Market Ahead Podcast, May 21: Top factors that could guide markets today

After two days of selling pressure, market bulls look set to return to Dalal Street tracking strong cues from global peers while a dip in daily Covid cases is likely to continue to support market sentiment. Quarterly earnings, stock-specific news triggers and crude price movement could further sway market mood.

At 7.25 am, SGX Nifty was ruling 127 points higher at 15,065, indicating a gap-up start for the benchmark indices.

India's daily count of Covid cases stayed below the 3 lakh mark for the fifth day in a row as the country reported 2.6 lakh cases in the last 24 hours.

Meanwhile, on the global front, Wall Street's main indices rebounded on Thursday after a three-day slide, buoyed by gains in technology stocks as the smallest weekly jobless claims since the start of a pandemic-driven recession lifted the mood.

The Dow Jones Industrial Average rose 0.55%, the S&P 500 gained 1.06% and the Nasdaq Composite added 1.77%.

Most Asian stocks and US futures climbed following a firm finish for Wall Street.

Japan’s Topix index increased 0.5%, Australia’s S&P/ASX 200 index was little changed, South Korea’s Kospi index advanced 0.6%. S&P 500 futures were up 0.2%.

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

SBI, Hindalco, Shree Cement, JSW Steel, Aarti Surfactants, Crompton Greaves Consumer Electricals and United Spirits are among 49 companies scheduled to post quarterly numbers today.

A healthy net interest income growth, coupled with strong recoveries and fewer provisions and aided by low base of the previous year, may help State Bank of India (SBI) to report robust March quarter (Q4FY21) numbers, analysts say.

Sugar stocks are likely to be in focus today after the Centre on Thursday slashed subsidy on sugar exports from Rs 6,000 per tonne to Rs 4,000 per tonne with immediate effect in view of firm global prices.

Zee Entertainment Enterprises reported a consolidated profit at Rs 275.8 crore for the March 2021 quarter, driven by strong operating performance. The company had a loss of Rs 766.7 crore in the same quarter last year.

Hindustan Petroleum’s fourth-quarter profit rose to Rs 3,018 crore from Rs 27 crore a year earlier on big inventory gains. The gross refining margin for the quarter was $ 8.11 per barrel compared to minus $1.23 per barrel in the same quarter last year.

The committee of creditors (CoC) on Thursday rejected the resolution plan submitted by government-owned NBCC (India) for Jaypee Infratech (JIL) and has decided to send Suraksha Asset Reconstruction Company’s (ARC's) plan for voting from Monday.