MarketBuzz
1303: Marketbuzz Podcast with Kanishka Sarkar: Nifty aims for 25,000, banking stocks, HPCL, Dixon Tech in focus
Good morning everyone. Welcome back to CNBC TV18's Market Bus podcast. This is your host Kanishka Sarkar bringing you top developments from around the world ahead of today's training session. Well, the NFT has come within touching distances of landmarks and reversed before scaling those in earlier instances too. But none could have been as close as 0.2 point difference that separated the NFT in 25,000 yesterday. The NFT made another record. But instead of scaling the 25,000 mark, the index reversed from level of 24,999.8. After giving up all the gains, the index ended at almost the same level as it did on Friday. Despite strong contributions from Alliance Industries and LNT after another order win, the index could not sustain at higher levels due to a sell-off in banking stocks, which were the big contributors to the up move on Friday and even the initial surge on Monday. But what led to this collapse? Well, almost every index heavy weight contributed to the correction from higher levels. ICICI Bank, which was one of the top contributors to the NFT upside, corrected nearly 2.5% from the highs of the day and ended with gains of just 0.5%. Most of the other index heavy weights too, from HDFC Bank, AXS Bank, to ITC and EV and even TCS and Infosys, corrected anywhere between a percent and 2% from their respective highs, dragging the NFT lower in the process. Now banks will again be in focus because it will be the weekly expiry of financial services index today, which in turn will also put spotlight on the NFT bank. Today's session will see stocks like ACC, HPCL, Colgate, Pomoleve, Data Patents, KEI Industries, QuestCop, Pfizer and others react to their quarterly results. Meanwhile, Tata consumer products, Ajanta Pharma, Dixon Technologies, Indistavors, Macrotech, Sapphire Foods, Theta-Garell, Torrent Power, M.Y.L., Naveen, Florian and others will report their results today. Indistavors will also be in focus because the board will consider its first share buyback in 8 years. Meanwhile, foreign institutions were net sellers on the cash market on Monday while domestic institutions were net buyers. Now, Richard Jen of 5Pesser.com believes that there could be some slow and gradual moves on the NFT or a pullback towards support levels within the uptrend. HDFC security is Nagaraj Shetty also is of the view that the near-term uptrend of the NFT remains intact. He also anticipates some choppy moves or a minor dip in the next two or one session before the uptrend resumes. In terms of global queues, Asian stocks opened lower amidst speculation that investors are trimming some of their holdings before a rush of events in the coming days. This includes major central-backed decisions, key economic data and earnings from the U.S. mega-cap companies. Equity slipped in Japan in Australia in early trading while future signals declined in Hong Kong. U.S. stock futures edged lower in Asia hours following the rotation in the American shares that drove the Nasdaq to bring up a correction. The S&B 500 closed little change and the small caps slipped. Results from Microsoft, Metah, Apple, Amazon will be crucial after an underwhelming start to the mega-cap reporting season. Federal reserve officials are on the verge of lowering rates within months, a move that Jerome Powell may signal on Wednesday. Major central banks are also set to meet in Japan and the U.K., with traders closely watching the Bank of Japan for signs of a hike and the Bank of England for a potential cut. In terms of commodities, oil was steady near a seven-week low on a shaky demand outlook, especially in the biggest importer, China. Brent crude traded below $80 a barrel after losing more than 3% over the previous two sessions. Meanwhile, spot gold fell 0.1%, $2,381 an ounce. In other global news, Kamala Harris is set to announce her pick for the Vice President post in the coming days. When Zilla is seeing huge protests on President Amadro's claim of election victory, McDonald has seen a hit in its global sales for the first time since 2020. On the tech side, Apple has released its first preview of iPhone AI. Meanwhile, back home, RBI in its reporter said that it sees a rapid digitization of the economy, though with risks ahead. Also, our media report suggests that government may target a fiscal deficit range of 3.7-4.3% post-FI26. Also, Prime Minister Narendra Modi will address the post budget session today at the CIA. Meanwhile, the Ministry of Home Affairs has established a committee to investigate a recent incident at a coaching center in which three UPSC aspirants died due to flooding in the basement in all Rajindanagar of New Delhi. Seven people have been arrested so far in connection with the incident. In an update from Paris Olympics, Manika Bhattra has become the first Indian table tennis player to reach round of 16 of the games. Lastly, the gift NFTU was trading flat this morning, which means the Indian markets are likely to open little changed. While those are the few cues to watch out for today, this is Kanishka said car signing off, stay tuned to CNBC TV18 for Monews and Cues.