Domestic benchmark indices ended on a flat note with a negative bias for the second day on Wednesday. Going into trade today, the selloff might gather pace amid weak cues from global peers. At 7.15 am, SGX Nifty was trading 73 points down at 15,065, indicating a weak start for Indian indices.
Besides global cues, stock-specific triggers and Q3 earnings would also guide market trajectory. The session could experience high volatility on account of weekly options expiry.
In overnight trade, the S&P 500 and the Nasdaq edged slightly lower as big tech stocks slid amid an ongoing rotation of portfolio holdings that gave a boost to energy shares and kept the overall market near record highs.
Stocks shrugged off remarks by Federal Reserve Chairman Jerome Powell, who reassured investors that interest rates will remain low for some time but provided no new insights on monetary policy.
The Dow Jones Industrial Average rose 0.2%, the S&P 500 lost 0.03% and the Nasdaq Composite dropped 0.25%.
In Asia, Australian shares traded 0.1% lower while markets in Japan, China and South Korea were shut for Lunar New Year public holidays.
Meanwhile, crude was on track to snap its longest rally in two years as Brent futures were trading 0.81% down at $60.97 a barrel while WTI futures fell 0.84% to $58.19 a barrel.
Now, a look at the stock-specific developments that are likely to sway the market today:
ITC, Coal India, Power Grid Corporation, ACC, Ashok Leyland, MRF and NCC are among 442 companies slated to post their December quarter numbers today.
Adar Poonawalla-controlled Rising Sun Holdings will acquire a 60 per cent stake in the non-banking financial company (NBFC) Magma Fincorp by subscribing to a Rs 3,456-crore preferential issue. After the infusion of capital, Magma and its subsidiaries will be renamed and rebranded Poonawalla Finance.
Niche bike maker Royal Enfield may look at hiking prices from April in view of rising commodity prices, a top company official said on Wednesday.
Privatisation-bound Bharat Petroleum Corporation (BPCL) will buyout Oman Oil Company's shares in the Bina refinery project for about Rs 2,400 crore.
The government will sell 20 per cent of its stake in National Fertilizers through an offer for sale and has invited bids from merchant bankers for managing the share sale.
Titan Company reported an 11.81 per cent increase in consolidated net profit to Rs 530 crore for the third quarter ended in December 2020, led by income growth in the jewellery division.