Marketbuzz Podcast with Kanishka Sarkar: Market likely to open lower on mixed global cues, defence stocks in focus
Episode 1386, Dec 04, 03:05 AM
Welcome to CNBC-TV18’s Marketbuzz Podcast. Here are top developments from around the world ahead of the trading session of December 4
-First a quick recap, the Nifty 50 crossed the key resistance level of 24,350 during Tuesday's session. Last week, the index attempted to surpass this level four times but failed every time. After opening on a positive note, the Nifty gradually advanced throughout the day, reaching a one-month high as markets extended their recovery for a third consecutive session.
-In terms of sectors, heavyweights in energy, metals, and banking drove the rally, while defensive sectors like FMCG and pharma showed subdued performance. The broader market too has been showing strength with both mid and smallcap indices making gains for the last eight consecutive trading days. Most of the sectoral indices ended in the green.
-Now going forward, the market will watch out for the US job openings data and November services PMI data of India and the US, which will be announced today. Analysts expect markets to gain some momentum in the near term on the back of positive global cues, optimism around enhanced government spending and favourable monetary policy changes by the RBI.
-However, as of this morning, GIFTNifty was lower, trading at discount of more than 30 pts from Nifty Futures Tuesday close, indicating a start in the red for the Indian market
-Stocks to watch: M&M, IndiGo, RVNL, ONGC, EPACK Durables, Honasa
-Stocks in Asia declined after South Korea’s political turmoil triggered by a brief imposition of martial law caught global investors off guard. The benchmark Kospi Index fell as much as 2.3% on Wednesday after South Korea-related assets all dropped overnight. Equities opened lower in Hong Kong and mainland China, and also slipped in Tokyo. The won advanced after losses overnight in offshore trading.
-Global investors are looking to this week’s US payrolls report and Jerome Powell’s remarks for clues on whether the Federal Reserve will cut rates in December. The latest data showed US job openings picked up while layoffs eased, suggesting demand for workers is stabilizing. Fed Bank of San Francisco President Mary Daly said a rate cut this month isn’t certain, but remains on the table.
-Overnight, US markets had a choppy and mixed session as investors bought into a minor dip but largely chose to remain on the sidelines ahead of some key data points. The S&P 500 ended just above the flat line to notch its 55th record high of 2024, while the Nasdaq Composite outperformed with gains of 0.4% as Apple shares rose to a new record. The Dow Jones underperformed for the second day running, ending 80 points lower.
-In terms of commodities, oil steadied after the biggest advance in more than two weeks. Gold stabilized after rising on Tuesday as political turmoil in South Korea and France buoyed demand for haven assets.
Tune in to the Marketbuzz Podcast for more cues
-First a quick recap, the Nifty 50 crossed the key resistance level of 24,350 during Tuesday's session. Last week, the index attempted to surpass this level four times but failed every time. After opening on a positive note, the Nifty gradually advanced throughout the day, reaching a one-month high as markets extended their recovery for a third consecutive session.
-In terms of sectors, heavyweights in energy, metals, and banking drove the rally, while defensive sectors like FMCG and pharma showed subdued performance. The broader market too has been showing strength with both mid and smallcap indices making gains for the last eight consecutive trading days. Most of the sectoral indices ended in the green.
-Now going forward, the market will watch out for the US job openings data and November services PMI data of India and the US, which will be announced today. Analysts expect markets to gain some momentum in the near term on the back of positive global cues, optimism around enhanced government spending and favourable monetary policy changes by the RBI.
-However, as of this morning, GIFTNifty was lower, trading at discount of more than 30 pts from Nifty Futures Tuesday close, indicating a start in the red for the Indian market
-Stocks to watch: M&M, IndiGo, RVNL, ONGC, EPACK Durables, Honasa
-Stocks in Asia declined after South Korea’s political turmoil triggered by a brief imposition of martial law caught global investors off guard. The benchmark Kospi Index fell as much as 2.3% on Wednesday after South Korea-related assets all dropped overnight. Equities opened lower in Hong Kong and mainland China, and also slipped in Tokyo. The won advanced after losses overnight in offshore trading.
-Global investors are looking to this week’s US payrolls report and Jerome Powell’s remarks for clues on whether the Federal Reserve will cut rates in December. The latest data showed US job openings picked up while layoffs eased, suggesting demand for workers is stabilizing. Fed Bank of San Francisco President Mary Daly said a rate cut this month isn’t certain, but remains on the table.
-Overnight, US markets had a choppy and mixed session as investors bought into a minor dip but largely chose to remain on the sidelines ahead of some key data points. The S&P 500 ended just above the flat line to notch its 55th record high of 2024, while the Nasdaq Composite outperformed with gains of 0.4% as Apple shares rose to a new record. The Dow Jones underperformed for the second day running, ending 80 points lower.
-In terms of commodities, oil steadied after the biggest advance in more than two weeks. Gold stabilized after rising on Tuesday as political turmoil in South Korea and France buoyed demand for haven assets.
Tune in to the Marketbuzz Podcast for more cues