MarketBuzz
1203: Marketbuzz Podacst With Hormaz Fatakia
Good morning and welcome to CNBC TV, 18s Market Bus Podcast with me, Hormas Patakia. Now, a range-bound market shifts the focus away from the indices to specific stocks and that is fair and that is what analysts have been recommending as well. But what does that do? It puts headline writers like us in trouble because we can't keep telling you every day that the market is range-bound but that's what it is and Tuesday was no exception. The NFT traded in a 140-point range yesterday but there are two positives that come out from that session. First, the close was near the 22,200 mark and the second being that from the last six trading sessions the NFT has been making an intraday high above the 22,200 mark. So the bulls are trying their best to take the market higher. Now, here's some interesting data from my colleague Sudarshan Kumar. He is highlighting some stocks whose futures are trading at a steep discount to the underlying stock. Now, we've been highlighting for a while that there is lack of support that is forthcoming from banking stocks. Now, yesterday's price action on the NFT bank can be viewed from a glass half full or a glass half empty prism. Now for the optimist, they would say that there was a 250-point recovery that the index saw from the lowest point of the day before closing but the skeptic would say that there is still no contribution from large banks whatsoever and that 46,700 continues to remain a hurdle for the index. The optimists would surely hope that that 250-point recovery which happened yesterday can translate into something substantial in today's trading session. Now on to global markets then and the US markets were also trading with losses for most parts of Tuesday's session showing that there is exhaustion there as well at higher levels but then their charts showed a spike towards the close of trade. Now why did that happen? That was courtesy Apple and the company decided to abandon its most ambitious electric vehicle project after spending nearly a decade on that. And that brought some relief to the investors as it removed a major overhang and it sent the stock higher after recovering from the lowest point of the day. And as a result, the NASDAQ, the S&P 500 and the Dow Jones, all of them ended higher overnight. Markets in the Asia Pacific though have opened flat and the gift nifty is also indicating a flattish to a mildly positive start for our markets as we speak. Now back home and what not but what a phone idea should be on your radar today as it has announced its much awaited fundraising plan on Tuesday evening. The borders approved raising 20,000 crore piece via equity through various methods. The positive in this is that the promoters will be participating in the fundraise. So there is more clarity on that. Additionally, the company is also in talks with lenders to raise 25,000 crores via debt. Now the company will hold an EGM on the 2nd of April to get shareholder approval for this. The fundraising is slated to be completed by the first quarter of FY25. Now of course, watch for a reaction in India's towers as well but the stock is in the F&O ban today. Well, we all know that all eyes will be on Vodafone idea and how it reacts to this news but then there are other stocks to watch out for as well. The promoters of CMS infosystems did end up selling their remaining 26.5 percent stake in the company through yesterday's block deal, taking the promoter holding in the company down to zero. The buyers in that block deal? Well, it's a long list. Morgan Stanley, Abu Dhabi Investment Authority, Matthew Cyriak, Nomura and other domestic funds were also buyers. Now in another block deal that took place yesterday, ICICI Bank has indeed increased its stake in ICICI Lombard by 1.65 percent for over 1,300 crore rupees. Also raising funds will be Tech Smack or Rail where it will issue warrants worth 150 crore rupees on a preferential basis to the promoter or promoter group entities. In some brokerage notes, novama has maintained its bullish stance on Vedanta after an analyst meet and it's said that FY25 will be a transformational year for the company. It has maintained its buy recommendation and also raised its price target to 394 rupees from 371 earlier. And later today, the regime of the nifty 50 indices is also likely to take place. The novama is expecting strum finance to be included in the nifty while UPL may be excluded. Also watch for Salazar Technoengineering which has won a 200 crore order which it plans to execute in the next 12 months with healthy margins. And in some potentially good news to end, reports are suggesting that the Tata Institute in Mumbai has claimed to have discovered a treatment that can prevent the resurgence of cancer for the second time. They claim to have developed a tablet which would prevent the occurrence of cancer for the second time in patients and also reduce the side effects of radiation and chemotherapy by 50 percent. You would surely hope that there is more progress in this regard. That's all for today. We wish you a happy midweek trading day and for the sharpest market insights and analysis, stay tuned to CNBC TV18 and cnbctvating.com. [MUSIC]