MarketBuzz
1289: Marketbuzz Podcast with Kanishka Sarkar: Nifty 50 likely headed for muted start, Reliance, IT stocks in focus
Good morning, everyone. Welcome back to CNBCTV18's Market Bus Podcast. This is your host Kalishka Sirkar bringing you all the important updates ahead of today's training session. Well, the NFT has been holding steady around 24,300 amid large buying from domestic institutions. If one looks at the NFT price action for the last three trading sessions, the absolute gain comes up to only 30 points. While the index has remained in the range of 24,000 170 on the downside and 24,400 on the upside. However, every instant that the index has seen a dip due to one stock or sector, another stock or sector has ensured that it pulls it back higher. On Friday, for instance, when HDFC Bank pulls the NFT down, reliance pulled it higher. HDFC Bank again pulled the NFT down on Monday, supported ably by title, but reliance industries yet again supported by ITC ensured that the dip was bought into and the index ended in green yet again. But there has been a decisive move on either side. As traders are content playing in the range as of now. But the question is, for how long is this likely to continue? The index is awaiting a trigger on either side for a decisive move beyond this range. Well, for today, the gift NFT was trading with the premium of five points from NFT futures. Monday closed this morning, indicating a flat start for Indian market. But beyond the indices, there has been plenty of stock specific action within the broader market. Real PSU saw buying on Monday and many hit record high levels. The NFT PSE index too was now just 100 points away from recovering all the losses it made on June 4 this year. Fertilizer and FMCD stocks too saw buying and names which had coverage initiations from various brokerages like domes, industries and hot coke also saw a good day at the office. Now today, reliance industries is again likely to be in focus as it is leading the market with the stock up 9% in the last one month. Meanwhile, Godrich consumer has reported a high single-digit organic volume and mid-single-digit value growth in India business. Meanwhile, the triggers come in towards the end of the week with TCS reporting results on Thursday up to marketers followed by HCL Tech on Friday. In the interim business updates from various companies continue to which there will be reactions as well. Tuesday's also the expiry of financial services index which will keep the nifty bank in focus today. Other stocks in focus include pity engineering. In confirmation of the CNBC TV18 exclusive, pity engineering has launched a QIP to raise funds and sources say that the company intends to raise 360 crore rupees through the issue. Jipita wagons has also launched a QIP to raise up to 800 crore rupees. Mahanagar gas limited, meanwhile has revised prices for compressed natural gas that is CNG and PNG in and around Mumbai. Effective midnight, the price of CNG will see an increase of 1.5 rupees per kg, bringing the revised price to 75 rupees per kg inclusive fall taxes. Now, Concorde shares will also be in focus as the state owned company reported updates for the first quarter of FY 25 with total volume rising 6% year on year. Jewelry retail majors Senko Gold has said that the company achieved retail sales growth of 11% and same store sales growth of 4% in the first quarter of this fiscal. Now looking at global Q stocks in Asia edged higher this morning ahead of Jerome Boyle's testimony to Congress and the start of the US earning season. Equity benchmarks rose in Japan, Australia and South Korea, while futures pointed to losses in Hong Kong after an index of Chinese shares in the US dropped on Monday. US futures gained an early-ation trading after the S&P 500 closed a fraction higher to set its 35th record this year. The dollar and treasury were little changed. Traders will be focused on four ways of testimony beginning Tuesday for guidance on the Federal Reserve's outlook. He faces pressure from lawmakers growing inpatient for interest rate cuts and others who are unhappy with the Fed's latest plan to boost capital requirements for Wall Street lenders. O&I, the S&P 500 topped 5,570 ahead of Powell's testimony and as traders positioned for earnings from some of the largest American banks which unofficially kick off the second quarter reporting season on Friday. Meanwhile, in commodities, oil was little changed this morning after a two-day decline as Hurricane Bell looked less likely to pose major disruptions to crude infrastructure in Texas. Gold, on the other hand, trimmed some of Monday's 1.4% loss in early trading. Well, those are the few cues to watch out for today. In some other news back home, incessant rains have been lashing Mumbai in adjoining areas, disrupting sub-urban rain services and flight operations as normal life is thrown out of gear in the metropolis. For today, the IMD has issued a red alert for the city where a holiday has been declared for schools. Meanwhile, CNN News 18 reports that a top government sources say Russia has decided to discharge and facilitate the return of all Indians working in the Russian army after Prime Minister Modi took up the matter with President Putin. Well, that's all for now. This has finished us so far signing off. Stay tuned to CNBCV18 for more news and news. [Music] [BLANK_AUDIO]