MarketBuzz
1314: Marketbuzz Podcast with Kanishka Sarkar: Sensex, Nifty 50 headed for gap-up start, Hero Moto, SJVN in focus
(upbeat music) Good morning, everyone. Welcome back to CNBCV18's Market Bus Parkcast. This is your host, Kalishka Sakaar bringing you top developments from around the world ahead of today's trading session. First up, here's a quick recap from yesterday's session. One may wonder that HDFC Bank was anticipated to get a weightage increase at the latest MSCI region. Well, it did, but what went wrong? Well, the street wanted the weightage to be increased in one go, but MSCI decided to increase it in two tranches. The first one now, and the second one in November, subject to compliance with the foreign headroom limit. That did not please the market participants. HDFC Bank shares were already down 11% from the July 3 peak, and Tuesday saw another 3% drop. Half of the NFTs fall on Tuesday came from India's largest private sector lender. The NFT yet again faced pressure above 24,350, and swiftly reversed from those levels once HDFC Bank continued to decline. Besides HDFC Bank, SPI, ITC, and Bajaj finance also contributed to the NFT fall on Tuesday. I'll be at a lesser quant term compared to the index heavy weight. Wednesday will now be the weekly expiry for both NFT and the NFT Bank. As Thursday will be a market holiday on account of Independence Day and the Parsi New Year. For the weekly expiry session, 24,100 becomes the key level on the downside for the NFT. The fact that the NFTs close near the lowest point of the day will not please the bulls. Wednesday's trading session will see final bits of earnings reaction from stocks like Hero Motocop, Apollo Hospitals, a Manapuram finance, Mottoot finance, SJVN, MTR technologies, among others. Now this morning, the gift NFT was trading with the premium of 75 points from NFT futures Tuesday close, indicating a gap upstart for the Indian market. Now in terms of global queues, Docks in Asia followed a rally on Wall Street as bets mounted that the upcoming US consumer price report will give the Federal Reserve confidence to start cutting rates in September. The MSCI Asia-Pacific index climbed a fourth session, extending its recovery from a historic August 5 selloff. The equity benchmarks were mostly higher with those in Japan and Taiwan jumping more than a percent. The gains came after the US producer Price Index rose less than forecast, helping to fuel a 1.7% rally in S&P 500. The easing of price pressures has bolstered confidence that US officials can start lowering borrowing costs while refocusing on the labor market, which is showing greater signs of slowing. Elsewhere in Asia, economists and investors are split over whether the Reserve Bank of New Zealand will begin reversing costs and cut its key rate by 25 basis points to 5.25% at its meeting on Wednesday. Chinese stocks opened lower following data that showed bank loans to the real economy contracted for the first time in 19 years. Investors await earnings from 10 cent holdings and its buyback plants. Will overnight in the US, the S&P 500 saw its biggest four-day rally this year. The NASDAQ 100 climbed 2.5%. Also in late hours, Bloomberg News reported that a bid to break up alphabating Google is one of the options being considered by the Justice Department. Wall Street's favorite volatility got in the weeks, tumbled to around 18. Swap traders priced in about 40 basis point Fed cut in September and total rate reduction of over 105 basis points for 2024. Meanwhile, oil climbed an early-ation trading, rebounding from losses on Tuesday, as an industry report pointed to a sizable drop in US crude stockpiles and tensions simmered in the Middle East. In other news, Kamala Harris is set to target price gouging in the first policy speech in North Carolina. US government deficit is at $1.5 trillion in the first 10 months of FY 2024. The US Secretary of State has approved the sale of $18.8 billion worth military equipment to Israel. Meanwhile, Google has launched its first AI-powered Android update, New Pixel 9 phones, and back home union finance minister Nirmala Sita Ramani yesterday said that she wishes she could reduce taxes to almost nil, but India's challenges are unique and tax revenue is crucial. A fresh PIL has been filed in the Supreme Court on Sebi's Adani Pro. Vedanta is to sell 11 crochets or 2.6% in Hindstansing for over 6,000 crore a piece. Billa siblings are set to join the Hindal cohort. Also, Majaj Otto ice 20,000 per month CNG by capacity by October this year. Lastly, the verdict on Vinash Forgot, please, has been pushed to August 16th. Well, that's all for now. Have a good trading session. This is Kanesh Kasar Kar Sayengar. Stay tuned to CNBC TV18 for more. [MUSIC PLAYING] (gentle music) [BLANK_AUDIO]