MarketBuzz
1277: Marketbuzz Podcast with Kanishka Sarkar: Sensex, Nifty 50 headed for muted start, IT stocks 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 trailing session. While global queues continue to remain stable, Asian stocks crept higher this morning after U.S. shares hit an intraday high record overnight. The yen wasn't focused this morning following the six-day slump. Equity benchmarks ticked higher in Japan, Australia, while Korean shares fell. A 1% drop in the Golden Dragon Index of U.S. listed Chinese companies weighed on sentiment. Now, overnight, the S&P 500 briefly topped 5,500 before losing traction, while the high-flying tech group powering the bull run came under pressure. The NASDAQ 100 slipped after a seven-day advance with NVIDIA Corp and Apple leading glosses. Back home, NFT50 seems to be a consolidating mode around record highs, though it lacks directional queues. This trend may continue till the end of the month, post-witch companies start reporting their business updates for the quarter followed by their quarterly results. Now analysts still believe that this is a buy-on-dips market, but the dips are insignificant, which swiftly get bought into something similar happened on Thursday as well. The NFT traded in a 170-point band on its weekly options expiry session. It's a quick intraday dip towards 23,440 levels in the initial minutes of trade, but recovered faster as well. At one point, the index even crossed 23,600 and came within 40 points of a record high of 23,664, but could not sustain above those levels, eventually ending the 23,550 mark. For today, the market only has global queues to react to, and there are plenty of them. The initial job list claims in the US, the Bank of England, the interest rate decision, the US crude oil inventory data, and of course, how Wall Street behaved overnight. IT stocks will be in focus post Accenture's earnings. Accenture says that discretionary spending is constrained particularly in smaller projects. Brokeric firm Morgan Stanley's of the view that Accenture results in commentary pointed to a few positive data points such as strategy and consulting returning to growth and a pick-up in smaller deals. Among other stocks that will mean focus include YES band, which is announced that its board will meet to consider fundraising via debt securities. As the DM will be tracked as well as Olympus capital Asia investment is likely to sell 10.1% equity in Canada, a DM. Amara Raja has invested 20 million euros to acquire an additional 4.5% stake in Inobat AS Norway, taking its total holding in the company to 9.32%. Meanwhile, S&P Global has revised its outlook to positive on Union Bank of India, so those shares will be tracked as well. ONDC board has approved the appointment of Devain de Kumar as CEO of the company with immediate effect. GIC housing will be tracked as malware attack has affected some of the end user systems of the company. The firm has immediately isolated the affected system from the network to stop its further impact. Lastly, general stainless will be in focus as it supplies stainless steel to produce 100 made in India freight and the US. [Music] [BLANK_AUDIO]