MarketBuzz
1332: Marketbuzz Podcast with Kanishka Sarkar: Market headed for muted start, US prez debate, crude price in focus
Welcome back to CNBC TV18's Market Bus Podcast. This is your host, Kanishka Sarkar, bringing you top news from around the world ahead of today's trading session. Well, one of the key things to note today, at the time of regarding this podcast, Donald Trump vs Kamala Harris debate was underway. The first half are of the debates centered around policies to boost the economy and abortion rights. While Trump has been fact-trick by the moderator once so far, Trump alleged that Harris lied at least twice. Now, going back to stock markets, on a day when the street expected a repeat of Friday's declines, cut see of the sell-off on Wall Street, the Nifty ended higher. The Nifty ended higher on Tuesday as well, but then the gains were not as much as the street anticipated, considering the strong handover from across the Atlantic. The Nifty did cross 25,000 and even 25,100 in intraday on Tuesday, but could not sustain above those levels. There was some resistance seen at a 25,150 mark, which led to the index turning from its intraday high of 25,130 and ended 90 points off the day's high. Tuesday's session belonged to IT and pharma companies. A slew of pro-creators have come out with notes on the future of the IT sector. Pharma companies also had a healthy day of gains, mainly due to passage of bio-secure acts in the US House of Representatives. The impact of the same was also seen in Indian pharma companies. The next two sessions are crucial for the index, while today there is Wednesday, will be the weekly expiry of Nifty Bank. The Nifty is a weekly contracts expiry on Thursday. broader markets also stage to rebound after Monday's under performance. Now, this brings us to some important questions ahead of Wednesday's trading session. Can this today gain on the Nifty be termed a recovery or a bounce that cannot be sustained? Will the market continue to remain choppy until the FOMC rate decision? Will the Nifty get a directional move on Wednesday on the Nifty Bank weekly expiry day? And our traders using this recovery to utilize the sell-on rallies template on the Nifty. Nagaraj Shetty of HTHC Security says that Nifty faces a crucial resistance of 25,200 levels. A decisive move above this can open further upside towards new all-time highs, with immediate support at $24,900. Among the key stocks to track today, our reliance industries' reliance retail ventures and Delta Galil have announced a strategic partnership in India. With this collaboration, Delta Galil will expand its presence in India with a 50/15 joint venture. Dr. Reddy's laboratories has clarified on allegations of engagement with Agora advisory, saying that services of Dhaval Butch were engaged from October 2020 to April 2021 for a total remuneration of 6.5 lakh rupees. The assignment started and ended well before Madhavi Butch's term as Sebi Chairperson began. Any suggestion that the company was treated differently by Sebi as a result of this would be baseless and malified the company says. Pidellite is also clarified on association with Dhaval Butch and Agora advisory, saying that it had engaged services of Dhaval Butch in FY20 and that there have never been any enquiries or cases from Sebi vis-a-vis the company. Oil India shares will be in focus as Oil India, ONGC Videesh and Kabir have signed MOU with IRH-UA for global cooperation in critical mineral supply chain. Meanwhile, Ayurida's arm, Ayurida Global Green Energy Finance IFSC has got provisional registration from the International Finance Services Centre Authority, i.e. IFSCA, as a finance company at GITCITY. Goa Carbon is resumed work at the company's Goa Unit, located at St. Joan's D-Arial. Ramco Systems has launched Aviation Software's 6.0 for Smarter Aircraft Management. Lastly, Lemon Tree Hotels has signed a license agreement for 108 rooms hotel on Mira Road. The property will be managed by its arm Carnation Hotels and is expected to open in the financial year 2026. Now, looking at global queues, Asian stock slipped Wednesday on growth concerns ahead of US inflation report and as markets prepared for the knockoff effects of a presidential debate. A guard for the region's equities fell for the third session with Japanese stocks leading the decline. Futures for Hong Kong and US shares also dipped. Global growth worries resurfaced as oil dropped below $70 on Tuesday while Treasury yields fell in the run-up to US Consumer Price Index. The match-up between Vice President Kamala Harris and former President Donald Trump may promise more clarity for traders who have been passing campaign trail language around tax proposals, government spending plans in policies on energy, electric vehicles, healthcare and more. The Treasury yield curve has steepened this year on concerns that the US deficit will worsen, which drums policy seen as potentially inflationary. Back in the US, the S&P 500 rose 0.4% with the Bloomberg God of the Magnificent Seven Megacaps jumping 1.5%. Tesla-led gains on Wall Street and Oracle Corp hit an all-time high. In terms of commodities, crude has stumbered by almost a fifth so far this quarter and concerns of slowing growth in the US and China, the leading consumers, will crimp demand at a time of robust and expanding supplies. About the key debate in the US, sparring on politics and personality, Kamala Harris and Donald Trump showcase their stuckly different visions for the country as they met for the first time for perhaps their only debate before November's presidential election, a high pressure opportunity for the candidates after a tumultuous campaign summer. The match-up offered Americans their most detailed look at a campaign that's dramatically changed since the last debate in June, which first President Joe Biden from the race. The Democratic Vice President immediately moved to press the case against the former Republican President and his bombastic rhetoric linking him to "Conseverative Project 2025 blueprint for a Republican administration and GOP efforts to restrict abortion access." Trump, in turn, tried to link Harris to Biden, questioning why she hadn't acted on proposed ideas while serving as Vice President and focused his attacks on Harris over her assignment by Biden to deal with root causes of illegal migration. Meanwhile in other global news, Apple and Google have lost multi-million dollar court fights with EU, Amazon has said it will invest $10 billion in UK data centers, whereas SpaceX's launch polarist Don Mission, which will attempt its first private spacewalk. Back home minister Nitim Ghatkari has backed for a scrap-pitch policy. Top corporates have refuted Congress' claims of regulatory relief on payments to savvy chiefs' advisory firm. Also, India's ease rules for murder between global holding companies and local arms. Borderphone promoters have upped their stake in the company. Lastly, Gif Nifty was trading lower this morning at an discount of more than 10 points from Nifty Futures' Tuesday close, indicating a flat-to-negative start for the Indian market. Well, that's about it for now. This is Kanishka Saakar signing off. Stay tuned to CNBC TV18 for more news and cues. [MUSIC] (upbeat music)