You are here: Home » Markets » News
Business Standard

Market Ahead Podcast, June 7: Factors that could guide markets this week

Union Bank of India, Central Bank of India, Mrs Bectors Food Specialities, Jubilant Ingrevia and MRF are among 31 companies slated to post their quarterly numbers today

Topics
Market Ahead | Markets

BS Web Team  |  New Delhi 

The ended on a buoyant note last week as the benchmark indices gained nearly 1.5 per cent, with Sensex closing above 52,000 for the first time amid falling Covid cases and reopening of the economy.

Analysts believe the rally may come to a pause after three consecutive weeks of gains, but the bias would remain on the positive side. Covid-related developments, macro data and global cues will guide the market this week, amid lack of any major domestic trigger.

Meanwhile, on the earnings front, 250 companies are lined up to announce their quarterly numbers, which is likely to result in more stock-specific action. Some of the prominent names include Bata India, GAIL, Union Bank of India, SAIL, BHEL, Care Ratings and DLF.

The declining Covid-19 cases have helped the bulls gain their mojo back, with the scaling new highs. As Covid cases continue to recede and states gradually unlock, the sentiment is likely to remain strong. India in the last 24 hours reported nearly 1 lakh cases, the lowest in almost two months.

Market participants will track the industrial and manufacturing production data for the month of April that will be released on Friday. The industrial output in March 2021 jumped to 22.4 per cent, indicating a significant increase in industrial activity, but experts feel April may not be seen on same lines due to state wise lockdowns to control spread of virus.

Lastly, crude price movement, FII flows and rupee trajectory could also sway the market mood.

And now, let's take a look at the trade setup for today.

Asian shares firmed on Monday while the dollar wavered after the anxiously awaited May U.S. payrolls report showed the recovery on track but not so hot that it might bring forward a policy tapering from the Federal Reserve.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.3% and looked to break three sessions of losses. Japan's Nikkei rose 1.0% to touch its highest in almost a month, and South Korea gained 0.7%.

Tracking positive global market sentiment, Indian too looked set to open on a firm note. SGX Nifty was trading 26 points higher at 15,735 around 7.45 am.

A look at the stock-specific triggers that are likely to guide the market today.

Union Bank of India, Central Bank of India, Mrs Bectors Food Specialities, Jubilant Ingrevia and MRF are among 31 companies slated to post their quarterly numbers today.

State-owned Punjab National Bank (PNB) on Friday posted a standalone profit of Rs 586.33 crore for the fourth quarter ended March, aided by good increase in interest It had reported a loss of Rs 697.20 crore in January-March period of 2019-20.

InterGlobe Aviation on Saturday reported a consolidated net loss of Rs 1,147.2 crore in the three months ended March, primarily due to a sharp decline in revenues amid the coronavirus pandemic. The airline, which had a fleet of 285 planes at the end of March 2021, had a net loss of Rs 870.8 crore in the year-ago period.

The Reserve Bank of India (RBI) approved the re-appointment of Vishwavir Ahuja as the Managing Director & CEO of RBL Bank, for further period of one year, with effect from June 30, 2021.

Jammu & Kashmir Bank approved raising of capital by issue of equity shares through preferential allotment to Government of Jammu & Kashmir, the promoter and majority shareholder of the bank, for an amount of up to Rs 500 crore.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, June 07 2021. 07:53 IST
RECOMMENDED FOR YOU