Market Ahead Podcast, June 24: Key Factors That Could Drive Markets Today

Amid mixed global indices, Indian markets are forecasting a lackluster start to today’s session, although high volatility due to the monthly F&O expiration may keep traders on their toes. Street action is expected to pick up in the second half of the session as the focus shifts to the Reliance Industries 44th Heavyweight AGM, which is expected to start at 2pm.

At 7:12 am, the SGX Nifty was trading 20 more points at 15,704, indicating a flat to positive start for the benchmarks.

Meanwhile, during the overnight trading session, the Nasdaq hit an all-time high, fueled by a rally from Tesla Inc, although the S&P 500 and the Dow fell even as investors applauded the data that showed a record peak for US factory activity in June.

The Dow Jones Industrial Average fell 0.21%, the S&P 500 lost 0.11% and the Nasdaq Composite climbed 0.13%.

Asian stocks opened most of the time stably after US stocks moved within narrow ranges. Japan’s Topix index fell 0.2%, South Korea’s Kospi index climbed 0.2%, Australia’s S & P / ASX 200 fell 0.2%, and contracts Hang Seng futures fell 0.1%.

Globally, investors will be watching the Bank of England’s decision on interest rates and US GDP data.

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

A total of 97 companies, including Oil and Natural Gas Corporation, Ashok Leyland, Bodal Chemicals, Future Supply Chain Solutions, Mishra Dhatu Nigam, PTC India and West Coast Paper Mills, are expected to release their quarterly results on June 24.

Shares of Shyam Metalics and Sona Comstar will debut on the market today. The IPOs that took place between June 14 and June 16 were subscribed 121 times and twice, respectively. Depending on gray market trends, Shyam Metalics is expected to post strong quotation gains while Sona Comstar may be in a neutral starting position.

The actions of Reliance Industries will be the focus, with the company’s 44th AGM scheduled for today. A roadmap for the 5G rollout, likely announcements for an affordable 5G phone, a low-cost JioBook laptop, and an update on the Aramco deal and retail are said to be high on investor radar . That aside, Fitch Ratings raised RIL’s long-term foreign currency issuer default rating (IDR) to “BBB”, instead of “BBB-”, with a negative outlook. At the same time, the agency confirmed RIL’s long-term local currency IDR at “BBB +” with a stable outlook.

Tata Motors said Guenter Butschek will step down as chief executive and CEO effective June 30. However, he would continue as a consultant to the company until the end of this fiscal year.

Finally, a point on the primary market.

The initial public offering of Rs 800 crore of India Pesticides was subscribed 1.29 times on the first day of the subscription itself, the category of non-institutional investors having subscribed 19% and that of individual investors (RII) 2.51 time.

Dear reader,

Business Standard has always strived to provide up-to-date information and commentary on developments that matter to you and have broader political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these difficult times resulting from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative views and cutting-edge commentary on relevant current issues.
However, we have a demand.

As we fight the economic impact of the pandemic, we need your support even more so that we can continue to provide you with more quality content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscriptions to our online content can only help us achieve the goals of providing you with even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital editor

About Elaine Morales

Check Also

Cannes Podcast: Forrester’s Joanna O’Connell on Fraud, Data, Walled Gardens and Networking Again

Subscribe: Apple Podcasts • Stitcher • Spotify This week’s Digiday podcast comes to you live …

Leave a Reply

Your email address will not be published.