MarketBuzz
1282: Marketbuzz Podcast with Kanishka Sarkar: Sensex, Nifty 50 likely to start in green, Reliance, HCLTech in focus
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, it's the end of the week, the month and half year of the day to day. India is the most of the best performing market this week, pushing it up on the monthly chart. It's been a super strong week so far for large caps, nifty and bank nifty, gaining more than 2%. Now, in a relative sense, mid-cap, small caps in SMEs have taken a backseat. FIAs meanwhile are positioning in the index futures now at an extreme. Specifically talking about the nifty, no level has proven to be a resistance for this index. The index just posted its best F&O series since December last year. The nifty had made a low of 23,350 on Monday, which is when 23,500 was still a significant barrier for the index. By Thursday, the nifty closed above 24,000. Even the biggest pull on the index would not have thought that for an index that slipped below, even the 22,000 mark on the Lok Sabha election result day has recovered nearly 3,000 points from those levels. On Thursday, the nifty had at least three intraday dips. When it fell towards the lowest point of the day, every single dip was convincingly bought into. The fact that the index closed above 24,000 and near the day's high will give the bulls even more confidence. The nifty is up 2.3% for the week and is on cost to register its second best week of 2024. The tops around India's SMEs dominated the market on Thursday as billionaire investor Radhakushindamani and his associates sold 23% equity in India's SMEs. For nearly 1,900 crores, the country's leading cement maker AltraTech acquired the entire block, which is considered to be a bid to expand its presence in the southern market. Meanwhile, Reliance Geo has announced an increase in tariffs after two and a half years between 12 and 25%. Apart from these two polycap shares will be in focus as promoters are to sell up to 2.04% stake wire block deals. Some hotels will also be tracked as GTI capital alpha is likely to sell 3% stake wire block deals. HCL Tech is also likely to see a block deal of almost half a percent of the equity today. This is said to be a clean out trade. The deal size is said to be worth 1,750 crores. JSW Infra will acquire a 70.3% shareholding held by the promoters and promoter group in Navakar Corporation. The definitive agreements between both parties have been signed. RBL bank board has approved the raising funds to the tune of 3,500 crores in one or more tranches, which will be 15% of the post-issue paid-up equity share capital of the bank. They use small finance banks to raise funds to the tune of 5,000 crores via a QIP and other modes and to borrow or raise funds to the tune of 6,000 crores through the issue of debt instruments. A UNICAM lab shares will be in focus as well as the European Union Court upholds the fine for patent dispute settlement. The company has already provided 125 crore rupees for the same on its books and does not see any financial impact due to this. The Ambuja Simmons shares will also be tracked as its board has approved the merger of adharning cementation with the company. The proposed scheme is subject to necessary statutory and regulatory approvals. The merger to consolidate cement capacity with the group to bring synergistic benefits for all stakeholders. Adharning enterprises to get 87 lakh equity shares of Ambuja cement as per the exchange ratio. Indicating a gap of start for the Indian market. In terms of global queues, equities in Asia follow gains in US stocks ahead of the federal reserves preferred inflation cost due Friday. Shares in Japan's benchmark topics index was said for a 34-year high. Australian South Korean stocks climbed while those in Hong Kong were slightly lower. The move follows a down beat day in the prior session when a gauge of the region's stocks fell for the first time in three days. Contacts for US equities rose. US President Joe Biden and former President Donald Trump faced off in their first 2024 debate late Thursday in the US. The Dollar and Bitcoin rose as the debate got going and the yen weakened past 161 to the greenback towards the lowest level since 1986. Treasuries retreated, pouring gains from the prior session when lackluster US economic data reinforced speculation the Fed will cut interest rates this year to prevent a bigger slowdown in the economy. Overnight in the US, the S&P 500 egged out a narrow gain as Wall Street looked ahead to fresh inflation data to assess when the Federal Reserve will begin lowering interest rates. The US is expected to release its preferred inflation gauge, the personal consumption expenditure index on Friday. Meanwhile, the NASDAQ composite added 0.3% while Dow Jones industrial average ranged up 0.09% last night. Lastly, commodities oil was set to advance for the third session on Friday while gold held on to 30 skates. Those were the few cues to watch out for today. Stay tuned to CNBC TV18 for more cues in news. This was Sanishka Sarkar signing off. Have a good trading session and happy weekend ahead.