MarketBuzz
1227: Marketbuzz Podcast with Kanishka Sarkar: Nifty 50 to open lower, all eyes on RBI policy, US jobs data
Good morning, everyone. This is Kanishka Sarkar and you are tuned in to CNBC TV 18's Market Bus Podcast for all the important cues I had up today's trading session. Well, it's the last day of the trading week and all eyes today will be on two data points. Reserve Bank of India's policy and the US jobs data. Now overnight action will subdue with late day pullback for US equities. All three major indices lost crowned without drones falling over a percent to record its worst sessions since March 2023 and logging its fourth consecutive losing day. The S&P 500 as well as the tech heavy NASDAQ composite both lost more than a percent. This was up to comments from the US Federal Reserve officials. Fueled worries that the central bank could hold off on rate cuts. Asia Pacific markets also fell this morning led by Japan's Nikai, which was down over 2% after briefly crossing the 40,000 mark on Thursday, while the broad-based topics was 1.7% lower. Oil prices continued to rise with Brent crude reaching a new six month high of $90.65 per barrel. On the domestic front, the Reserve Bank of India's April rate decision is due today and the consensus is that there'll be no change in the key lending rates. Now, the Nifty had an 80-point gain on the weekly option the expiry Thursday, but 76 of those points came on HDFC Bank. Now, this begs the question as to whether the Nifty can sustain the first ever close above 22,500 that it achieved on Thursday. Barring HDFC Bank, the rest of the market appeared choppy. The Nifty opened well above 22,600, but could not sustain those gains and turned negative fell below 22,300, but reversed and eventually closed above 22,500. There were trades available on both sides of the spectrum, but that came with extreme volatility. For the week, the Nifty is still up a percent and set for its third weekly advance. The index is poised to gain for the seventh out of the last eight weeks. Both foreign and domestic investors were net sellers in the cash market on Thursday. Well, for today, the gifts Nifty that traded with the discount of more than not, 30 points from Nifty futures Thursday close indicates that the Indian market will start in the red today. Now, a look at the stocks to track. The George Finance, Indicine Bank and Banden Bank will be in focus on the back of business updates, whereas Sipla's Parthanganga unit has got firm 483 with six observations from the USFTA. Nestle, India will also be in focus as the National Consumer Dispute Wrestling Commission has dismissed a 2015 complaint by the government in relation to Maggie Noodles in favor of the company. The government had sought compensation of 284 crore rupees and punitive damage worth 355 crore rupees. Soba says its total sales value has reached 1500 crore rupees, whereas a prestige estates is acquired 21 acres of prime land in Whitefield, Bengaluru. The land will be planned for residential development spanning approximately four million square feet of developable area, which comprises around 1,800 apartments. L&T will also be tracked as the tax authority of Qatar has imposed a penalty of 60 crore rupees for the tax period April 1, 2018 to March 31, 2019 for variation in the income as declared by the company compared to the assessment of the authority. The company will file an appeal against the levy of this penalty. Sula Vinyad's board has approved execution of a share purchase agreement with existing shareholders of ND wines to acquire the entire 100% equity or 32 lakh shares for 14 crore rupees, making it a wholly owned subsidiary. Now, Avanti fees as commenced trial production at the newly established shrimp processing plant of Avanti frozen fruits private limited. The first export invoice was raised on March 28. Well, those are the QQs to watch out for today. This is Kanishka Sarkar signing off. Stay tuned to CNBCB80 for more QQs. [Music] You