MarketBuzz
1204: Marketbuzz Podcast
Good morning and welcome to CNBC TV18's Market Buzz Podcast with me, Harmswattakya. Well, I guess I complained a little too soon yesterday when I mentioned that they are running out of ejectives for a sluggish market which was the case over the last four days and until around 11 a.m. yesterday as well which is when the market began its free fall. Now, a buy on dips market suddenly saw no dip being brought into. In fact, every minor recovery was sold into yesterday near-term supports were broken and no index was spared as every sectoral index ended in the red. The nifty also closed below the 22,000 mark, something that it hadn't done in nearly two weeks. Now, over the next five minutes, we'll tell you about today's FNO expiry, some levels to watch out for, the index changes overnight and can reliance industries lend some support to this market. Yesterday is the FNO expiry of a fairly long February series and it has been a fairly good one for the nifty as despite yesterday's drop, the index is still up 600 points. In case this does turn out to be a positive expiry which is the most likely outcome, it will be the first positive February series for the nifty after 2021. Now, also watch for the India weeks, the volatility index which closed above 16.3 yesterday and today being the expiry may also cause some volatility in the market. The nifty bank will also be in the spotlight as courtesy of yesterday's drop, the index closed below the 46,000 mark for the first time since Valentine's Day, but it has been a good series for the nifty bank as well as it is still up 1000 points despite the recent underperformance. Nothing much to speak about in the global updates overnight, the US markets were mostly flat but they ended with a negative bias, the Nasdaq was down around half a percent the Asian markets have also opened lower this morning but the gift nifty is pointing towards a slightly higher start as we speak around 30 odd points higher as of now. But big news that came in last evening, that is related to Reliance Industries where it has entered into a joint venture for entertainment brands in India with Disney and this joint venture is valued at over 70,000 crore rupees. Now Reliance will invest around 11,500 crores in the joint venture, Viacom 18 will own 46.8% stake of this company, Reliance will hold around 16.3% while the rest will be held by Disney, Nita Ambani will be the chairperson of this joint venture company and the transaction will mostly be completed by October of 2024 and March of 2025, somewhere between that timeline. Also watch out for a reaction in shares of TV18 post this announcement, a standard disclaimer Network 18 is controlled by the independent media trust of which Liance Industries is the sole beneficiary. Some major index changes also took place last evening and on expected lines, Shredam Finance will be the newest entrant to the Nifty 50 while UPL will be excluded from the index starting the 28th of March. But the interesting bit comes on the Nifty Junior or the Nifty Next 50 index where inclusions are mostly the outperforming PSUs from last year, IRFC, REC, PFC will all be included in the Nifty Next 50 as will be Geofonential Services. Wiener Spipes has announced a foray into the fittings business and has also approved expansion of its existing stainless and titanium welded tubes capacity. Now this expansion will be done in two phases, the company will spend around 175 crore rupees on that and 40% of that Capex will be funded through the issue of convertible warrants to promoters and one non-promoter entity. Now and the rest of that will be funded via debt and internal accruals. Remember, Wiener Spipes has been a multi-bagger since its listing in May of 2022, since then the stock is up 5x from its IPO price. Swan Energy has also approved the closure of its QIP, it has fixed the issue price at 670 rupees a share which is a 4.5% discount to the floor price of 703 rupees. Also watch out for a reaction in oil India as the company's board will meet on the 8th of March to consider a second interim dividend. It is expiry day today but we still have stocks in the FNO ban and those are in the towers and sale but other tubular fashion, canada bank and Z entertainment are out of the FNO ban. But here is ending on a wonderful note, our female leaders are being recognized globally as well, CNBC International has named Apollo Hospital Sunita Reddy and DiPali Goenka of Wellspun among the 50 female leaders impacting society, challenging established practices and driving industry wide change our heartiest congratulations to them. And that's all for today, there are plenty more stocks to watch and our continued coverage on this mega reliance Disney deal as well will continue through the day on CNBC TV 18 and cnbctv18.com. We wish you a happy expiry trading session and a lovely day ahead. [Music]