MarketBuzz
1319: The Marketbuzz Podcast: Nifty looks for a decisive move back to 25,000; Block deals are back!
(upbeat music) - Good morning and welcome to CNBC TV18's Market Bus podcast, I am Hormas Patakia. The weekly expiry of the NFT has arrived and today might just turn out to be the day when the NFT makes a decisive move after what has been a week of consolidation. But even as the moves on the index have been range bound, it's been positively range bound as the NFT has continued to grind higher and it now stands on the doors of 24-800. Now there is another big downside gap that it needs to fill according to what Chartists are saying which comes up to around 24-960 which happened on the 2nd of August. And that might happen soon enough because of another positive handover that has come from Wall Street. The US markets were up overnight after the latest FOMC minutes strengthened the case for a rate cut in the month of September with most members opting for the same view. The debate now though is how much will the Fed eventually cut rates by because the possibility of a rate cut right now are at 100%. Both the S&P 500 and the NASDAQ gained for the ninth out of the last 10 trading sessions. The gift NFT is also indicating yet another gap up opening for our own markets. So promises to be a positive start and the bull would hope that the session throughout is equally positive. The same though, can't be said for the NFT bank and that has been an index that has kept the NFT upsides in check for the last few sessions. Although it was a last hour recovery yesterday in the NFT bank during its weekly expiry that took the NFT as a higher as well. But the index continues to remain sluggish. Now those who see the things as a glass half full would believe that the NFT bank recovered more than 300 points from the lows of the day in the last few minutes of the trading session. But those who see it as a glass half empty, well they would say that despite the recovery it still ended 120 points lower, failed to cross 51,000 on the upside. And that has kept the NFT upside limited as well. Now even as the benchmark indices are consolidating it is the broader markets where the action actually lies particularly in the small cap space. Now the small cap index gained for the fourth day in a row on Wednesday and has now added over 1,000 points during this period. The index is also near its very recent record high. Plenty of stocks to watch out for today. Zomato and PayTM will be top of the pile. Zomato will acquire PayTM's entertainment and ticketing business for 2048 crore and it will do a primary infusion of funds through a preferential allotment. Now Zen Technologies is another one. That stock is a multi-bagger. It's up almost 300, 400% in the last 12 months. And that has launched a QIP worth up to 800 crore rupees with an option to extend it to 1,000 crore. The indicative price is said to be 1,601 rupees a share which is a 10.2% discount to Wednesday's closing price. R.T. drugs' board will meet on the 26th of this month to consider a share buyback. And this will be the sixth time that the company will be doing a buyback since 2016. The promoters of Alchem Laboratories plan to sell around 0.7% of their overall equity in the company through a block deal. And the floor price of that deal is said to be 5,616 rupees a share which is a 3% discount to yesterday's closing price. Multiple PSUs will also be in focus today. First up, R.V. NL because of the M.O.U. that it has signed in Malaysia to expand its presence in the ASEAN market. EREDA will also be in focus ahead of its board meeting on the 29th of this month to raise funds via various methods. And that comes up to around 4,500 crores. The management has alluded to this before as well in an interaction with us earlier. And they had said that they would look to raise around 4,500 crores through various methods subject to approval from the government. And HADCO will also be in focus today because that has signed an accord with the Yamuna Expressway. And that will keep HADCO in focus as well. But for the complete list of stocks, do log in to cnbctv18.com and we have all the updates there as well. And that's all for today. We wish you a happy and safe trading day. And for the sharpest market insights, stay tuned to cnbctv18 and cnbctv18.com. (upbeat music) You (guitar music)