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Market Ahead, September 9: Top factors that could guide markets today

A total of 45 companies, including Indiabulls Ventures, and Eveready Industries are scheduled to announce their June quarter earnings today

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Market Ahead | Markets

BS Web Team  |  New Delhi 

A major fall in US overnight, concerns over India-China tensions, and an unwelcome on the Covid front might keep investor sentiment in check at the bourses today.

At 7:25 AM, the SGX Nifty was trading at 11,260 levels, down 60 points, indicating a subdued start to the domestic indices.

Wall Street sank for the third consecutive session led by declines in heavyweight tech companies. The Dow Jones fell 2.25 per cent, the S&P 500 lost 2.78 per cent, and the Nasdaq dropped 4.11 per cent.

Asian stocks came under pressure on Wednesday after the Wall Street dip and the possibility of Britain leaving the European Union without a trade agreement. Australian ASX 200 lost 2 per cent in early trading. Japan's Nikkei fell 1.5 per cent, and Hong Kong's Hang Seng index lost 1.2 per cent.

Meanwhile, oil prices sank on Tuesday, with Brent falling below $40 a barrel for the first time since June.

On the Covid front, pharmaceutical company AstraZeneca said it has "voluntarily paused" a randomized clinical trial of its coronavirus vaccine in what it called a routine action after a volunteer developed an unexplained illness. The company, which is developing the drug alongside the University of Oxford, is a frontrunner in the global race for a Covid-19 vaccine.

Meanwhile, India's Covid-19 tally yesterday rose to 43.67 lakh while the death toll reached 73,923.

These apart, corporate results will trigger stock-specific moves. A total of 45 companies, including Indiabulls Ventures, and Eveready Industries are scheduled to announce their June quarter earnings today.

And, now a look at some other top headlines

In a relief to around 12 lakh companies, the Ministry of Corporate Affairs has given a three-month extension to companies to hold the AGM for FY20 due to the Covid-19 pandemic.

The government plans to sell about 15-20 per cent stake in IRCTC via offer for sale and would like to complete the transaction in minimum number of tranches.

Motherson Sumi on Tuesday announced that its board had approved raising funds in the range of Rs 1,500 crore to Rs 3,000 crore through the issuance of NCDs on private placement basis.

The Cabinet Committee on Economic Affairs has allowed Power Grid Corporation to monetise its assets by floating an Infrastructure Investment Trust. In the first tranche, PGCIL would monetise five assets of gross block of Rs 7,000 crore.

And, in the end, some from the primary market.

The Happiest Mind Technologies IPO was subscribed more than 8 times on Tuesday, a day before its close. The retail investor portion of the issue was subscribed nearly 38 times, while the wealthy investor portion saw close to 4 times demand.

The IPO of Route Mobile opens for public subscription today. The cloud communications service provider proposes to raise Rs 600 crore through the IPO. A price band of Rs 345 to 350 apiece per share has been fixed for the IPO that will conclude on September 11. For more details on the IPO, and the latest in business, markets, politics, sports, and more, stay logged on to Businessstandard.com

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First Published: Wed, September 09 2020. 08:04 IST
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