MarketBuzz
1325: Marketbuzz Podcast with Kanishka Sarkar: Sensex, Nifty 50 likely to start in green, SpiceJet, Infosys in focus
Good morning, everyone. Welcome back to CNBCTV 18's Market Bus podcast. This is your host Konnishka Sarkar bringing you talk developments from around the world ahead of today's training session. Well, the last time the NFT gain 11 days in a row was nearly two decades ago, way back in September 2007. The 11th day of gains during its monthly expiry session was courtesy Reliance Industries, as one-third of the NFT's gains on Thursday came from RIL. An otherwise sluggish session on the NFT was brought to life and Reliance Industries announced that it will consider a one-is-to-one bonus issue at its board meeting on September 5th. The resultant spike saw the NFT make a new high of 25,192 before ending at a record closing high of 25,151. The NFT for the August series ended with gains of over 300 points making its third consecutive F&O series. For the week, the NFT is up 1.2% and is poised for its third straight weekly advance. A big factor for Friday's training session, that is today, though will be the MSCI adjustments which will take place in the final few minutes of the training session. This means that the HDFC Bank, which has been an underperformer, will see the first tranche of its weightage increase in the MSCI indices. Analysts are expecting the lender to receive flows ranging between $4 billion to $1.8 billion. Both foreign and domestic investors will net buyers in the cash market on Thursday, but the numbers will also be skewed due to the block deal seen in stocks like interglobe aviation, PB fintech and wealth fund living. Among key stocks to watch today is Infosys, which has extended its partnership with NVDIA to introduce high performance-generative AI powered Telco solutions based on NVDIA and NIMPs. It will also be Tata Motors final training session before capital reduction programs are recorded. Sugar stocks will be in focus as the government has allowed ethanol production from Kane juice, be heavy molasses, see heavy molasses for 2024/25. This is a big positive for stocks like Balram Puccini, Sri Rhaena Karshugar, Dwari Kesh and others. It is also a positive for PRACH industries as it offers technical assistant to distillery industry. Now, RVNL has signed an MOU with Patel Engineering for Hydro and other infrastructure projects in India and overseas. ITI has backed its first EVM order from state election commission of West Bengal for 500 EVMs. The quantum of the order has not been disclosed yet. Meanwhile, the NBCC board is to meet to consider a bonus issue of shares. Another key stock to track today is SpiceJet as the airline has been placed under enhanced surveillance with immediate effect by the DGCA. This would mean an increase in the number of spot checks, night surveillance to ensure safety of operations. Although, the airline has now placed 150 cabin crew members on furlough for three months. CDSL shares will be in focus as Sebi has approved Nihal Vora's appointment as MD and CEO. LIC has got a GST demand notice, interest and penalty order worth 605 crorepees for FY20. Lastly, Lemantry has signed a pack for a 72 room hotel in Ayotia. In terms of global queues, Asian stocks advance as upbeat US growth data suggested that the Federal Reserve is engineering a so-called "soft-landing" for the economy. Equities in Australia and South Korea rose while those in Japan inched up. The MSCI Asia-Pacific Index headed for a fourth month of gains as trade has awaited a key US inflation report due Friday. Japan's 10-year bond futures opened lower after data showed inflation in Tokyo, quick-kindin August, backing the case for a further normalisation of monetary policy. Chinese equities may be in focus after the Yuan's trend then Thursday and the NASDAQ Golden Dragon Index climbed 2.6%. The S&P 500 closed little change overnight, weighed down by NVIDIA Corp after its underwhelming earnings, while the Dow Jones industrial average ended at an all-time high. A rally Friday will cap the best month for US and global stocks since June. Amid bets, the Fed will ease policy as it tames inflation without the economy tumbling into recession. US output grew at a slightly stronger pace in the second quarter than initially reported, reflecting an upward revision to consumer spending that more than offset weaker activity in other categories. While the Fed's preferred inflation got to the core personal consumption expenditure price index, as due later in the day, the currency market is turning its focus to next week's US employment data to confirm whether the Fed will cut rates in September. In terms of commodities, oil was steady after jumping Thursday on positive US economic data and was in supply disruptions in Libya. Meanwhile, gold slipped. In other news, Donald Trump says that he will make US the crypto capital of the planet. Meanwhile, Kamala Harris has promised to include a Republican in the cabinet, and is also currently leading Trump 45% to 41% in a new Reuters poll. Elon Musk has ramped up attack on Brazil's top charge as X-faces ban and Starlings' finances have been frozen. Disney's Park Josh D. Amaro is set to succeed Bob Iger at Disney. Nokia's mobile network assets have drawn Samsung interest, it seems. Back home, a reliance in its AGM announced that it sees deep tech as path to global leadership, it is big on AI and announced a welcome offer of 100 GB. Meanwhile, the government has cleared decks for direct listing on gift IFSC, with 10% of float, whereas RBA has allowed SGB trading in IFSC. Moody's has upped India's 2024 GDP growth estimate to 7.2% from 6.8% earlier, whereas Fitch has reaffirmed its BBB rating. Zepto has raised $380 million at a valuation of $5 billion. Lastly, Sebi Chief has vowed a speedy nod for IPOs. The gift NFT was trading higher this morning at a premium of nearly 20 points from NFT futures Thursday close, indicating a start in the green for the Indian market. Well, that's all for now. Stay tuned to CNBC TV 18 for more news and news. This is Kanishka Sarpar signing off. Have a good trading session. [Music]