MarketBuzz
1240: Marketbuzz Podcast with Kanishka Sarkar: Sensex, Nifty 50 likely to open flat, Tech Mahindra, Bajaj Finance in focus
Good morning, everyone. Welcome back to CNBC TV18's Market Bus Podcast. This is your host Kannushka Sarkar bringing you all the top developments ahead of today's training session. Well, April turned out to be the third straight positive series for the NFT. It is now just 220 points away from its previous record. The index has also gained for five straight sessions. Now, a feat. It has achieved for the first time in over two months. For the week, the NFT is already up 1.8% managing to recover all that it lost in the previous week and gain some more post that. However, global queues may turn out to be a dampener considering how the U.S. markets are fair overnight despite recovering from the days low. While the S&P futures rose in overnight trading as big tech names like Alphabet and Microsoft saw shares rally on strong earnings, shares of Alphabet jumped 11% in extended trading following a better-than-expected first-quarter earnings. The company also authorized its first ever dividend as well as a $70 billion buyback. Microsoft, on the other hand, shares climbed a 4% after the software maker posted fiscal third-quarter results that surpassed Wall Street expectations. However, by the close, U.S. stocks stumbled. After data showed a sharp slowdown in economic growth and pointed to persistent inflation. U.S. gross domestic product expanded 1.6% in the first quarter. Following which, the blue chipped Dow slid 375 points while the S&P 500 and NASDAQ composites dropped half a percent each. The Asia-Pacific markets were mixed this morning as investors in Asia look at the Bank of Japan's policy decision and inflation figures out of Tokyo. Tokyo's headline inflation rate for April came in at 1.8% slowing from the 2.6% in March. Japan's Nikkei opened up 0.1% higher while the topics were trading marginally above the flat line. Futures of Hong Kong's Hangsak index stood at 17,318, which is also pointing to a stronger open compared to exercise close off, 17,284. Meanwhile, oil prices rose in early trade today as players took stock of the U.S. Treasury Secretary's comments that the country's economy is likely in a stronger position than indicated by weak first-quarter data coupled with supply concerns as conflict continues in the Middle East. Brenton futures were above $89 a barrel. Gold prices also farmed on a weak dollar last night, even as U.S. Treasury yields rose after economic data show signs of persistent inflation, lowering hopes of the Federal Reserve cutting interest rates anytime soon. Those were the global queues. Back home, today is the voting for the second phase of Lok Sabha polls, where voters of 89 constituencies across 13 states will cast their ballots. Meanwhile, earning reactions will also continue, which stocks like Tech Mahindra, Indicine Bank, Gujarat Finance, L&T Technology Services, among others reacting to their quarterly numbers, which are reported after market hours on Thursday. Among the nifty constituents, HCL Tech and Maruti Zukhi will report their results today. While within the broader market, stocks like Mahindra Holidays, Bank of Maharashtra, SBI Life, CSB Bank, Motulal Uswal will report their results. Also, Motulal Uswal will consider a proposal to issue bonus shares. With the nifty, it seems to be headed to the prior all-time high of $22,775. You know, the bank nifty close marginally above the gap area and start getting an all-time high of $49,057. It's also a first day of a new series and board-a-phone idea is already in the F&O ban, while Aditya Bidla Fashion, Sale and Hindustan Copper are out of the ban. Among other stocks to track today are Zensa Technologies, which saw its US dollar revenue go up 2.5% to $148 million. The rupee revenue was up 2% at 1,229 crore. Science US dollar revenue has gone up 2.4% sequentially to $224 million, whereas its rupee revenue is up 2.2% at 1,860 crore. It has guided for a high single-liter growth in digital, engineering and technology business, which is lower than the 10% growth estimate earlier. Tata Motors will also be in focus as its voting on the merger proposal with Tata Motors DVRs has begun. Tata Steel has decided to proceed with a 1.25 billion pound investment to build an electric arc furnace in a post-talbert. The two blast furnaces were closed by the end of June and September respectively. A voluntary redundancy aspiration process will be launched across Tata Steel UK from May 15. Market participants will also track board-a-phone idea as NSC and DSC saw combined delivery of 7,500 crore on Thursday compared to the FBO size of 18,000 crore rupees. Those were the few cues to watch out for today. This is Kanshka Sarkar signing off. Have a good trading session as they attube to CNBC 18 smart. the market. [BLANK_AUDIO]