MarketBuzz
1219: Marketbuzz Podcast with Kanishka Sarkar: Will Nifty 50 hold on to 22,000? IT stocks in focus
(upbeat music) - Good morning, everyone. Welcome to CNBC TV18's Market Bus Podcast. This is your host, Kannushka Sarkar, bringing you all the important cues ahead of today's trading session. Well, as the gift nifty suggests, the Indian market is likely to open in the green amid mixed global cues. While other Asia-Pacific markets opened mixed this morning, Japan's Nikhai crossed 41,000 to hit a fresh all-time high as Japan inflation accelerated in February. Now, Japan's headline inflation rate for February came in at 2.8%, climbing from the 2.2% seen in the previous month. Futures for Hong Kong's HangSeng index stood at 16,747, pointing to a weaker open after the index gained almost 2% on Thursday. Now, overnight in the U.S., all three major indexes hit fresh records, continuing the rally from Thursday after the U.S. Federal Reserve held rates steady and maintained its cut forecast for 2024. Meanwhile, all prices sank in early Asian trade on the possibility of a nearing Gaza ceasefire, which could lose in global supply and at the same time, a stronger U.S. dollar and faltering gasoline dampened demand sentiment. Brent crude futures fell to $85.6 a barrel. Bitcoin has peeled back more than 10% from its all-time high as the appetite for fledging spot Bitcoin exchange-traded funds whereas EDS has moderated. JP Morgan Chase and company strategist won that the retreat has room to run. Now, back home in the previous session, Nifty and all other sectoral indices staged a rebound, courtesy the Fed rate decision. The Nifty managed to scale past Wednesday's resistance ban of 21,900 to 21,950 to close above the 22,000 mark. Well, even in a rebounding market, foreign investors were net sellers in the cash market yesterday while domestic investors continued to be buyers. For the week, the Nifty is at the same level at which it ended last Friday. Well, since the next week is truncated, so volumes will be lower. Meanwhile, the Nifty bank has rebounded from the lower end of its support range and more importantly, it's not a nine-day losing streak. Despite the nine-day drop, Thursday's rebound has ensured that the Nifty bank has turned positive for the week, albeit only marginally. Now, the key question is, can Nifty hold on to the 22,000 mark? Well, market analysts suggest that the market is not out of the woods yet, despite some relief yesterday. Now, about the stocks in focus, IT stocks could see some sentiment hit as Accenture, one of the world's leading IT services company, has lowered its fiscal year 2024 revenue growth forecast from two to 5% earlier to one to three percent as economic uncertainties that led to a drop in client spending on consulting services. So, Indian technology innovates like TCS, emphasis, Whipro and peers will be in focus post-accenture's guidance cut. PSUs will also be in focus as the index was up 3% yesterday. After PSU stocks correcting 25 to 30% from top in March, there are first signs of a pullback. Now, apart from IT and PSUs, last and intro row will be tracked as the board is to meet on March 27 to consider fundraising. ParaDynamics board is declared an interim dividend of 8.85 rupees per share. The record dates are the same as been fixed as April 2. Prestige states through its subsidiary has acquired 62.5 acres of prime land in Indira Puram extension NCR for an integrated township. Also, IRB infra will be in focus as MMK, a toll private limited, the investment manager of IRB interest trust, has the associate of the company on behalf of the trust has allotted 9.2 crore units of the trust to eligible unit holders for cash at an issue price of 244 rupees per unit. Next up, domes industries is venturing into manufacturing and retailing of bags, including school bags, pouches and related items, to market's presence in the back-to-school market through the acquisition of a 51% stake in mosquito industries within an initial investment of 51 lakh rupees. Tata Communications is going to transfer its digital services business to its wholly owned subsidiary, Noamaj for 458 crore rupees. Masagandok shibbuilders is back in focus as chairman and managing director, Sanjeev Singhal has been given an extension of six months from February 1, 2024, or till the regular income and joins the post. Now, Whipro's step-down subsidiary, Whipro IT Services, has signed an agreement with General Motors and Magna International to incorporate a new entity, that is SD-WERS. Veranda Learning's board is approved raising funds worth 25 crore rupees and a green shoe option of up to 100 crore rupees through senior, secured, redeemable and unlisted entities in one or more tranches. Now, IRADA will also consider a borrowing program of up to 24,200 crore rupees for the financial year 2025 on March 28. Well, those were the few cues to watch out for. In some other important news, the enforcement directorate has arrested the Delhi Chief Minister Arvind K. Dhrival in connection with the ongoing probe into a legend of irregularities surrounding the capital's liquor policy. Also, the much awaited Indian Premier League 2024, that is IPL, commences today in Chennai with Chennai Super Kings and Royal Challenges Bengaluru, competing against each other. Well, that's about it for now. This is Kanishka Sarkar signing off. Stay tuned to CNBC TV80 and have a good week in the head. (upbeat music) (upbeat music) (gentle music)