MarketBuzz
1322: Marketbuzz Podcast with Kanishka Sarkar: Sensex, Nifty 50 to start lower, IT stocks, Paytm in focus
Good morning everyone. Welcome back to CNBC TV18's Market Bus Podcast. This is your host Kanishka Sarkar bringing you top developments from around the world ahead of today's trading session. Al-Jharam Poveil's page triggered a strong rally on Wall Street, and that did rub off on the Wall Street to a certain extent on Monday. The NFT was back above the mark of 25,000, a level last seen at the start of this month. It turned out to be a day when the benchmark indices outperformed the broader markets. But even as the NFT gained nearly 200 points on Monday, there appeared to be some hesitation among the bulls to scale the record high of 25,078 and take the index beyond that. The NFT made a high of 25,043 and closed just above the mark of 25,000, falling just 0.3 points short of registering a record closing high. Almost all interest rates sensitive are put in a very strong show on Monday starting with IT, which rally post-asserts in a Nasdaq, while real estate and metal stocks do saw a good day at the office. The interest rate factor was only one of the factors by metal stocks rallied on Monday's trading session. In fact, brokerage firm Jeffries also attributed the recent IT rally to technical factors, despite ETH's cuts to most companies. Since this is the start of the expiry week, most of the stocks within the F&O space have either seen short covering or unwinding in their long positions. Stocks like M&M, Bajaj Auto, ICICI Bank, HCL Tech and NMDC saw short covering in Monday's session, meaning an increase in price but a decline in open interest. On the flip side stocks like LIC Housing, Apollo hospitals, ICICI Prudential and Zydus Life saw unwinding of long positions, which means that these stocks are declined in both their price as well as open interest. For today, the gift NFT was trading lower this morning at a discount of nearly 30 points from NFT futures Monday close, indicating a start in the red for the Indian market. So, IT stocks may again be in focus as they may take a breather after yesterday's move and Nasdaq under performance. Among other stocks to watch will be GPT Infra projects as the Kolkata-based infrastructure firm has said that its fundraising committee has given the Greenlight for a qualified institutional placement to raise funds. KPI Green Energy has said that its wholly owned subsidiary Sundrops Energy are Private Limited has received letters of intent to execute solar power projects. Ultra Dec Seamint has said that it has successfully raised $500 million through a sustainability link loan with participation from six banks. PTM will be in focus as the company has issued a clarification regarding recent media reports but a notice from SEBI to the company and its directors. HCL Tech will also be tracked today as it has extended its strategic AI-driven engineering services and digital process operations partnership with Xerox. Meanwhile, Lamentary Hotel does announce that it has signed an agreement for a new property in Iothea. In terms of global queues, Asian shares moved in a narrow range after tech giants dragged down Wall Street. As workers shifted from Federal Reserve's policy outlook to NVIDIA Cops earning next week. In terms of global queues, Asian shares moved in a narrow range after tech giants dragged down Wall Street as focus shifted from Federal Reserve's policy outlook to NVIDIA Cops earning later this week. Japanese and South Korean stocks turned slightly higher after earlier losses with mile gains in Australia. Hong Kong futures pointed to a week opening while contracts for US peers were steady after some of the world's largest tech names pushed US stocks lower. A god of the magnificent seven mega caps slid more than a percent on Monday. While more than half of the shares in S&P 500 gained, the US equity benchmark edged lower. A consequence of weakness in tech giants that dominated. In other news, Canada has imposed 100% duty on Chinese EVs, including Tesla's 25% on steel. In the US, Trump has pledged to create a space national guard. Meanwhile, Russia has fired a huge missile drone salvo at Ukraine's power grid. Telegram Chief Pawel Durov has been charged on 12 criminal counts, whereas Apple has announced its iPhone event for September 9 and that its CFO would step down in January. IBM has decided to shut its China R&D plant following which over 1000 staff will be affected. In terms of domestic news, Bajaj Auto is betting big on clean energy and is planning a slew of launches in the coming months. After UPI, now RBA is all set to launch ULI that is a unified lending interface for borrowers. MediAssist is to buy Paramount Health Services TPA which will strengthen in its market position. FSSCI has withdrawn in order banning A1A2 milk ads. And lastly, BJP has announced the first 15 candidates for Jammu and Kashmir polls, whereas Congress has announced its list of 9 candidates. Well, that's about it for now. Stay tuned to CNBC TV18 for more. This is Kanishkastar signing off. Stay tuned for more news and cues.