MarketBuzz
1291: Marketbuzz Podcast with Kanishka Sarkar: Sensex, Nifty 50 likely to open in green, TCS, SBI, Nykaa in focus
(upbeat music) - Good morning, everyone. Welcome back to CNVCTV18's Market Bus Podcast. This is your host, Kanesh Khasar Kar bringing you all the important updates ahead of today's trading session. Well, the NFT failed to see a follow through yesterday and broke a prior loan. However, it's too early to judge if you're in a bit of a pullback already. The NFT witnessed its biggest single day fall in over a month, which is the Lok Sabha election result day of June 4th, in the 24th trading session since June 4th, excluding the one yesterday, the NFT is declined in only six of them with the biggest drop being 0.3%, which came on June 21st. The dip on Wednesday also came after the NFT made a new high of 24,461 in early trade. Despite the drop, the market continued with its by the dip trend. At one point, the NFT even slid below the mark of 24,150 with some recovery of nearly 200 points from those levels to close above the 24,300 mark. Most index heavy weights beat Alliance Industries, HDFC Bank or TCS were on the same losing end in Wednesday's trade. Although the recovery in the index also came as the first to recover from the respective session lows. Today, TCS will remain in focus as it kick starts the earning season for the NFT 50 companies, the reaction of which of course will be seen on Friday. What may not please investors hear is that while HDFC Bank and Reliance recovered significantly from their days low, TCS did not do so and ended nearly 2% lower yesterday ahead of the results. Now, today is also the weekly options expiry of the NFT 50 contracts. And it remains to be seen whether the recovery made late Wednesday is sustained or some expiry related volatility will lead to retest of Wednesday's low, which also happens to be the lowest since July 1st. Meanwhile, both foreign and domestic investors continue to be net buyers in the cash market, but the number could also be skewed due to the blog deal seen in delivery and mankind pharma. Experts like Nagarad Shetty of HDFC Securities belief that the near term uptrend of the NFT remains intact, but the market seems to have started to show signs of profit booking between 24,400 and 24,500 levels. Rajesh Postlay of Angel 1 said that the current prices remain elevated and within a range, indicating that participants are awaiting a catalyst for a decisive move. But for today, the gift NFT was trading with a premium of more than 40 points from the NFT futures when state flows, indicating a start in the green for the Indian market this morning. Other stocks to track include a landmark live where the promoter will exit the company by selling its remaining 7.8% stake through and off of a sale. Case of our industries witnessed a net loss of 62 crore rupees in the June ended quarter compared to a loss of 32 crore rupees last year. The revenue was down 12% at 879 crore rupees. Tata Electric's reported that its net profit is down 6.5% from March quarter to 180 crore rupees. Revenue has gone up 2% to 926 crore rupees. Sula Vinyad has announced that the highest ever Q1 revenue overall as well as for priority on brand, its net revenue has gone up 9.7% year on year 229 crore rupees. Power Grid, meanwhile, is to borrow funds up to 16,000 crore rupees during financial year 2025 from bonds. SDI will also be tracked as the country's largest lender has raised 10,000 crore rupees at a coupon rate of 7.3% through its sixth infrastructure bond issuance. Nike shares will be in focus as ICICI Prudential MF has bought 1.5 crore shares at an average price of 174 rupees per share in a deal that is valued at 256 crore rupees. Sula BLW precision has issued a corporate guarantee worth $2.8 million in favor of Citibank, China on behalf of its Chinese arm, Comstar Automated. In terms of global queues, Asian equities advanced after the rally in the world's largest tech stocks lifted global shares to new highs ahead of US inflation data due later today, equities in Japan, Australia and China rose echoing the bullish pulse on Wall Street on Wednesday. The S&P 500 and NASDAQ 100 each gain more than a percent and a gauge of global equities also rose all to record highs spurred by the likes of NVIDIA and Apple. The S&P 500 is advanced in each of the past seven sessions, its longest winning streak since November. In Asia, investors will be looking at any impacts of the China Securities Regulatory Commission's decision to tighten rules on short selling and high-frequency trades in a bit to crack down on improper arbitrage and maintain market stability. Meanwhile, as Wall Street gears up for the consumer price index, Jerome Powell told the Congress that the Fed doesn't need inflation below 2% before cutting rates. And that officials still have more work to do. He noted that the labor marketer school pretty significantly. He also cited a good ways to go on the balance sheet run-off and said that commercial real estate doesn't threaten financial stability. Well, those are the few cues to watch out for today. This is Kanishka Sakhar signing off. Stay tuned to CNBC TV18 for more. [MUSIC PLAYING] (gentle music) [BLANK_AUDIO]