MarketBuzz
1293: Marketbuzz Podcast with Kanishka Sarkar: Sensex, Nifty 50 headed for gap-up opening, big earnings this week
(upbeat music) Good morning everyone. Welcome back to CNVCTV18's Market Bus Podcast. This is your host, Kanishka Saar Kar bringing you all the important cues ahead of today's trailing session. Well, it's a big week for the market. Multiple big earnings deal this week. Bajaj Auto on July 16th, Infosys on 18th and Reliance Industries on Friday, July 19th. Also, this is a truncated week as the market will remain closed on Wednesday for Moharam. The week gone by nearly turned out to be a dull one until the IT stocks woke up from their long slumber post TCS results and took the NFTI higher thereby ensuring that the index gained for the sixth week in a row. The NFTI IT index had its best single day gains since October 2020 last Friday. Now, Nagarad Shetty of HCHC Securities believes that the NFTI appears to have completed its one-day dip and has started to move higher while pointing to a similar move on June 24th, post to which the index had continued to move higher. He now expects the NFT to test levels of $24,950 having crossed the intermediate hurdle of $24,400 whereas the downside support is at $24,350. Friday's trailing session saw foreign institutions be net buyers in the cash market while domestic institutions continue to book profits at higher levels. This morning, the dip NFT was trailing higher at a premium of 90 points from 50 futures Friday close indicating a start in the green for the Indian market. Multiple stocks in focus today, while IRADA has seen a strong AUM growth of 34% year on year, HCL Tech and Avenue supermarkets will also be in focus post a decent set of earnings. HCL Tech has maintained its FY 25 revenue guidance of three to 5%, whereas Avenue supermarkets on the other hand saw gross margins improve year on year and sequentially as well. Monday's training session will see stocks like HDFC, AMC, HTSC, live and geo financial services report their results. Now, in terms of global outlook, Asian stocks were mixed as the US dollar rose after the attempted assassination of Donald Trump reinforced pets that his chances of winning the presidential elections have increased. Australian and South Korean shares rose while Hong Kong futures indicated an early loss when markets opened. Australian bond yields edged lower, Chinese shares opened lower ahead-of-key data release and a major political event in the country. Japan's markets are closed for a public holiday. Bitcoin, meanwhile, topped $60,000 in the wake of the attack. Also on Friday in the US, Dow Jones hit a fresh all-time high above 40,000. Dow Jones has risen 6% in 2024, whereas S&P 500 is up 18% in 2024 to a new record high. In terms of commodities, oil prices fell for a second-day Monday as the dollar gained ground amid political uncertainty in the US, falling the attack on US presidential candidate Donald Trump while investors eyed the progress of talks on Kazase's fire. Brent crude futures fell 55 cents or 0.7% to $84.48 a barrel after settling down 37 cents on Friday. Those are the few cues to watch out for today. This is Kanushka said car signing off. Stay tuned to CNBC TV18 for more news and cues. (upbeat music) (upbeat music) [BLANK_AUDIO]