MarketBuzz
1248: Marketbuzz Podcast with Kanishka Sarkar: Sensex, Nifty 50 likely to open flat, L&T, Hero MotoCorp in focus
(upbeat music) - Good morning, everyone. Welcome back to CNBC TV18's Market Bus Podcast. This is your host, Kanishka Sarkar, bringing you all the important updates ahead of today's trading session. Well, first up, here's a recap, a Wednesday session and the Q's for today. In a rare event, the Nifty 50 ended at the exact same level it closed the previous day, not a smidge here, not there. While the index did slip below the 22,200 market one point, autos and metal stocks contribute to recovery from the lows. PSU banks too, after sharing nearly one lacro rupees in market cap across Monday and Tuesday, staged a rebound ahead of State Bank of India's results today. The India week's though has showed no signs of cooling off. The index continues to remain above the mark of 17 and gained for the ninth day in a row. Wednesday's no move day means that the Nifty remains 500 points below its recent record high of 22,794. Now, today will not only be the weekly options expiry for the Nifty 50 contracts, but a slew of Nifty and broader market names will announce their results today. Stocks like LNT, Tata Power, TVS, Motor, Gothridge, Agravit, Sula, Vinyad, Zamangadas will be reacting to their results which is after market as yesterday. Stocks like State Bank of India, Asian Pains, BBCL among Nifty names and HPCL, MGL, P&B, Questcop, rain industries, relax or footwear among the broader markets will be in focus as these companies are due to report their numbers today. In fact, HPCL and BBCL will also consider proposals to issue bonus shares. Meanwhile, TCS, that is Tata Consultancy Services, has released its annual report for FY 24 in which TCS Chairman Chansa Sakhrin highlights the mega trends that are shaping priorities of businesses that is AI, new energy, supply chain and talent. He also thinks the macro environment is relatively better now. Now we look at global queues. Asia Pacific markets were mixed ahead of China's April data as well as pay statistics from Japan. Also mixed US corporate earnings, a firm dollar and an upward drift in US bond yields could dampen investors appetite for risky assets. Now, the Japanese yen is back in the spotlight. It's latest bout of weakness prompting warnings from Tokyo on Wednesday that so far at least seem to have gone unheeded. The dollar is on the front foot and running for 156 yen. There are a few potential market moving economic indicators and events on Thursday for investors to get their teeth into including Chinese trade data, a monetary policy decision from Malaysia and the first quarter GDP figures from the Philippines. Asian markets won't get much steer from Wall Street which ended mixed on Wednesday. On the data from figures from Beijing are expected to show Chinese imports and exports swung to year on year growth in April, but export growth is expected to be modest as factory owners wrestle with weak overseas demand and over capacity. Trade relations between China and West remain fraught with the latest twist coming from US tech giant Intel saying that its sales would take a hit after the US revoked some of the chip makers export licenses for a customer in China. Overnight in the US, the Dow Jones extended its winning streak to six days as investors shook off some weakness in tech. The Dow added 0.4% and notched its longest stretch of positive days in 2024. The S&P 500 inch lower and close near flatline while the NASDAQ composite pulled back 0.18%. In the US, investors are also digesting a slew of federal reserve commentary, Boston Fed President, Susan Collins, has said that Fed's interest rate policy will likely need to remain at its current level until inflation is moving sustainably towards the central bank's 2% target. Meanwhile, oil prices rose in early trade today as shrinking US crude inventory signaled a tighter supply and amid rising hopes that the federal reserve would cut interest rates by the end of the year. Brent crude rose to $83.81 a barrel. Now for Q's back home, gift NFT was flat, swinging between a discount and a rise of nearly 10 points from the NFT futures Wednesday close, indicating a flat start to the Indian market. Well, those were the few Q's to watch out for today. This is Kanishka Serkar signing off. Stay tuned to CNBC TV18 for more. (upbeat music) [MUSIC PLAYING] (upbeat music)