economic news.

The Dow Jones Industrial Average fell 0.36%, the S&P 500 lost 0.08% and the Nasdaq Composite added 0.49%.

However, most Asian stocks rose on Tuesday along with US equity futures on optimism about the recovery from the pandemic and as investors await more clues on the outlook for inflation and central bank stimulus.

Japan’s Topix index climbed 0.3%, Australia’s S&P/ASX 200 index increased 0.2% and South Korea’s Kospi index added 0.1%. The S&P 500 futures rose 0.1%.

Elsewhere, oil held a decline, losing some momentum after hitting a two-year high. Brent crude was down 0.2% at $71.38 a barrel after declining 0.6% overnight.

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

A total of 46 companies are slated to post their quarterly numbers today, including Engineers India, Petronet LNG, Max Financial Services and Wonderla Holidays.

Union Bank of India reported a standalone profit after tax of Rs 1,330 crore in the quarter ended March 31, 2021, helped by improvement in asset quality. It had posted net loss of Rs 7,157 crore in the year-ago period, the lender said in its investor presentation.

Infosys announced a collaboration with Archrock, the leading provider of natural gas compression services in the US, to integrate digital technologies and mobile tools for its field service technicians.

Indiabulls Housing Finance and Indiabulls Commercial Credit have entered into a strategic co-lending partnership with Central Bank of India to offer secured retail and MSME loans at competitive rates.

Surya Roshni received order of Rs 170.52 crore for coated line pipes for gas grid pipeline project from Indradhanush Gas Grid (IGGL).

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Jun 08 2021 | 8:14 AM IST