MarketBuzz
1255: Marketbuzz Podcast with Kanishka Sarkar: Sensex, Nifty 50 likely to start in green, BHEL, Oil India in focus
Good morning, everyone. Welcome back to CNB Stv18's Market Bus Podcast. This is a host Kanshka Sarkar bringing you all the important cues ahead of today's training session. Well, it's a truncated week as the markets were closed on Monday due to voting in Mumbai in the fifth phase of Lok Sabha elections. Among the states that went to poll yesterday, Maharashtra and Bihar, regardless of the lowest voted turnouts, at 54% and 53% respectively. Meanwhile, in the special training session on Saturday, the NFT clawed back above the mark of 2500, which is one of the two levels that the charts were pointing towards once the index sustained above 22,300. All the losses from the week earlier were recovered as it went up 2% of the extended week gone by, bringing the NFT back to where it was at the start of the month. On the other hand, NFT bank has now sustained above the level of 48,000 for two days in a row and chartis have been wanting the index to sustain above that level for a potential move towards 48,500 on the upside. When the index has gained in five out of last six trading sessions and managed to recover half of the 3% fall it had in the week prior to last. The other positive aspect for the domestic market is that for an institution stand net buyers in the cash market during Friday's trading session, this has happened for the first time in the month of May. With Saturday being a holiday for foreign institutions, there was no institutional data available. The BHEL, NMDC, PI Industries, Ircon, JK attire, GCFC, Metropolis, Lakshmi organic, VATEC, Gulf Oil are some of the stocks that will be in focus today as the companies are due to report their earnings for the fourth quarter. Among the other stocks to watch out for are sale, Ujivan small finance bank, Anuvam Resyan, India Simmons, Whirlpool of India and City Union Bank, all of these companies reported their fourth quarter earnings over the past three days. Meanwhile, the Biocon will also be in focus as Biocimilar, Afilbers Sept has received interchangeable status from the USFTA. The regulator has approved the SFLI and OPU waste as interchangeable Biocimilar to Eilia. Afilbers Sept is used for eye conditions like macular degeneration, macular adenia, diabetic ratinopathy and is also used to slow down or reduce the damage to ratina and help preserve vision. Oil India has announced that it will issue one bonus share for every two health to its shareholders. July 2 has been fixed as the record date for the bonus issue. The Lupin will also be in focus as USFTA has issued Form 483 for its Somerset Manufacturing Facility with six observations. Meanwhile, Patanjali Foods has clarified in media reports on unsafe zone papri saying that the matter pertains to 2018 when sampling was conducted at the premises of a distributor of Patanjali Ayurveda. A case was filed against the nominee and its distributor. The recent court conviction pertains solely to the nominees of the Patanjali Ayurveda and its distributors and that the company has no connection with the matter. Now we look at some global cues. Overnight in the US, the Dow Jones Industrial Average lacked the broader market in contrast to the Nasdaq as JP Morgan Chase lent losses. Shares of JP Morgan declined 4.5% as CEO Jamie Dimon signaled during the bank's annual investment meeting that his retirement may be sooner than previously stated. Dimon also said that the bank would not butt-pack shares at their current levels. Asia-Pacific markets started mixed this morning as tech shares pushed the Nasdaq composite to record highs. All eyes will now be on NVIDIA that reports earnings on Wednesday. NVIDIA shares gained more than 2% overnight in multiple bullish analyst calls that highlighted the company's preeminent position in the market. Investors in Asia will be watching for any spillover effect on companies up and down NVIDIA's value chain such as Taiwan's TSMC and Foxconn as well as South Korea's Samsung Electronics and SNK High Ninks. Oil prices fell in early-Asian trade this morning with investors anticipating higher for longer US inflation and interest rates will depress consumer and industrial demand. Brent crude futures declined to 83.34 dollars a barrel. Global physical crude oil markets are weakening because of soft refinery demand and ample supply. Traders and analysts have said which they say could spell further weakness for benchmark crude futures. On the other hand, the market appeared little affected by political uncertainty into major oil-producing countries. Iranian President Ibrahim Raisi was killed in a helicopter crash while Saudi Arabia's crown prince Mohammed bin Salman deferred a trip to Japan because of the health of his father, the king. Now, talking about the domestic market, gifts NFT traded with a premium of more than 60 points this morning from NFT's futures Friday close indicating a start in the Greek for the domestic market. Well, those are the few cues to watch out for ahead of today's session. This is Kanshka Salka signing off. Stay tuned to CNBC TV18 for more. [Music] [BLANK_AUDIO]