Market Ahead Podcast, June 22: Key Factors That Could Drive Markets Today

Positive global signals, declining Covid cases and a record wave of vaccination paved the way for a sharp opening in Indian markets on Tuesday, although high crude oil prices may cap higher. That said, investors will be following Fed Chairman Jerome Powell’s testimony to Congress later today for advice, after a surprise change in the US central bank’s policy outlook.

At 7:30 am, SGX Nifty was reigning 52 more points at 15,781.

India, meanwhile, reported 39,000 cases of Covid on Tuesday, the lowest since March 18. The pace of vaccination has also accelerated, raising expectations for a faster economic recovery. On Monday, India administered a record 8.1 million doses when the central government launched the “free for all” vaccination campaign.

During the overnight session, US stocks recorded their biggest rally in five weeks as speculation that the Federal Reserve would tighten policy at an incremental pace outweighed concerns over the hawkish pivot of the central bank. 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, following a rebound in US stocks. Japan’s Topix index climbed 2.2%, the Australian S & P / ASX 200 index rose 0.7% and the Kospi index rose 0.6%.

Oil prices continued to recover, with Brent hitting $ 75 a barrel for the first time in more than two years amid signs of rapid market tightening. Futures in London broke that mark at the start of Asian trading after rising 1.9% in the previous session, the highest in four weeks, according to a Bloomberg report.

Now a look at the specific stock 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 expected to release their quarterly figures on Tuesday.

The Indian bank on Monday launched its Equity Qualified Institutional Placement (QIP) to raise around Rs 4,000 crore, setting the floor price at Rs 142.15 per share.

Aside from Sebi’s management, the Securities Appellate Tribunal (SAT) on Monday authorized PNB Housing Finance to proceed with Tuesday’s shareholders’ meeting to consider the Rs 4,000 crore investment project by the private equity firm Carlyle and others in the mortgage company.

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

Dish TV India said on Monday that its board of directors had approved the raising of Rs 1,000 crore through a single or multi-installment rights issue.

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