Marketbuzz Podcast with Kanishka Sarkar: Nifty 50 at cusp of 26,000, Reliance Power, Senco in focus

Episode 1341,   Sep 24, 03:05 AM

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Welcome to CNBC-TV18’s Marketbuzz Podcast. Here are all the important updates ahead of the trading session of September 24

-The Nifty is now only 70 points away from the mark of 26,000. In case that does happen today, it would have taken the Nifty 38 trading sessions to get to 26,000 from the day it first scaled 25,000 on August 1.

-Beaten down sectors in recent times like the PSU Bank index turned out to be the top performer during Monday's trading session. The index saw its biggest single-day gain since June 3, which also saw the index make a near-term top. Barring IT, most of the other sectoral indices had a field day on Monday, including real estate and auto stocks. Some PSU names also saw a rebound, except for defence PSUs, which saw continued selling pressure.

-This morning, GIFTNifty was trading with a premium of more than 80 points from Nifty Futures' Monday close, indicating a gap-up start for the Indian market.

-Today is also the weekly expiry for the Nifty Financial Services index, which will keep the banking stocks in focus.

-Stocks to track: Reliance Power, Punjab National Bank, NTPC, Firstsource, GR Infraprojects, BGR Energy, AstraZeneca Pharma, Power Grid

-Asian stocks rose as China’s central bank lowered key rates in the latest attempt to shore up the economy and financial markets. Equity benchmarks in Japan jumped more than 1% while those in South Korea climbed. Futures for the FTSE China A50 Index jumped as much as 2%. The yield on China’s 10-year government bond declined to 2% for the first time on record. 

-The People’s Bank of China announced a sweep of support for the economy, cutting its key short-term interest rate, and lowering the mortgage rate for existing housing loans.

-US data released Monday showed business activity expanded at a slightly slower pace in early September, while expectations deteriorated and a gauge of prices received climbed to a six-month high, stoking confidence the world’s largest economy can nail a soft landing. Investors are now awaiting data on the Fed’s preferred price metric and US personal spending later this week

-Overnight on Wall Street, the S&P 500 climbed to a fresh closing high as traders looked to build on last week's gains following the Federal Reserve's interest rate cut.The broad market index added 0.28%, while the Dow Jones Industrial Average gained 0.15%. Both indexes closed at records. The Nasdaq Composite ticked up 0.14%.

-In terms of commodities, gold rose to fresh all-time high as traders digested data and remarks from policymakers. Oil edged higher in early trading Tuesday after Israel launched airstrikes on targets across southern Lebanon, killing nearly 500 people and fanning fears of all-out war.

-Jamie Dimon, Chairman and CEO of JPMorgan Chase & Co, talked to CNBC-Tv18 about the shifting dynamics in global trade and national security, particularly concerning the United States' reliance on China. He, however, feels  that India is poised to take advantage of US-China tensions. Dimon is also of the view that there is "plenty of room" for interest rates to decline in the US.

Tune in to the Marketbuzz Podcast for more cues