The Indian markets looked set to open Wednesday's trade on a positive note, led by a strong growth forecast for the Indian economy by the International Monetary Fund. Besides, investors will closely track the RBI policy meet outcome along with the central bank commentary amid fast-rising Covid cases in the country for further cues. Expectations are ripe that the RBI will hold rates and keep stance accommodative, however, commentary on inflation and economic growth outlook will be key.
Meanwhile, in a solid push for the stock market bulls, the IMF projected that India's economy will grow at the historically high level of 12.5% this fiscal year from 11.5% it had estimated earlier. However, IMF's chief economist Gita Gopinath cautioned that the increase in India’s growth forecast hasn’t factored in the severe downside risks arising from the country’s ongoing second wave of Covid-19.
At 7.45 am, SGX Nifty was trading 20 points higher at 14,765, indicating a positive start for the Indian markets.
On the global market front, the Wall Street indices pulled back from record highs reached in previous sessions and ended in the red as investors eye the upcoming earnings season for more signs of recovery following a series of strong US economic data.
The Dow Jones Industrial Average fell 0.29%, the S&P 500 lost 0.10% and the Nasdaq Composite dropped 0.05%.
In Asia, most markets were trading on marginally higher with Japan's Nikkei index up 0.03%, South Korea's Kospi 0.29% and Australia's S&P/ASX index 0.04%.
Now, a look at the stock-specific triggers that are likely to guide the market today:
Shares of Barbeque Nation Hospitality will debut on the bourses today. The Rs 453-crore public issue was subscribed 5.98 times during March 24-26.
Shares of Reliance Industries and Airtel will be in focus after Reliance Jio Infocomm said it had signed a definitive agreement with Bharti Airtel to acquire the right to use spectrum in the 800-megahertz (MHz) band in Andhra Pradesh, Delhi, and Mumbai circles through spectrum trading.
Inox Leisure will raise up to Rs 300 crore through issue of securities either by way of public issue, rights issue or private placement but not limited only to QIP.
Diversified Max Group has sold a 13 per cent stake in Max Life Insurance Company to the country's third-largest private sector lender Axis Bank, which will now be a co-promoter of the insurer.
Tata Steel said its consolidated steel production remained almost flat at 7.4 million tonnes (MT) in the quarter ended March 31, 2021. The company's output was 7.37 MT in the year-ago period.
Now an update on the primary market. The Rs 2,500 crore IPO by Microtech Developers earlier known as Lodha Developers, will open today within the price band of Rs 483-Rs 486 per share. Most analysts hold mixed views on the issue. The company on Tuesday raised Rs 740 crore from anchor investors.