MarketBuzz
1230: Marketbuzz Podcast With Hormaz Fatakia: 22,700 remains a barrier for the Nifty; Vedanta, Vodafone Idea in focus
(upbeat rock music) - Good morning and welcome to the CNBC TV18's Market Buzz podcast with me, Hormuz Patakya. Now we are in that type of a market where we go up, then one level becomes a barrier for a few days, and then we go back to our many ways of going higher again. Now this time around, 20 to 700 is turning out to be that level for the NFT as the index has made two attempts to sustain above those levels this week, but failed on both instances. Nonetheless, that doesn't take away from the fact that the index has risen a thousand points in just 12 trading sessions from the lows of March 20, which was 21, 7, 10. Also remember, tomorrow's a holiday, so the weekly expiry of the NFT contracts will take place today alongside the NFT bank for which the Wednesday expiry is regular course of business. And speaking of the NFT bank, the index almost made it to 49,000 yesterday, but fell 40 points short and reversed from those levels, although it did manage to end the day with gains. Now that 49,000 mark remains the first barrier for the bank NFT and it's March towards 50,000. But signs of exhaustion are indeed creeping into the broader markets. The mid-cap index reversed 300 points from Monday's high and almost 400 points from the highest levels on Tuesday. So sustaining above that 50,000 mark is turning out to be a bit of a struggle for the mid-cap index. On the small-cap side, now that index is still to test its previous record levels of 16, 6, 9, 1, while the mid-cap index has already made new highs. Now we are heading into a holiday tomorrow and earnings begin on Friday. So unsurprisingly, there aren't many stocks that you need to watch out for today, but the ones that you need to are indeed very important ones. And after a brief period of being away from the spotlight, PDM is back in the news. And of course, there are multiple news flows related to it. Now firstly, the company shared its March quarter shareholding pattern on the exchanges where both domestic and foreign funds have increased their stake despite the stock falling as much as 37% in the March quarter. To find out who increased its stake in PDM, log on to CNBCTV18.com. We have all the details over there. Now in other PDM related news, the MD and CEO of its payments bank, Surindar Chavla quit on Tuesday, citing personal reasons and to explore better career prospects. Additionally, money control has reported that without the payments bank, PDM's UPI market share has dropped to 9%, which is the lowest level in four years. Its transaction value market share has also dropped to 6.7%. Now Lupin has launched the first generic version of Oresia in the US market, which is used in the treatment of inflammatory lesions. Now the set capsule that Lupin has launched had sales worth over $128 million in the US market as per the IQVIA data of February 2024. Now Nestle India is going to meet a clutch of analysts and investors. Today, LIC, HDFC Mutual Fund, ICICI potential are some of the names that the company intends to meet today. Now CLSA has upgraded Vedanta and raised its price target on the stock to 390 from 260 earlier as it believes that the company is well placed to benefit from the commodity up cycle. So we'll keep an eye out on Vedanta. Remember, Hindustan, Zinc and other such shares have been surging over the last few days, considering the surge in global commodity prices. Now some positive developments on sham metallics as well. The company has announced an expansion into the stainless steel flat products. It also plans to establish a stainless steel bright bars capacity and a stainless steel wires division. Now this estimated Capex outlay for the same is likely to be between 650 to 700 crorepees. And this set capacity may come on stream by the middle of FY '27. Now PASALO Digital reported its business updates for the March quarter where it reported a 38% growth in its disbursements and customer franchise nearly tripled year on year to 43 lakhs. Now four new entrants to the FNO ban in today's session. Exide Industries is one has been a recent out performer. The one day in and one day out Hindustan copper is back in the FNO ban today. Vodafone idea and India cements. All four of them are in the FNO ban and they join Bandhan Bank, sale and Z entertainment who are already in the ban list. Now Asian markets have opened lower this morning. The South Korean markets are shut as there are elections in progress over there. But the other indices are also trading with a slightly negative bias. The state of affairs was the same on Wall Street as well as the benchmark indices ended flat but mixed ahead of this all important inflation number that will be released later this evening. But in some positive developments, the crude price is slipped overnight. So we'll keep it out on the oil sensitive as did the 10 year treasury yields in the US which fell to 4.35%. The gift nifty as we speak is indicating a slightly positive start for our own markets but it remains to be seen whether that positivity is sustained as the session goes by. So that's all for today. We wish you a happy trading day and to all our listeners, Yidam Mubarak. Do stay tuned to CNBC TV18 and CNBCTV18.com for the sharpest market insights. (upbeat music) (upbeat music) (gentle music)