You are here: Home » Markets » News
Business Standard

Market Ahead Podcast, May 11: Top factors that could guide markets today

A total of 28 companies are slated to post their March quarter numbers today, including Siemens, Dishman Carbogen, KEC International, Linde India and Kalpataru Power Transmission

Market Ahead | Markets

BS Web Team  |  New Delhi 

A selloff that hit Wall Street overnight amid inflation woes, looks set to extend to the Indian as well with SGX Nifty ruling 205 points lower at 14,783 around 7.40 am. However, a sharp decline in fresh Covid cases in the country could cap some downside.

Furthermore, stock-specific moves and quarterly numbers could also sway market mood.

Technology shares led US stocks lower on Tuesday as surging commodity prices stoked concern about whether inflation will derail a growth rebound in the world’s largest economy and spoil a record stock rally.

The tech-heavy Nasdaq 100 Index tumbled 2.55% amid the growing anxiety over inflation, which can threaten longer-horizon revenues typical of the sector. The Dow Jones Industrial Average reversed gains and declined 0.1% while the S&P 500 lost 1.04%.

In early trade today, a gauge of Asian equities fell the most since March, with technology stocks underperforming amid a sea of red from Japan to Hong Kong.

Japan’s Topix index dropped 1.8%, Australia’s S&P/ASX 200 Index fell 0.7%, South Korea’s Kospi index lost 1.5% and Hong Kong’s Hang Seng Index shed 1.7%.

Meanwhile, on the Covid front, India reported a further decline in fresh Covid cases. On Tuesday, the country recorded 329,517 infections, taking its tally to almost 23 million, Worldometer showed this morning.

Although the fallout from the second wave continued as rating agency Crisil said India's gross domestic product (GDP) growth may slip to 8.2 per cent in the financial year 2021-22 if the second wave of coronavirus pandemic in the country peaks by June-end.

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

A total of 28 companies are slated to post their March quarter numbers today, including Siemens, Dishman Carbogen, KEC International, Linde India and Kalpataru Power Transmission.

HFCL posted a multifold jump in its consolidated net profit to Rs 86.47 crore in the quarter ended March 31, 2021. The company had posted a net profit of Rs 8.7 crore in the corresponding period of the previous year.

InterGlobe Aviation, parent of the country's largest airline IndiGo said its board has approved raising up to Rs 3,000 crore through the sale of shares to institutional investors.

Punjab National Bank (PNB) board approved the opening of QIP on May 10. The bank has fixed the floor price at Rs 35.51 per equity share.

HUL has appointed Srinandan Sundaram, currently Executive Director, Customer Development as Executive Director, Foods and Refreshment with effect from July 1. Sundaram will replace Sudhir Sitapati who is leaving the organisation to pursue an external opportunity.

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: Tue, May 11 2021. 08:05 IST