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Market Ahead, April 8: Top factors that could guide market today

Shares of Reliance Industries will be in focus today after Sebi imposed a total penalty of Rs 25 crore on Mukesh Ambani, Anil Ambani, other individuals and entities for non-compliance

Market Ahead | Markets

BS Web Team  |  New Delhi 

Indian looked set to extend gains to the third consecutive day on Thursday, tracking cues from global peers, as SGX Nifty traded 75 points or 0.50% higher at 14,938 at around 7.25 am. However, the session could be marked by high volatility on account of weekly F&O expiry.

Besides global cues, development on the Covid-19 front is likely to sway the market mood. Keeping in view the rising virus cases, Prime Minister Narendra Modi will interact with chief ministers of states today to discuss the Covid-19 situation and the ongoing vaccination drive which will be keenly tracked by market participants.

Meanwhile, on the global market front, the S&P 500 and Dow closed slightly higher after minutes from the Federal Reserve’s latest meeting reiterated its commitment to keep interest rates low until the US economy makes a more secure recovery.

The Dow Jones Industrial Average rose 0.05%, the S&P 500 gained 0.15% and the Nasdaq Composite dropped 0.07%.

Most Asian equities tracked Wall Street's cautious gains and were up marginally. Australia’s S&P/ASX 200 Index rose 0.7%, Hong Kong's Hang Seng index added 0.43% while Japan's Nikkie 225 index shed 0.43%.

Now, a look at the stock-specific triggers that are likely to guide the market today:

Shares of Reliance Industries will be in focus today after Sebi imposed a total penalty of Rs 25 crore on Mukesh Ambani, Anil Ambani, other individuals and entities for non-compliance with takeover norms in a Reliance Industries case dating back to 2000.

Anil Agarwal-led Vedanta Resources Ltd's sweetened offer to buy back 17.5 per cent share in its Indian flagship firm was subscribed 57.5 per cent, helping it raise its stake to about 65 per cent. If the maximum 651 million shares would have got tendered the promoter stake would have increased to72.6 per cent.

UCO Bank on Wednesday said its board has approved allotment of preference shares to the government for infusing Rs 2,600 crore capital.

Muthoot Finance is planning to raise Rs 1,700 crore through public issue of secured redeemable non-convertible debentures. The issue opens on April 8 and will close on April 29.

Lastly, an update on the primary market. The initial public offer of Macrotech Developers was subscribed 26 per cent on the first day of subscription on Wednesday. The category for qualified institutional buyers was subscribed 58 per cent, non-institutional investors 11 per cent and retail individual investors 15 per cent.

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First Published: Thu, April 08 2021. 07:51 IST