Market Ahead Podcast, June 9: Key Factors That Could Drive Markets Today

Despite a weak global market setup, a downward revision of GDP forecasts for India and crude over two years, Indian markets are expected to open slightly higher, aided by continued decline in Covid cases and speeding up the pace of vaccinations. At 7:40 am SGX Nifty traded 10 more points at 15,778.

India reported cases below 1 lakh for the second day in a row with new cases of Covid, with new cases at 92,712. At the same time, the government announced that it has placed an advance order for 440 million doses vaccines. However, the fallout from the second wave of Covid continued as the World Bank cut India’s GDP forecast for fiscal year 2021-2022 to 8.3%, from the 11.2% forecast earlier.

On the global market front, Wall Street stocks struggled to make closing gains on Tuesday as the lack of clear market catalysts kept institutional investors out, while retail traders fueled the ongoing rally in stocks even. The three major US stock indexes ended the session close to zero or higher, with the S&P 500 and Dow closing around 0.5% of all-time highs.

The Dow Jones Industrial Average fell 0.09%, the S&P 500 gained 0.02%, and the Nasdaq Composite added 0.31%.

After a quiet end for Wall Street, most Asian indices started to fall. Shares fell in Japan and Hong Kong and fluctuated in China, where soaring commodity prices pushed factory exit inflation to its highest level since 2008.

Japan’s Topix index fell 0.2%, the Australian S & P / ASX 200 index rose 0.1%, South Korea’s Kospi index fell 0.2% and the index Hong Kong’s Hang Seng slipped 0.1%.

In oil markets, prices rose for a second day today following signs of strong fuel demand in Europe, while the prospect of a near-term return to Iranian oil supply has grown. dimmed. Brent crude futures rose 0.4% to $ 72.58, the highest since May 20, 2019.

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

A total of 37 companies are expected to release their quarterly results today, including GAIL India, Bata India, Star Cement and TeamLease Services.

Real estate company Prestige Estates Projects has announced a sharp increase in its consolidated net profit to Rs 1,336.3 crore for the quarter ending March, thanks to the monetization of a large portfolio of commercial assets. Its net profit stood at Rs 15.4 crore during the period of last year.

Financial services actor Religare Enterprises Ltd (REL) said on Tuesday it was proposing to raise Rs 570 crore through the preferential issue of shares to a group of investors, including existing shareholders, to fund its plans business.

The Reserve Bank of India has approved the reappointment of Chandra Shekhar Ghosh, Managing Director and CEO of Bandhan Bank for a period of three years, effective July 10, 2021.

Tata Motors announced on Tuesday that it has formed a new subsidiary to provide end-to-end operations, repair, annual maintenance contracts (AMC) and fleet management services (FMS) for its product line, including including electric vehicles.

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