MarketBuzz
1290: Marketbuzz Podcast with Kanishka Sarkar: Sensex, Nifty 50 likely to open in green, Emcure Pharma listing today
(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, the bulls continue to charge ahead. Yesterday, the NFT closed above 24,400 for the first time. And so far, the index has gone up to 100 points in a month. Both FIIs and DIIs bought in the cash market yesterday. But even as the NFT made a new high, it remained in a narrow range, 110 points to be precise. There were enough index constituents that pushed it higher to newer records, even as reliance industries underperformed after keeping the index losses in check over the last few trading sessions. Well, just as the NFT stuck between the tug of war of its two heavyweights reliance industries in HDFC bank, the NFT bank is facing a similar test between HDFC bank and ICICI bank. On Tuesday, ICICI bank and SPI prevailed with HDFC bank, not participating on either side of the spectrum. The index also closed above 52,500 mark. Now, Wednesday will be the weekly expiry, which will keep the index in focus. Now, auto majors, Maruti and Mahindra and Mahindra, along with ICICI bank and ITC, let the NFT to new AP. ITC gained for the fifth day in a row and is attempting a retest of its previous highs after a few months of sideways price action. The NFT auto index was also the top sectoral performer of the day, ending at record levels. The broader market also moved in tandem with the benchmark indices, but there were pockets that outperformed. Barring auto, PSU banks made a comeback after a few days of underperformance, while pharma resumed its uptrend from the week gone by. IT and metals, however, had a dull day, summarizing the current market moon, veteran investor Vijay Karya has a warning. He believes that the right adjective to describe the current market scenario is a stampede and not euphoria, as it has gone beyond the latter. He adds that the market regulator, Sebby, will take some action to stop this frenzy, quote unquote. While MQ pharma is set for listing today, the market is sitting in anticipation of further cues from IT earnings that begin this Thursday, that is July 11th. Till then, the focus remains on the globe as to how the US markets, having made a record high almost every single day in the past week, react to Fed Chair, Jerome Povel's testimony. Asian markets were mixed this morning, shares in Australia and Japan fell, while Chinese futures pointed to gains ahead of key economic data after fresh highs in US equities. Hong Kong futures contracts rose earlier, following the Tuesday rally for mainland stocks and Gauseph US listed Chinese shares. Overnight in the US, S&P 500 advanced for the sixth consecutive session, it's the longest winning streak since January, as traders held to bet this federal reserve will cut rates this year. The Nasdaq Hunter also set a pressure card. Fed Chief, Jerome Povel, was careful not to offer a timeline for rate cuts in his comments to lawmakers yesterday. However, he emphasized mounting signs of a cooling job market after government data showed a third straight month of rising unemployment. Now, back home, guest Nifty was trading with the premium of more than five points from Nifty futures to stay close this morning, indicating a flat start but in the green for the Indian market. Among the stocks in focus include KDDL, the board has approved a buyback of up to 2.37 lakh equity shares or 2% of the total number of equity shares of the company. For an amount not exceeding 88 crore rupees. Delivery will also be tracked as Canada Pension Plan Investment Board intends to sell up to 2.3 crore shares of the company via block deals. Mankind farmer shares will also mean focus as HEMA CIPEF intends to sell up to 37 lakh shares or 0.9% of the total equity via block deals. Infosys Meanwhile has backed a five-year order from sector alarm, a European entity partially owned by KKR. Delta Copped shared its Q1 results yesterday which shows that its net profit for the April to June quarter is down to 22 crore rupees. Revenue has slipped 30% to 180 crore rupees while EBITDA is down 68% at 30 crore rupees. Now, among other stocks that are to be tracked are Real Vikasnigam that has got a letter of acceptance for a project worth 187 crore rupees from the Maharashtra Metro Real Corporation for the Nuc Per Metro. Adani Pots has got a letter of intent for development operations and maintenance of birth number 13 at Dindhayal Road. Bank of Baroda has hiked lending rates by five basis points on most sinners from July 12th. Kins is set to acquire 100% stake in Chalassani hotels for 75 crore rupees. Havels India plans to expand manufacturing capacities of cables from 32 lakh kilometers to 41 lakh kilometers in Alwar. The expansion will be done at a cost of 375 crore rupees. Luckily, JSW steel shares will be in focus today as its consolidated crude steel production is down a percent year on year and 6% sequentially to 6.35 million tons. Well, those are the few kids to watch out for today. Stay tuned to CNBC deviating for more. This is Kanishka Sarkar signing off. (upbeat music) [MUSIC PLAYING] [BLANK_AUDIO]