Steady corporate earnings discounted fears on the Covid front, hinting at a positive start for the Indian markets on Wednesday. At 7.40 am, SGX Nifty was ruling 55 points higher at 14,588. Meanwhile, investors will also watch out for an unscheduled address by RBI governor Shaktikanta Das that will broadcast at 10 am today.
India in the last 24 hours reported nearly 3.82 lakh fresh Covid cases. Forecasters warn that in the coming days, the death toll could more than double from current levels. A team at the Indian Institute of Science in Bangalore used a mathematical model to predict about 404,000 deaths will occur by June 11 if current trends continue.
On the global market front, volatility gripped US markets in the overnight session as a rout in some of the largest tech companies dragged down stocks. Treasury Secretary Janet Yellen rattled markets with a comment that economists regarded as self-evident -- that rates will likely rise as government spending ramps up and the economy responds with faster growth.
The Nasdaq Composite dropped 1.88%, the S&P 500 lost 0.67% and the Dow Jones Industrial Average pared its earlier losses and closed slightly higher, up 0.06%.
Despite, the tech selloff on Wall Street, Asian markets and US futures traded on a steady note in early trade today.
Australia’s S&P/ASX 200 increased 0.7%, Hong Kong’s Hang Seng Index rose 0.2% and S&P 500 futures added 0.2%. Japanese, Chinese and South Korean markets are closed for trade today.
Now, a look at the stock-specific triggers that are likely to guide the market today
A total of 20 companies are slated to post their March quarter numbers today, including Tata Steel, Adani Green Energy, Blue Dart Express, Gillette India and Deepak Nitrite.
Adani Port's net profit for the March quarter jumped fourfold to Rs 1,287 crore from Rs 334 crore a year ago but fell short of the Rs 1,465 crore consensus forecast of analysts tracked by Bloomberg.
Shares of Bharti Airtel, RIL, Vodafone Idea and MTNL will be in focus after the Department of Telecommunications allowed these firms to conduct 5G trials for six months, including two months for procuring and setting up equipment.
IndiGo is in talks to raise fresh funds as the second wave of the pandemic has led to a collapse in travel demand. The airline may look to raise Rs 3,500-4,000 crore, a BS report said.
RBL Bank on Tuesday reported a 34% decline in its March quarter profit to Rs 75 crore compared to Rs 114 crore in the year-ago period due to provisioning for possible loan losses that it sees in the retail unsecured segments.