You are here: Home » Markets » News
Business Standard

Market Ahead, June 24: Top factors that could guide markets today

The SGX Nifty, though, is trading with a slight cut and is indicating an open around 10,470 levels for the Nifty today

Topics
Market Ahead | Markets | SGX Nifty

BS Web Team  |  New Delhi 

Let's start with how the global have performed. Wall Street’s three major indexes closed higher overnight. The rose 0.5 per cent, the S&P 500 gained 0.43 per cent, and the Composite added 0.74 per cent. Asian stocks also inched higher in early deals. Both the Australian ASX200 and Japan's were up 0.3 per cent each in early deals.

The SGX Nifty, though, is trading with a slight cut and is indicating an open around 10,470 levels for the Nifty today.

In commodities, oil prices pulled back after hitting their highest since early March. Brent was last trading at $42.61 a barrel.

On the India-China front, the senior military commanders of the two countries had a 11-hour meeting yesterday after which Beijing welcomed an agreement to “cool down the situation” along the Line of Actual Control.

The Covid-19 cases situation, however, is showing almost no signs of improving as India again recorded over 15,000 cases in a day, taking its total to 4.56 lakh, according to Worldometer. The country's death toll is nearing the 14,500 mark.

Besides these, individual stocks will react to respective corporate results. reported a profit of Rs 507 crore in the March quarter, helped by lower provisioning for bad loans. Asian Paints, though, missed Street estimates and saw its net profit fall 2.1 per cent year-on-year to Rs 461.9 crore as the nationwide lockdown impacted its sales.

Today, a total of 85 companies, including the likes of Canara Bank, Indian Oil Corporation, GAIL, and India Cements, are scheduled to announce their March quarter earnings.

And, now, a look at other top of the day.

Global private equity fund manager has launched a block deal to raise between $250 million and $257 million in Embassy Office Parks REIT.

The insurance regulator has allowed all insures – life and non-life – to offer short term health insurance policies specifically for covid-19.

Chief Economic Advisor Krishnamurthy Subramanian, yesterday said a V-shaped recovery for the economy is possible this year, provided a vaccine is found to contain the Covid-19 pandemic. In the absence of a vaccine, the economic recovery will have to wait until next year, although that too is likely to be V-shaped, he said.

Meanwhile, the yesterday said the Indian economy was rebounding, citing examples of food grain procurement, electricity and fertiliser consumption, rail freight traffic, and other indicators.

Ahead of its $5.7-billion investment in Jio Platforms, has sought legal advice pertaining to India’s new FDI policy towards neighbouring countries, particularly China and Hong Kong. While the social media giant is founded and headquartered in the US, being a public-listed company it has investment from several funds based out of China and Hong Kong.

And, in the end, a quick look at how the Nifty is looking on the charts. According to HDFC Securities, Nifty yesterday closed on a strong wicket and is headed for the upside target of 10,900, which happens to be the 200-day SMA.

Read by Chirinjibi Thapa

First Published: Wed, June 24 2020. 07:24 IST
RECOMMENDED FOR YOU