Welcome to CNBC-TV18’s Marketbuzz Podcast. Here are all the important updates ahead of the trading session of July 16
-Even as the Nifty traded in a 110-point range on July 15, it crossed the 24,600 mark, made a new high of 24,635, and closed above levels of 24,550. Interestingly, barring SBI and ITC, none of the major index heavyweights contributed to the Nifty's upmove yesterday. Most of them ended with a flat to negative bias. But contributions came from PSUs like ONGC and NTPC, along with Bajaj Auto, which reports results today.
-Today might turn out to be a volatile day for the financials, as the Nifty Financial Services will have its weekly expiry. Additionally, with Wednesday being a market holiday, the Nifty Bank too, will have its weekly expiry on Tuesday.
-GIFTNifty was trading with a premium of over 17 points from Nifty Futures' Monday close, which indicates a flat-to-positive start for the Indian market.
-Earnings: Bajaj Auto, CRISIL, Dee Development Engineers, DB Corp, Himadri Speciality Chemicals, Jubilant Ingrevia, Just Dial, L&T Finance, Network18 and TV18.
-Stocks to watch: Jio Financial Services, SpiceJet, Vedanta, Hindustan Unilever, Unichem Labs, Lupin, Zee Entertainment
-Stocks in Asia were muted in early Tuesday trading, following gains on Wall Street fueled by optimism surrounding a second Donald Trump term as the former US president chose his running mate. Equity benchmarks rose in Japan and Korea, while those in Australia were steady. Futures for Hong Kong stocks pointed to a decline.
-Caution in Asia comes amid signs of emerging market volatility in anticipation that Trump’s tariff threats will be implemented.
-Overnight on Wall Street, the blue-chip Dow also reached a new intraday high, advancing half a percent to close at 40,211.72. Similarly, The S&P 500 added 0.28% to 5,631.22, while the Nasdaq Composite gained 0.4% to end at 18,472.57. Trump’s rising odds of victory boosted oil producers, gun makers and private prisons. His pro-cryptocurrency stance lifted the industry. Tesla Inc. rallied as Elon Musk endorsed Trump. Solar firms sank as Democrats are seen as more friendly toward the sector.
-Meanwhile, Federal Reserve Chair Jerome Powell said in an interview that second-quarter economic data has provided policymakers greater confidence that inflation is heading down to the central bank’s 2% goal, possibly paving the way for near-term interest-rate cuts. He made clear he didn’t intend to send any specific message about the timing of rate reductions.
-In commodities, oil prices edged lower on worries about a slowing Chinese economy crimping demand, though a growing consensus that the U.S. The Federal Reserve will begin cutting its key interest rate as soon as September limited declines. Brent futures fell to $84.76 a barrel.
-Back home, Telecom Minister Jyotiraditya Scindia is likely to meet leaders from Telecom and Internet Service Providers. DOT has called for meeting of Stakeholder Advisory Committee for TSPs i.e. Telecom Service Providers. This committee includes, Sunil Bharti Mittal, Akash Ambani, Kumar Manglam Birla and N Chandrasekhar. The issues of Unsolicited Commercial Communication, network quality, and 6G are likely to be on the cards.
Tune in to the Marketbuzz Podcast for more cues
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Jul 18 20246 mins