The S&P 500 and Dow ended higher on Monday amid a largely bullish earnings season, while the Nasdaq came under pressure from some fast-growing stocks declining as the rotation to cyclical and open-ended stocks continued.
The Dow Jones Industrial Average rose 0.71%, the S&P 500 added 0.27%, and the Nasdaq Composite fell 0.48%.
At the same time, stocks in Asia traded in different directions, and futures for US stocks fell after the drop in shares of tech giants on Wall Street. Australia’s S & P / ASX 200 rose 0.3%, South Korea’s Kospi fell 0.4%, and US futures fell 0.2%.
Indian markets also looked indecisive amid a mixed global environment, as the SGX Nifty fell just 17 points to 14,665, indicating a flat start to the day. Beyond global signals, specific stock movements, amid quarterly earnings and developments in the Covid and vaccine industry, could further influence market trajectory.
For the third day in a row, India reports a decline in the number of new infections, although the figure remains above the 3.5 lakh mark. Meanwhile, weak progress in vaccination also remains a concern for investors.
Although the central government has begun the third phase of its campaign to immunize citizens over 18 years of age, several states have declared their inability to carry out the vaccination program because they do not have enough vaccines. Against this backdrop, the CEO of the Serum Institute of India, Adar Punavalla, whose company makes Covishield, suggested that the shortage of the Covid-19 vaccine in India could persist until July.
Now let’s take a look at the stock triggers that are likely to guide the market today.
Adani Ports, Alembic Pharmaceuticals, Adani Total Gas, IIFL Securities, Larsen & Toubro Infotech and Suven Life Sciences are among 20 companies due to publish their quarterly results for March today.
JSW Energy announced that its JSW Renew Energy division has signed a Power Purchase Agreement (PPA) to supply 540 MW of mixed wind power. PPA is signed with Solar Energy Corporation of India (SECI).
Tata Chemicals reported a sharp decline in consolidated profit to Rs 29.26 crores in the fourth quarter of fiscal 21 compared to Rs 197.56 crores in the fourth quarter of fiscal year 20.
RBI imposed a 3 crore fine on ICICI Bank for violating prudential norms for the classification, appraisal and management of banks’ investment portfolios. RBI found a violation of the rules when a bank transferred securities from one category to another.
Finally, an update on the primary market.
PowerGrid InvIT IPOs were subscribed 4.83 times on the last day of trading. The public release received bids for Rs 205.47 crore units versus Rs 42.54 crore offer size, according to data available on exchanges.