MarketBuzz
1249: Marketbuzz Podcast with Kanishka Sarkar: Sensex, Nifty 50 likely to open in green, SBI, Tata Motors in focus
[MUSIC PLAYING] Good morning, everyone. Hello, and welcome to CNBC TV18's Market bus podcast. This is your host, Konnishka Sarkar, bringing you all the important updates ahead of today's training session. First up, a few global queues. Overnight in the US, all three major indexes climbed as fresh weekly jobless claims data came in at the highest level since August. Raising expectations that central bankers might cut interest rates at some point this year. The 30-stock Dow jumped less than 1%, to not its longest wind streak since a nine-day run in December. The S&P 500 added half a percent, while the NASDAQ composite gained 0.27%. Asia Pacific stocks tracked Wall Street gains today as renewed rate cut hopes by the US Federal Reserve bolstered market sentiment. Japan's Nikhai was up 0.6% while the broad-based topics was 0.7% higher this morning. Hong Kong's HangSec index hit its highest level in nine months, up more than a percent, while mainland China's CSI 300 was trading near the flat line. Meanwhile, oil prices rose this morning, continuing an upward trend on the signs of improving economy in China, and as negotiations to halt hostilities in the stand-up between Israel and Hamas yielded no results. Brent futures rose to $84.2 a barrel. Now, on the domestic front, the Nifty has declined to levels last seen on March 20th. It had given a brief close below 22,000 on April 18th as well, but staged a rebound soon after. On Thursday, the dip was swift and expiry-related pressures ensured that the dip did not find buyers at lower levels. The fact that the index closed just 25 points away from the day's low does not inspire much confidence either. Over 50% of Thursday's drop on the Nifty came from just four index constituents. HDHC Bank, L&T, Reliance Industries, and ITC. It is hard to find gainers in a market like Thursdays, yet, SPI, that is State Bank of India, turned out to be only saving grace when the screen was a sea of red. India's largest lender stunned the street in a positive way on the loan growth front, while also reporting a record profit and a nine-year-low asset quality. Also in the green was Tata Motors, which outperformed ahead of its own results on Friday. With over seven lakh crore rupees worth of investor wells being wiped off on Thursday, the Nifty is now down more than 2% for the week. As of Thursday's close, this is the worst week for the Nifty in 2024, and is just a few points away from becoming the worst week since September, 2023. Now stocks like BPCL, Mahanagar Gas, Relaxer Footwear, Gopal Snacks, Queskop, Rain Industries, among others, will react to their quarterly results report today. On the other hand, Tata Motors, Aisha Motors, Sipla, Polycap, Bank of Baroda, Bank of India, Kalyan Jewelers, and others will report their results today. The gift Nifty was trading at a premium of nearly 100 points from the Nifty futures Thursday close indicating a gap-up start for the Indian market. Well, those are the few Ques to watch out for today. Stay tuned to CNBC TV18 for more. (upbeat music) [MUSIC PLAYING] [BLANK_AUDIO]