MarketBuzz
1202: Marketbuzz Podcast With Hormaz Fatakia
Good morning and welcome to CNBC TV18's Market Boss podcast with me, Horma Spatakia. As we are drawing closer to the February FNO expiry, the chances of the market seeing some volatility are rising as we saw on Monday as well. However, the nifty continues to trade in a very tight range. It was 100 points on Friday, another 120 points on Monday, although it ended Monday session with losses. The good bit though is that it managed to defend 22,100 on the downside, and that, along with 22,000, remains the key psychological support for the index. The analysts are also advising focus on specific stocks right now as the index enters into a slight consolidation. But there are pain points in the market and banks are one of them. There is almost general consensus on the street that large banks have value, but they are just not ready to perform. I see, I see, I access, quota, all of them contributed to the losses on Monday. And what about HDFC bank? Well, it did not contribute to the losses, but did not lend any support either so that does not help. And as a result, the nifty bank declined for the fourth day in a row on Monday and is slowly slipping away from the recent highs that it made around the mark of 47,000. Another point of worry is IT and the index was the biggest sectoral loser on Monday, the IT index, and adding to that pain is metal stocks. So we'll keep an eye out on all these sectors, banks, IT, metals, key sectors, but under performers currently. The handover from Wall Street should have been positive, but that is not the case. And there are signs of exhaustion visible there as well as the indices after making an intraday top on Monday reversed from those levels and ended the session with losses. All three of them, S&P 500, Dow, Nasdaq, all of them ended lower on Monday. When markets have opened mixed, the gift nifty is indicating a slightly flat to a positive start for our markets currently around 20 points higher. As we highlighted earlier, the analysts on the street are advising to focus on specific stocks and there are plenty of specific stocks to focus on. Today is the all-important board meeting of Vodafone idea where it will consider the fundraising proposals. It will be interesting to see the kind of fundraising they announced and some management commentary as well, if any, on the road ahead, which is keenly awaited. Panera Bank announced its stock split yesterday post-market hours, they will split one share of 10 rupees into 5 shares of 2 rupees each. This exercise is likely to be completed in the next 2-3 months. The stock, though, is still in the F&O ban, so keep an eye out on that one. Some interesting commentary coming in from Whirlpool's global CEO posted their stake sale in India. He called that move an asset arbitrage saying that the company has no intentions to leave India and that they are bullish on the country's long-term business prospects. You can read that entire commentary on CNBC TV18.com. However, Jeffries has downgraded the stock to underperform and also cut its price target, citing declining margins, something that we had highlighted last week as well. Now, after a brief pause, block deals and promoter's stake sales are back. CMS info systems may see a block deal today where the end promoter entity is likely to sell its remaining 26.5% stake in a deal valued at nearly 1500 crore rupees. Now, the floor price of 360 rupees is a 9% discount to Monday's closing price and CMS info systems as a share has nearly doubled from its IPO price of 216 rupees. Now, another company where the promoter is looking to pair stake is Andra Simmons, where its promoter Sagar Simmons will sell up to 5% stake, but this will be done through an offer for sale. Now, the OFS will open for non-retail investors today and for retail investors tomorrow. And Sagar Simmons is selling the stake to comply with the minimum public shareholding norms because as of the December quarter, Sagar Simmons had a 95% stake in Andra Simmons and as per the share price performance, Andra Simmons shares have surged 93% over the last 12 months. Now, PTM will be in action yet again after the payments bank has reconstituted its board with Vijay Shaker Sharma stepping down as the part-time non-executive chairman and board member. Remember, this is for PTM payments bank and not for PTM. The former central bank of India, Chairman Srinivasan Sridhar and retired IAS officer Devithar Natsarangi have joined the board of PTM payments bank. You can read that detail coverage as well on CNBCTV18.com. Also, keep an eye out what stocks like Union Bank of India power make projects for their respective news flow that as many as 8 stocks have exited the F&O ban as the expiry nears but stocks like Aditya Belafashan and Z Entertainment continue to remain in the F&O ban. Well, lastly, Team India did make it 3-1 at Ranchi yesterday. There was a bit of a hiccup in between but eventually some youngsters Shubman Gill and Dhru Jurell ensured that we crossed the line and taking that series 3-1. This was the 17th consecutive test series win for India at home. Well, that certainly did a lot to ward off a lot of the Monday blues that most of us suffer from. Well, you'll only hope that they'd make it 4-1 after the final test that begins in Dharmshala on the 7th of March. That's all for today. Stay tuned to CNBCTV18 and CNBCTV18.com for the sharpest market insights. [MUSIC]