MarketBuzz
1216: Marketbuzz Podcast with Kanishka Sarkar: Here are key talking points
Good morning everyone. Hello and welcome to CNBC TV18's MarketBust podcast. This is your host, Kannushka Sarkar, bringing you all the important cues ahead of today's market session. First up, a quick recap. Sensex rebounded over 300 points at close yesterday, while the NFTI ended above the 22,100 level. As buying an IT and capital goods shares helped the broader markets recover from previous days' sharp losses. Well, now the NFTI has managed to respect its 50-day moving average at $21,909, which also indicates that $21,900 is the new key level for NFTI on the downside going forward. Well, on the upside, the index continues to face resistance above $22,100 and Monday's high of $22,123 was at level similar to that of Friday at $22,120. Global cues meanwhile seem mixed. Overnight in the US, all three major indexes re-vounded as tech companies gained while investors awaited monetary policy guidance from the Federal Reserve. NVIDIA shares rose 0.7% on the first day of the company's GDC conference, where the chip maker is expected to showcase its latest inroads in artificial intelligence. Shares of alphabet on the other hand ended 4.6% higher after reports that Apple was in talks with Google to include the company's Gemini AI in iPhones. The Dow Jones Industrial Average rose 0.2% while the S&P 500 gained 0.63%. The NASDAQ Composite climbed 0.82%. The US Federal Reserve is considered certain to keep rates at 5.25 to 5.5% when it ends its policy meeting tomorrow and investors mostly expect the Fed to begin cutting rates by June or July. The Asia-Pacific markets fell this morning ahead of Central Bank's monetary policy decisions from the Bank of Japan and the Reserve Bank of Australia. All eyes are on the Bank of Japan. I am in expectations that the Central Bank could end its negative interest rate policy after 17 years. Japan's Nikkei opened 0.5% lower which is still below the 40,000 level. The broader topics traded near the flat line. The Reserve Bank of Australia is widely expected to hold them at a 12-year high with the economy showing signs of slowing further while unemployment trends higher. The Bank of England meets on Thursday and is expected to keep rates at 5.25% as wage growth cools while market these some chances that the Swiss National Bank might ease this week. Investors in Asia will closely monitor China as well where the top securities regulator has said that defaulted developer at the heart of nation's real estate crisis falsely inflated revenue by more than 78 billion dollars in two years leading up to its failure. The China Evergrande Group and its massive debt have become symbolic of the nation's stuttering economy particularly in its property and construction sectors. Meanwhile, oil held again with continued Ukrainian drone attacks on Russian refineries and OPEC+ supply cuts in focus. Brent Crude traded near $87 a barrel after a 1.8% rally. Back home, today's trading session will see a big block tail taking place in TCS where Tata Sons will sell its 0.6% stake worth over 9,000 crore rupees. Just like the Nifty, the Nifty Bank is also holding on to its support levels. Although it came very close to breaking below the 46,000 mark, it managed to hold on and close above 46,500. However, heavy way banks continue to put pressure on the index, keeping any potential recovery in check. Now, a look at stocks to track. Apart from TCS, Aditya Billa's SunLife AMC will be in focus. His promoters plan to sell 3.3 crore shares or that is 11.47% of the total equity through an offer for sale. Tata sales UK unit will seize operations of Koch Evans at Port Tableau Plant. L&T Finance has got Port approval to raise one lakh crore via NCDs in one or more tranches. Sonata Software has signed a go-to market partnership with Zones to simplify enterprise application delivery. RPP Infra, on the other hand, has got new orders worth 94 crore rupees from the state industries promotion corporation of Tamil Nadu. Meanwhile, the gift Nifty was trading with a discount of more than 70 points from Nifty futures Monday close, which indicates a gap down start from the Indian market. Well, those were the few cues to watch out for today. This is Katja Kusserkar signing off. Stay tuned to CNBC TVA team. [BLANK_AUDIO]