MarketBuzz
1308: Marketbuzz Podcast With Hormaz Fatakia: Sensex, Nifty set for a rebound after ₹15 lakh crore wipeout
Good morning and welcome to CNBC TV, 18s Market Bus Podcast. I am Harmas Patakya. Now, is this a sign of the recent bout of sell off ending or is it just a dead cat bounce? Now, that possibly will be the biggest question of this morning. After a sell off that wiped out 15 lakh crore worth of investor wealth on Monday, the last treat is set for a rebound as the gift nifty is indicating a gap upstart for the sense X and the nifty and currently is up by over 250 points and that comes on the back of a rebound in the Asian markets where the Nikai has regained nearly all of Monday's 12% fall and the other indices in the region are also advancing and after days of strengthening, the Yen has snapped a five day gaining streak and today is trading with losses of over a percent against the US dollar. This rebound in Asia is also catalyzed by a reversal in the US futures that the Dow futures are trading with gains of nearly 400 points while the NASDAQ futures too are trading with gains of over 300 points as we speak. The last night's session on Wall Street was perhaps a culmination of all that transpired across Asia and Europe during the day. The Dow Jones fell over a thousand points. The S&P 500 and the NASDAQ also shared 3% each in what was the worst single day drop for the Dow Jones and the S&P 500 since September of 2022. All the three indices have seen their worst 3 day drop since June of 2022. The NASDAQ remember has already slipped into correction territory and the S&P 500 now is down 8.5% from its record high so it's almost there but a rebound might just reverse that trend in today's session. But would you want to buy this dip? Well, there are contrasting opinions coming in from street experts who spoke to us through the day yesterday on CNBC TV18. Rohit Rvastava of India charts believes that this is the time to get in as the indicators are oversold but Dipan Mehta of Alexa equity said that he will wait for the nifty to fall to levels of 22,500 which will be a 10% drop from the peak before he starts buying stocks that are on his list. Deepak Jassani of HDFC Securities also believes that one may want to wait it out a little before entering this quote-unquote buy-on-dips phenomenon and Vin Chaurani of Helios Mutual Fund said that one needs to be very careful as this may not be a bear market but a correction in a bull market but these corrections can be very savage. You can read all of these opinions on cnbctv18.com. There are some very important things you need to track today. One, will this market see an immediate bounce or make one immediate swing low today before a bounce or yesterday's low of 23, 8, 90 will act as the immediate swing low for now. That is one important thing to watch out for. Today is also the Financial Services Index expiry so that will keep the nifty bank in focus towards the second half of the trading session. We will also keep an eye out on the stocks that have exposure to Bangladesh like trend, VIP industries, Marico owing to the unprecedented political crisis that the country is going through currently. My colleague Mangala Malu has compiled this list which can be read on cnbctv18.com. Today is also the final day of the Ola Electric IPO. The issue was fully subscribed at the end of the second day of bidding and this despite the weak market conditions and of course earnings reactions continue along with others that will be reporting results today. Barthi et als revenue was in line with estimates but margins were a miss. The ARPOO or the average revenue per user saw a modest growth to 211 rupees. ONGC's numbers were better than estimated due to the lower operating expenditure. Realizations too were better than expected. Dara Chemicals number saw a sequential recovery but on a year on your basis they were sharply lower. The net debt saw a rise from the March quarter due to high working capital requirements. There will also be earnings reactions from Barthi Exacom, Deepak Nitride, BEML, HCC and other stocks. While coming in India, Gujarat Gas, Glan Pharma, Tata Power there are plenty of broader market results that will be coming out through the day. And lastly, Adani Energy Solutions closed its QIP through which it raised over 8,300 crore rupees or just over a billion dollars. SBI mutual funds, Citigroup, Nomura were among those funds who were issued more than 5% shares of the QIP. That's all for today. We will bring to you all the live market action and analysis through the day on CNBC TV18 and cnbctv18.com. So stay tuned. Thank you for tuning in. [Music]