MarketBuzz
1245: Marketbuzz Podcast with Kanishka Sarkar: Nifty 50 headed for gap-up start, Titan, Kotak Mahindra Bank in focus
Good morning, everyone. Welcome back to CNBC TV18. This is your host, Kanishka Sarkar and you are listening to the Market Bus Podcast for all important queues ahead of today's market session. But first up, a look at some global queues. The US-April jobs report is coming soft and unexpected. The jobs growth is to $1.75,000 compared to $2.69,000 of average gain over the prior three months. The unemployment rate has risen from 3.8% in March to 3.9% in April in the US. Wage figures also came in less than expected and encouraging sign for inflation. So on Friday in the US, stocks jumped sharply after a softer than expected April jobs report. The S&P 500 surged 1.26% to notch its best stay since February, while the NASDAQ composite rallied almost 2%. The Dow Jones Industrial Average gained 1.18%. Meanwhile, Fed policy expectations saw a sharp, double re-pricing last week. The interest rate markets now imply about 45% probability of a 25 BPS rate cut by July. Now Asia-Pacific markets this morning tracked Wall Street gains. Investors, meanwhile, awaited the Reserve Bank of Australia's rate decision on Tuesday and China's April trade data on Thursday. Japan and South Korea's market are closed for a public holiday today. Australia's S&P ASX 200 rose half a percent on base for a third-trade day of gains. Hong Kong's Hanksack index was flat, while mainland China's CSI 300 rose 1.3% as traders returned from Labor Day holiday. Back home, the gift nifty suggests that the Indian market is likely headed for a gap upstart. The gift nifty was trading at a premium of more than 100 points from Nifty's future's Friday close. Well, Friday wasn't exactly the kind of session that bulls were anticipating. Foreign institutions were heavy sellers during Friday's trading session in the cash market, while domestic institutions were net buyers. Meanwhile, at one point, the Nifty looked towards reclaiming the 2800 mark, but come the second half of the session, the Nifty barely managed to hold on to 2350 on the downside. It's our modest recovery from lows and just about managed to hold on to some weekly gains. The index did recover 120 points from lows on Friday, but closed below the 2500 mark. Crossing that level will be key for the index first step, as it has been a key support in the recent times. On the other side, earnings season continues with some big nifty names and reporting results after market hours on Friday and over the weekend. Prominent among them is Kotak Mahindra Bank, which lost another 4% last week after an 11% drop in the week before. The management also spoke about the exit of KVS Manyan saying that he does not have anything in hand as of now to the best of their knowledge. Other stocks that reported results over the weekend include Titan, Britannia, Avenue, Supermart and Inox Wind. Some important names that will report results on Monday. That is today include Goldrich consumer, Marico, Gujarat gas, CG power, happiest minds, Lupin among others. Apart from these, other stocks to watch out include Zen Technologies, which is one orders worth 1350 crore rupees during the financial year. Tarar Technologies that sought constant currency revenue growth of 0.3% sequentially, Consai Neralak Pains saw its revenue go up 2% to 1769 crore rupees, the EBITDA margin expanded by 40 basis points to 10%, with Decorative Pains saw double-digit volume growth. Meanwhile, ITBI banks net interest income rose 12% to 3687 crore rupees, whereas the net profit went up 44%. Ourobindo Pharma will also be in focus as the U.S. FDA has issued 7 observations per unit 2 of the formulation's manufacturing facility in Pivadi in Rajasthan. Now, Adani Poor's group has expressed interest in acquiring and developing the Bhatan port in the Philippines. Ujivan's small finance bank has also pointed Sanjeev Nautial as the MD and CEO for a period of 3 years starting July 1st. Lastly, 1997 communications that is the parent company of PTM has announced leadership changes to double down on its payment and financial services offerings. This is months after the regulatory crackdown on its payments bank. As part of the changes, its president and chief operating officer Bhavi Ashkupa will now resign from his position and move on to an advisory position. So those were the few cues to watch out for today. This is Kaneshka Sakkar signing off. Stay tuned to CNBC TV18 for more. [Music]