MarketBuzz
1306: Marketbuzz Podcast with Kanishka Sarkar: Sensex, Nifty 50 likely to open in red, Titan, UPL results today
[MUSIC PLAYING] Good morning, everyone. Welcome back to CNBC TV AT&T's Market Bus Podcast. This is your host, Konnushka Serkar, bringing you top developments from around the world ahead of today's trading session. Well, after three days of teasing the landmark, the NFT is finally scaled at the mark of 25,000, thereby starting off August on a positive note. What generally follows an event like this is a sell-off from higher levels. Yesterday, there was some bit of resistance for the NFT as well, around the 25,100 mark, owing to which it reversed from its latest record high of 25,078. But the fact that the index managed to hold on to 25,000 at close will give the bills a lot of comfort. For the week, the NFT is now up just under a percent and is positioning itself for a ninth straight weekly advance, which, if materialized, would be the longest weekly winning run since 2010 for the index when it had a similar run between February and April. Today's session will see stocks like Tata Motors, Zomato, and ITC react to their respective quarterly numbers, along with stocks like Goddridge, Agrawet, Kalyan Jullers, Web of Global, among others. The final trading day of the week will also see earnings from Dalmiyabharath, delivery, Cams, Hindustan Zinc, UPL, PSP projects, among other broader market names. Nagarat Shetty of HDFC Security says that even as the NFT is crossed 25,000, the crucial hurdle between 25,000 and 25,100 remains intact. He anticipates further consolidation or a minor near-term tip. Meanwhile, the NFT bank continued with its sluggish moves on Thursday. It continued to face resistance above the mark of 51,800. The index may have gained for the fifth stay in a row, but it continues to remain stuck in a range. Now, in terms of global queues in the US overnight, stocks sold off with the Dow Jones tumbling nearly 500 points as investors' fears over a recession surfaced. The Dow dropped 1.2%, the S&P 500 said 1.3%, whereas the NASDAQ composite slipped more than 2%. Some fresh data stock fears over a possible recession and the notion that the Federal Reserve could be too late to start cutting interest rates. Also, initial jobless claims rose the most since August 2023. These week data releases come a day after the central bank policy makers chose to keep rates at the highest levels in two decades when Fed Chair Jerome Powell gave investors some hope by signaling a September rate cut is on the table. Now, this morning, Asian mark is also fell after Wall Street sell-off with Japan's Nikkei leading losses. Japan's benchmark index is nose-dived much as 5% of Friday with most Asia-Pacific markets lower after a sell-off on Wall Street overnight. The Nikkei extended its 2.6% slide on Thursday to lead losses in the region and reach its lowest levels in February. Both the Nikkei and topics sparked losses later in the session and were last trading at 4.2% and 4.3% respectively. However, K-pop stocks were a bright spot for the market. Shares of all four listed K-pop companies defied the broader sell-off to climb on Friday led by hype after the firm announced its new business strategy on Thursday after market hours. Meanwhile, Intel shares slid as much as 20% in extended trading overnight. After the chip maker said it would lay off over 15% of its employees as part of a $10 billion cost reduction plan and it reported lighter results than what analysts had envisioned. The company has also said that it will not pay its dividend in the fiscal fourth quarter of 2024 and that it will lower foliar capital expenditures by over 20%. Now, in terms of commodities, oil is headed for a fourth weekly drop as demand concerns in the world's two biggest economies, overshadowed heightened geopolitical risks, Brent rotated near $80 a barrel after dropping 1.6%. Meanwhile, back home, Ola Electric's over 6,000 crore rupees IPO opens today for subscription. Its anchor books saw participation from marquee investors. Also, Zomato was targeting the Going Out segment now with the launch of its district app. Karnataka GST Authority has withdrawn notice to emphasis and asked it to respond to the center whereas NASCOM has slammed the notice. On the weather front, a rains continue to wreak havoc in Weinad and Delhi NCR. Lastly, the gift NFT was trading 0.18% lower than the NFT future's Thursday close, implying a lower start for the Indian market. Well, that's all for now. Have a good trading session and have a good weekend. This is Karnataka Sarkar signing off, stay tuned to CNBC TVating for more. (upbeat rock music) [MUSIC PLAYING] [BLANK_AUDIO]