MarketBuzz
1296: Marketbuzz Podcast with Kanishka Sarkar: Nifty 50 eyes 25,000, Reliance and Infosys in focus
(upbeat music) - Good morning, everyone. Welcome back to CNBC TV18's Market Bus Podcast. This is your host, Kanishka Sarkar, bringing you all the top developments ahead of today's trading session. But quarterly results continue to remain the focus of the market. Yesterday, there was a big IT-led recovery, and after market hours, Infosys posted a super first quarter earnings. Technology stocks led the charge on the upside on Thursday, with heavy weights like Infosys and TCS giving substantial contributors. Both combined, contributed to nearly 50 points on the NFT's 190-point surge on Thursday. Vital contributions also came from ICICI Bank and Reliance Industries. Now today, it possibly would be Infosys. That will be the biggest trigger for pushing the NFT towards 25,000. The IT giant convincingly surpassed analyst estimates for the June quarter, raised its revenue growth guidance for the financial year 2025, and also one deals worth $4.1 billion during the June quarter. The company's US-listed shares at his ADRs ended 8.3% higher overnight. Other than Infosys, the other stocks in focus on Friday will be Reliance Industries. As it'll report results after market hours today, the index heavy weight will see the reaction to its earnings next Monday, a day before the announcement of the union budget. Now, plenty of other broader market names like Persistent Systems, Tata Technologies, L&T Technology Services, South Indian Bank, Dalmyabharath, JSW Infra, will also react to their results today. Meanwhile, JSW Steel, ICICI Lombard, JSW Energy, Indian Hotels, Ultra Tech, Wipro, PayTM, Nippon Life AMC, Patanjali Foods, PVR Inox, Root Mobile, and Thegis Networks will report their quarterly results today. Now, this morning, gift NFT was trading higher up more than 10 points from NFT futures Thursday clothes, indicating a start in the green for the Indian market. Now, in terms of global markets, overnight queues were weak. Early today, Asian equities tracked U.S. stocks lower for a second day as signs of economic weakness over when the markets optimism surrounding interest rate cuts. Now, shares in Japan, South Korean, Australia dropped. The S&P 500 fell 0.8% Thursday, extending a drop from the prior session and placing the benchmark on track for its largest weekly decline since April. The NASDAQ 100 fell 0.5% while the Russell 2000 benchmark of U.S. small companies fell almost 2%, continuing to pull back from a rally earlier in the week as investors rotated from large technology stocks. The U.S. equity futures edged higher early Friday around in chip stocks on signs that the U.S. would impose fresh restrictions on sales to China also began to abate. An index of such firms that includes NVIDIA Corp and advanced micro devices rose 1.7%, easing its 6.8% drop the prior day. Meanwhile, U.S. initial jobless claims data on Thursday showed the biggest increase since early May in a sign of cooling in the labor market that supports expectations that the Federal Reserve will soon cut interest rates. Elsewhere, Joe Biden's grasp on the Democratic presidential nomination appeared to be slipping as he weighed increasingly public warnings from his party's top lawmakers. In Asia, investors will be on the lookout for fallout from China's third planar meeting. President Xi Jinping vowed to make high quality development the guiding force of the world's number two economy. Showing few initial signs at the top leadership is preparing to unleash major steps to boost demand or arrest the property slump. In commodities, oil-edged lower on Friday, brand crude prices fell by 1/2% to $84.5 a barrel, spot-cold, two fell over 1/2% to $2,430 an ounce. Well, those are the few cues to watch out for today. Have a good trading session. This is Kaneshka Sarkar signing off. Stay tuned to CNBC TV18 for more cues. (upbeat music) (gentle music) [BLANK_AUDIO]