MarketBuzz
1304: Marketbuzz Podcast with Kanishka Sarkar: Nifty 50 eyes 25,000 yet again, Maruti Suzuki and Tata Steel in focus
(upbeat music) Good morning, everyone. Welcome back to CNBCTV18's Market Bus Podcast. This is your host, Kanishka Sarkar bringing you top developments from around the world ahead of today's trading session. For the third day in a row, the question remains, will the NFT 50 hit 25,000 today or not? Because Tuesday's trading session almost felt like a repeat telecast of Monday's episode. The NFT opens higher, scales higher, makes a high, ignites hopes of scaling 25,000 yet again, and then comes the sell-off in the final few minutes of the session, taking the NFT back to the exact same levels at which it started the session. The 24,971 was the high that NFT made on Tuesday, and that will become the first barrier for the index to cross as it steps into midweek trade. For the index that has had a trading range of 550 points in the last two trading sessions, the eventual gain at close has only been three points. Wednesday will also be the weekly expiry of the NFT bank which will yet again bring the indices back in spotlight. The weekly expiry of the NFT financial services index yesterday had a big role to play in the reversal that NFT witnessed. The index reversed nearly 250 points from the highs of the session, which took the NFT bank lower and consequently the NFT as well. Now today is also the last trading day of the month, and as volatile a month as this has been, the index is so far gained 3.5% since start of July. It will also be an earnings reaction and earnings heavy day. Stocks like Tata consumer products, Ajanta Pharma, Dixon Technologies, Indestavas, Naveen Fioreen, Torrent Power, Macrotic developers among others will react to their quarterly results. For NFT 50 constituents, Col India, Mahindra and Mahindra, Maruti Suzuki and Tata Steel will report their results today along with broader market names like Adani Power, Amguja Siemens, Astadm Health Care, Bank of Baroda, BHEL, Deepak fertilizers, Billa Soft, Godrich Properties, Mankind Pharma, Prestige Estates and Z Entertainment. Meanwhile on Tuesday, foreign institutions remain net sellers in the cash market while domestic institutions continue to be net buyers. HDFC Securities and Nagara Chhatti believes that the short-term NFT trend is choppy, but the near-term trend remains intact and that the overall Chhatti pattern is indicating some more consolidation or a minor dip in the next one or two sessions before a bounce from the lose. An underperforming NFT bank will be in focus again today as it is the weekly options expiry. The index kept the NFT gains in check through most of July, led the resurgence on Friday and Monday and the seller from higher levels also took the netty down with it. The NFT bank made a high of 51,957 on Tuesday, but corrected over 500 points from those levels, a script similar to Monday's drop. In terms of global queues, Asian stocks clamped to familiar ranges on Wednesday after contrasting results from the tech bellwether, Microsoft and Chipmaker AMD suggested it divide in the AI landscape while the yen was firm ahead of bank of Japan's policy decision. Central banks dominate investor attention on Wednesday with the decision from the Federal Reserve also due later in the day with markets expecting the US central bank to stand pat on the rates, but indicate rate cuts are on the way. The Bank of Japan on the other hand is expected to detail plans to taper its huge bond buying on Wednesday and debate whether to raise interest rates. That alongside escalating geopolitical tensions in the Middle East kept sentiment in check with Israeli government claiming it killed Hezbollah's more senior commander in an air strike on Beirut on Tuesday. MSCI's broader index of Asia Pacific shares outside Japan was 0.3% higher but on cost for a 1.2% decline for the month snapping a five month winning streak. Now investors remain jittery about the AI frenzy and tech valuations as results from tech bellwethers reinforce the idea that the payoff in hefty AI investments may take longer than first thought. Overnight in Wall Street US markets continue to see mixed trends with S&P 500 and NASDAQ ending lower as investors continue to dump mega tech stocks ahead of key earnings announcements whereas the Dow Jones outperformed. S&P 500 and half a percent lower while the NASDAQ composite shed more than a percent and is now under threat of breaking below the mark of 17,000. The Dow Jones on the other hand added over 200 points to close in on the mark of 41,000. Now disappointing earnings from Microsoft sent its shares along with other tech firms lower while strong earnings from advanced micro devices spurred a rally in chip stocks. Losses were led by shares of NVIDIA which fell 7% along with Amazon, Netflix and Meta. Microsoft too ended more than a percent lower in regular trade but fell 4% after hours post its earnings report. Microsoft's peers Meta, Amazon and Apple are also set to report their results later this week. In commodities, oil rose for the first time in four sessions after an industry report pointed to a fifth week of drawdowns in US stockpiles. Brent Rule for October traded about $78 a barrel after tumbling 4% over the prior three days. In other global news, Kamala Harris has wiped out Donald Trump's lead in seven battleground states in new polling. Meanwhile, a fresh Microsoft outage hurt thousands and a miss on cloud earnings hit the stock. NVIDIA also lost $1 trillion in value in a month. The magnificent $72.6 billion in 20 days. After McDonald's, Starbucks has also seen a sales fall for which it blamed the consumer caution. Samsung has delivered a big beat in Q2, riding with strong AI demand. However, Intel is eyeing thousands of job cuts. In domestic developments, PM Modi has asked India to back the government's efforts in making India a developed nation. SEBI has cracked down on F&O expansion as it has high ticket size, opt margins, crimps, contracts and more. RB has also sent a strong message to willful defaulters and has allowed swift action against guarantees. Meanwhile, Vedanta has got a nod from lenders for D merger, but also a big tax claim from the IT department. Meanwhile, FM Nirmala Sita Raman hit back at the opposition over budget Halva ceremony photo row. FM says that there is a conspiracy to break this society over questions about how many SESD officials are part of the ceremony and making up the budget. In Kerala, on the other hand, extremely heavy rains triggered a series of landslides in the hilly area of Vayana district early on Tuesday, leaving over 100 people dead and 128 injured. Many were feared trapped under the debris. Lastly, GIF NFT was trading 0.03% higher than NFT futures till stay close, implying that the domestic market will start in the green, but little changed. Although there are a few cues to watch out for today, this is Kanishka Sarkar signing off. Stay tuned to CNBC TV 18 for more. [MUSIC PLAYING] [MUSIC PLAYING]