Market Ahead, Aug 19: All you need to know before the opening bell

The Indian markets look set for a higher start today with the SGX Nifty hovering around 11,440 levels, up 35 points from Nifty futures' last close at 7:30 AM. In the US, the S&P 500 closed at a record high overnight, rebounding from huge losses triggered by the coronavirus pandemic. Overall, the Dow Jones fell 0.24 per cent, the S&P 500 gained 0.23 per cent, and the Nasdaq added 0.73 per cent. Minutes from the Fed’s recent meeting due today may provide some insight into how the central bank sees the recovery playing out.

Asian equities were firmer on Wednesday. Australia’s ASX 200 rose 0.7% in early trade while South Korea’s Kospi was up 0.6%. Japan’s Nikkei gained 0.14 per cent.

The Indian markets are set to track these global cues. Apart from this, focus will continue to remain on corporate results, stock-specific developments, and the SC hearing on AGR dues.

In yesterday's hearing, the Supreme Court heard arguments from the counsel for Reliance Jio and Committee of Creditors and reiterated its stand on the payment of AGR dues by telecom companies, saying no “technicality” would come in the way of enforcing the recovery of levies. The hearing on the matter will continue today.

Let's move on to corporate results now. Zee Entertainment Enterprises yesterday posted a consolidated net profit of Rs 29.28 crore in the June quarter of FY21, down 94 per cent from the year-ago period. Revenue came in at Rs 1,312 crore.

Hindustan Aeronautics' Q1 profit lowered by 1 per cent to Rs 1,226 crore and the revenue came in at Rs 10,239 crore. Both stocks will react to their numbers today.

A total of 32 companies including CSB Bank, Muthoot Finance, are scheduled to announce their June quarter earnings today

On the Covid-front, India recorded 54,288 coronavirus cases in the past 24 hours, taking its total past the 27.6 lakh. With 880 fatalities reported on Tuesday, the country's death toll has surged to 53,014. 

And, now a quick look at other top developments:

Market regulator Sebi yesterday met stock brokers but did not grant any more extension on implementation of new trading norms that will come into effect from September 1. 

Reliance Industries yesterday announced acquisition of a majority equity stake in online pharmacy delivery startup Netmeds for a cash consideration of approximately Rs 620 crore. As such, both RIL and listed pharma stocks are likely to react to the development today.

Bengaluru-based realty firm Embassy Group has signed an agreement to merge its various housing and commercial projects with Indiabulls Real Estate and take control of the merged entity. Under this agreement, the Embassy Group will hike its stake in Indiabulls Real Estate from the current 14 per cent to 45 per cent.

The Union Cabinet is today likely to take up the next round of airport privatisation. Moreover, the Airports Authority of India’s proposal to sign a concession agreement with Adani Enterprises for public-private partnership of airports in Guwahati, Jaipur, and Thiruvananthapuram is also lined up for consideration.

The Bombay High Court has restrained FMCG firm Emami from selling any skincare product under the brandname containing the words ‘Glow and Handsome’, saying that prima facie Hindustan Unilever has used them first in its brands.