Marketbuzz Podcast with Kanishka Sarkar: Nifty aims for 25,000, banking stocks, HPCL, Dixon Tech in focus
Episode 1303, Jul 30, 02:41 AM
-Welcome to CNBC-TV18’s Marketbuzz Podcast. Here are top developments from around the world ahead of the trading session of July 30
-The Nifty has come within touching distances of landmarks and reversed before scaling those in earlier instances too. But none could have been as close as a 0.2 point difference that separated the Nifty and 25,000 yesterday. The Nifty made another record high, but instead of scaling the 25,000 mark, the index reversed from levels of 24,999.8.
-What led to this collapse on Monday? Almost every index heavyweights contributed to the correction from higher levels. ICICI Bank, which was once the top contributor to the Nifty upside, corrected nearly 2.5% from the highs of the day and end with gains of just 0.5%. Most of the other index heavyweights too, from HDFC Bank, Axis Bank to ITC and even TCS and Infosys corrected anywhere between 1% and 2% from their respective highs, dragging the Nifty lower in the process.
-The banks will again be in focus on Tuesday because it will be the weekly expiry of the Financial Services index, which in turn will also put the spotlight on the Nifty Bank.
-Stocks to track: ACC, HPCL, Colgate-Palmolive, Data Patterns, KEI Industries, Quess Corp, Kalpataru Projects, Pfizer, Indus Towers
-Earnings: Tata Consumer Products, Ajanta Pharma, Dixon Technologies, Indus Towers, Macrotech, Sapphire foods, Titagarh Rail, Torrent Power, MOIL, Navin Fluorine
-In terms of global cues, Asian stocks opened lower amid speculation investors are trimming some of their holdings before a rush of events in coming days. This includes major central bank decisions, key economic data and earnings from US megacap companies.
-Equities slipped in Japan and Australia in early trading, while futures signaled a decline in Hong Kong. US stock futures edged lower in Asia hours following a rotation in the American shares that drove the Nasdaq 100 to the brink of a correction. The S&P 500 closed little changed and small caps slipped.
-In terms of commodities, oil was steady near a seven-week low on a shaky demand outlook, especially in the biggest importer China.
Brent crude traded below $80 a barrel after losing more than 3% over the previous two sessions, while West Texas Intermediate was around $76. Meanwhile, spot gold fell 0.1% to $2,381.52 an ounce.
-In other global news, Kamala Harris is set to announce her pick for the vice president post in the coming days. Venezuela is seeing huge protests on President Maduro’s claim of election victory. McDonald’s has been hit by the first global sales drop since 2020. On the tech side, Apple has released its first preview of iPhone AI.
-Back home, RBI in its report has said it sees rapid digitisation of the economy, thought with risks ahead. Also, a media report suggests the government may target a fiscal deficit range of 3.7-4.3% post FY26.
-PM Narendra Modi will address the post-Budget session at CII today.
-The Ministry of Home Affairs (MHA) has established a committee to investigate a recent incident at a coaching centre in which three UPSC aspirants died due to flooding in the basement in old Rajinder Nagar, New Delhi. Seven people have so far been arrested in connection with the incident.
-In an update from the Paris Olympics, Manika Batra has become the 1st Indian table tennis player to reach Round of 16 in the Games.
-Lastly, Gift Nifty was trading flat this morning which means the Indian markets are likely to open little changed this morning.
Tune in to the Marketbuzz Podcast for more news and cues
-The Nifty has come within touching distances of landmarks and reversed before scaling those in earlier instances too. But none could have been as close as a 0.2 point difference that separated the Nifty and 25,000 yesterday. The Nifty made another record high, but instead of scaling the 25,000 mark, the index reversed from levels of 24,999.8.
-What led to this collapse on Monday? Almost every index heavyweights contributed to the correction from higher levels. ICICI Bank, which was once the top contributor to the Nifty upside, corrected nearly 2.5% from the highs of the day and end with gains of just 0.5%. Most of the other index heavyweights too, from HDFC Bank, Axis Bank to ITC and even TCS and Infosys corrected anywhere between 1% and 2% from their respective highs, dragging the Nifty lower in the process.
-The banks will again be in focus on Tuesday because it will be the weekly expiry of the Financial Services index, which in turn will also put the spotlight on the Nifty Bank.
-Stocks to track: ACC, HPCL, Colgate-Palmolive, Data Patterns, KEI Industries, Quess Corp, Kalpataru Projects, Pfizer, Indus Towers
-Earnings: Tata Consumer Products, Ajanta Pharma, Dixon Technologies, Indus Towers, Macrotech, Sapphire foods, Titagarh Rail, Torrent Power, MOIL, Navin Fluorine
-In terms of global cues, Asian stocks opened lower amid speculation investors are trimming some of their holdings before a rush of events in coming days. This includes major central bank decisions, key economic data and earnings from US megacap companies.
-Equities slipped in Japan and Australia in early trading, while futures signaled a decline in Hong Kong. US stock futures edged lower in Asia hours following a rotation in the American shares that drove the Nasdaq 100 to the brink of a correction. The S&P 500 closed little changed and small caps slipped.
-In terms of commodities, oil was steady near a seven-week low on a shaky demand outlook, especially in the biggest importer China.
Brent crude traded below $80 a barrel after losing more than 3% over the previous two sessions, while West Texas Intermediate was around $76. Meanwhile, spot gold fell 0.1% to $2,381.52 an ounce.
-In other global news, Kamala Harris is set to announce her pick for the vice president post in the coming days. Venezuela is seeing huge protests on President Maduro’s claim of election victory. McDonald’s has been hit by the first global sales drop since 2020. On the tech side, Apple has released its first preview of iPhone AI.
-Back home, RBI in its report has said it sees rapid digitisation of the economy, thought with risks ahead. Also, a media report suggests the government may target a fiscal deficit range of 3.7-4.3% post FY26.
-PM Narendra Modi will address the post-Budget session at CII today.
-The Ministry of Home Affairs (MHA) has established a committee to investigate a recent incident at a coaching centre in which three UPSC aspirants died due to flooding in the basement in old Rajinder Nagar, New Delhi. Seven people have so far been arrested in connection with the incident.
-In an update from the Paris Olympics, Manika Batra has become the 1st Indian table tennis player to reach Round of 16 in the Games.
-Lastly, Gift Nifty was trading flat this morning which means the Indian markets are likely to open little changed this morning.
Tune in to the Marketbuzz Podcast for more news and cues