Market Ahead, January 29: All you need to know before the opening bell

Benchmark indices look set to return to their winning ways after five days of relentless bear hammering, tracking firm cues from global peers. Meanwhile, investors would also react to the Economic Survey that will be tabled in the Parliament today, Q3 numbers and stock-specific triggers as the session would progress.

At 7.22 am, Nifty futures on the Singapore Exchange traded 145 points up at 13,987, indicating a gap-up start for Dalal Street.

In the overnight session, US stocks closed higher, bouncing from sharp losses in the prior session, thanks to a broad rally as earnings season got off to a strong start and fears lessened around hedge funds selling long positions to cover shorts. A surprise drop in jobless claims also boosted the sentiment.

The Dow Jones Industrial Average rose 0.99%, the S&P 500 gained 0.98% and the Nasdaq Composite added 0.5%.

Tracking the gains on Wall Street, Asian too staged a rebound. Japan’s Topix index climbed 0.3%, South Korea’s Kospi index added 0.7% and Australia’s S&P/ASX 200 Index rose 0.9%.

That apart, all eyes today would be on the Economic Survey today.

As per a Bloomberg report, India is predicting that the economy will expand 11% in the year starting April on hopes that vaccine roll out will contain the pandemic, while low-interest rates and measures to lure investment will spur business activity.

The forecast for next year is in line with the International Monetary Fund’s estimate for 11.5% expansion.

Now, a look at the stock-specific developments that are likely to sway the market today:

Cipla, Dabur, Tata Motors, Tech Mahindra, IndusInd Bank, DRL and Tata Motors are among 27 firms set to post their December quarter numbers today. Tech Mahindra will post a muted growth in its December quarter profit and revenue on a sequential basis, believe analysts. However, on a yearly basis, both figures are expected to decline.

Shares of IRFC will debut on the bourses today. The issue that ran between January 18-20 was subscribed 3.49 times.

TVS Motor Company posted the highest-ever profit of Rs 266 crore during the quarter ended December 31, as compared to Rs 121.07 crore. The two-wheeler company has clocked the highest-ever revenue of Rs 5,404 crore in the third quarter of FY20-21.

InterGlobe Aviation, which operates IndiGo, reported a net loss of Rs 620 crore in the third quarter of pandemic-struck 2020-21 financial year, against a net profit of Rs 496 crore in the year-ago period

Adani Ports and Special Economic Zone Limited (APSEZ), the ports & logistics company of the Adani Group, successfully priced a $500 million 10-year bullet senior unsecured USD note issuance at a fixed coupon of 3.10 per cent.

V-Mart Retail launched a QIP issue on Thursday in order to raise funds. Floor price of Rs 2,432.8 per share has been set which is at a 0.3% premium to Thursday’s closing price.

In an update on the primary market, the maiden offering of Stove Kraft managed to garner 18 times subscription. The institutional investor portion garnered 8 times subscription, the high-net worth individual (HNI) portion was subscribed 33 times, while the retail quota saw 26 times subscription.

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