MarketBuzz
1302: Marketbuzz Podcast with Kanishka Sarkar: Nifty 50 eyes 25,000, banking stocks in focus
(upbeat music) - Good morning, everyone. Welcome back to CNBC TV18's Market Bus Podcast. This is your host, Kalishka Sahkar, bringing you top developments from around the world ahead of today's trailing session. Well, the big question today is whether or not the NFT will surpass 25,000. After almost every index heavyweight beat Reliance Industries, Infosys, TCS or ITC, put their hand up on Friday to take the NFT to a new record high of 24,861. The index began the August F&O series with a 400-point surge, something again through an entire series in July. And unlike previous instances, the index has also managed to end close to the day's high, which will give bulls some comfort. Vality and Reliance have been contributors through and through, but further aided Friday's move was a recovery in banks. The NFT bank index recovered nearly 900 points from the lows of the day. And barring HDFC bank, most of the index constituents contributed to the rally on the upside. Infosys, which is trading at the highest level in two years, is also nearing a record high. The banking sector will again be in focus as a slew of earnings reactions will be seen during today's trailing session. Stocks like Indicine Bank, Bundhen Bank, Power Grid, KEC International Kinds Tech, among others, will react to results reported after market hours on Friday. But the reaction to ICICI Bank that reported results on Saturday will be the key in determining whether the NFT manages to scale 25,000 or not. Besides ICICI Bank, stocks like P&B, IDFC First Bank, Anans Raj, MCX, Dr. Reddy's Laboratory's Genius Power, among others, will also react to their results. Today we'll see companies like ACC, BEL, Adani, Total Gas, CSB Bank, Data Patterns, HBCL, Consign Aerolac, and Shrites Bama reporting their results. Ultra Tech and India Simmons will also be in focus as Ultra Tech Simmons is set to acquire 28.4% stake from promoters and another 4.3% from associates of India Simmons at 390 rupees per share for 3954 crore rupees. Ultra Tech has also announced an open offer for 26% stake in India Simmons at 390 rupees per share. The open offer for India Simmons at a 4% premium to Friday's closing. Ultra Tech had acquired a 22.7% stake in India Simmons in June via block deals. Meanwhile, both foreign and domestic institutions went and buy us in the cash market on Friday. The numbers may also be skewed due to the block deal that took place in Soha on Friday morning. Meanwhile, KOTAC Securities Amul Atahwale, expects 25,000 to be a key hurdle for the bulls, but crossing that can take the NFT 25,150 levels. Meanwhile, 24,675 to 24,600 on the downside, now becomes an important support below which the sentiment could change, he says. Now, in terms of global queues, Asian shares snapped three days of losses to rise on Monday morning, before a week of key central bank decisions in Japan, the US and the UK, as well as some big tech earning releases. Now, stocks rose in Australia, Japan and South Korea, while Hong Kong futures edged higher. The upbeat tone came after US equity search Friday amid bets that looming interest rate cuts will help fuel corporate earnings. A focus this week will turn to policy decisions in Japan and US after global markets were ravaged last week by a rally in the yen on bets at the bank of Japan may hike its key rate. A raft of earnings, including Apple, Amazon and Microsoft, will be passed following a stock route sparked by an underwhelming start to the mega caps reporting season. Now, the Fed is likely to signal its plans to cut in September at the conclusion of its meeting on Wednesday, according to economist, surveyed by Bloomberg News, a move that they say will kick off reductions each quartered through 2025. Now, elsewhere in Asia, Chinese factory activity data is due this week, providing further insight into a surprise people's bank of China rate cut to boost a flailing economy. Oil rose ahead of a key OPIC+ meeting this week with analysts deviled over whether the group will proceed with plans to boost supplies next quarter. Now, in other global news, Kamala Harris has raised $200 million in the first week of record shattering campaign. France, Saudi Arabia, Belgium, Norway and Sweden have asked nationals to leave Lebanon immediately. Turkey's president says that the country should intervene on behalf of Palestinians. Meanwhile, back home, IT Minister has clarified that WhatsApp and meta have not notified the government on plans to shut shop in India. Ola Electric Mobility is set to launch its 5,500 crore rupees IPO on August 2. In an update from the Paris Olympics, a Manu Bhakar has won bronze in air pistol bagging India's first medal at the Games. Lastly, the gift NFT was trading 0.3% higher from Friday's close this morning, indicating a start in the green for the Indian market. Well, those are the few cues to watch out for today. This is Konishka Sarkar signing off. Stay tuned to see you in the CVAD for more. [MUSIC PLAYING] (gentle music) [BLANK_AUDIO]