Marketbuzz Podcast with Kanishka Sarkar: Market to open in green, RBI policy, Hyundai IPO details in focus

Episode 1350,   Oct 09, 02:45 AM

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Welcome to CNBC-TV18’s Marketbuzz Podcast . Here are top news from around the world, ahead of the trading session of October 9

-Hyundai Motor India’s IPO details are out: This will be India's largest IPO till date. The company has fixed the price band for its public issue between ₹1,865 to ₹1,960 per equity share. The three-day issue will open for subscription on October 15 and close on October 17, 2024. At the upper end of the price band, the IPO size will be ₹27,870 crore, which will surpass LIC's size of over ₹21,000 crore. The IPO will be a complete Offer For Sale (OFS), where the company's parent will be selling 14.2 crore shares or 17.5% of the total equity.

-Yesterday, there was green on the screen, finally, which sustained through the day. Back from Nifty being above 26,000 just two weeks prior, the bulls will see 25,000 on the Nifty as a sigh of relief post Tuesday's close. The benchmark index snapped a six-day losing streak on Tuesday, which led to a loss of nearly ₹27 lakh crore in investor wealth.

-Jai Bala of cashthechaos.com believes that the Nifty has a very high probability of testing its Lok Sabha election day low, which is still around 4,000 points from Tuesday's closing levels.

-Wednesday will be another important session for the markets as the Reserve Bank of India will announce its Monetary Policy decision and the consensus going around is that while policy will be a "status quo" for the tenth time in a row, there might just be a change in policy stance to "neutral" from "withdrawal of accommodation."

-Commentary from the RBI Governor on the road ahead may be a key factor in determining market sentiment in mid-week trading before TCS kickstarts the earnings season on Thursday

-Stocks to track: Vedanta, IRFC, Ola Electric, Premier Energies, Tata Technologies, PB Fintech, Bharti Airtel, Torrent Power, IRB Infra, JSW Infra

-Chinese shares underperformed the region after investors paused on the rally with Beijing refusing to commit to more economic stimulus. Shares elsewhere in Asia gained. The CSI300 index fell as much as 5%, almost erasing gains of yesterday, while stocks in Hong Kong gained 1.7% after the biggest tumble in 16 years Tuesday. Shares in Australia and Japan climbed Wednesday after a tech rally lifted Wall Street and bets on Federal Reserve rate cuts stabilized.

-Overnight on Wall Street, US markets staged a comeback on Tuesday as oil prices eased amidst ongoing tensions in the Middle East. The S&P 500 gained over 1% to close above the mark of 5,750, while the Nasdaq Composite was back above the mark of 18,000, ending with gains of 1.5% courtesy of a rally in chipmakers like Nvidia, which has surged 14% in the last five sessions. The Dow Jones was an underperformer, but ended with gains of over 100 points.

-Oil steadied this morning after tumbling the most in more than a year in the previous session on concerns around China’s economic outlook, with the market also watching for Israel’s response to Iran’s missile barrage last week. Brent traded near $77 a barrel after losing 4.6% on Tuesday, while West Texas Intermediate was below $74.

-GIFT Nifty was higher this morning trading at a premium of more than 30 pts from Nifty Futures Tuesday close, indicating a start in the green for the Indian market

Tune in to the Marketbuzz Podcast for more cues