Marketbuzz Podcast with Kanishka Sarkar: Market likely to start in green, IT stocks in focus
Description
Welcome to CNBC-TV18’s Marketbuzz Podcast. Here are top developments from around the world ahead of today’s trading session
-Thursday resulted in a sixth straight day of gains for the Nifty and this six-day winning streak itself has resulted in gains of over 800 points for the index, powered by the index heavyweights HDFC Bank and ICICI Bank. The Nifty Bank has been a key catalyst in this surge that the Nifty has seen going into a fresh series.
-Auto stocks led by Maruti powered the Nifty ahead during Thursday's trading session. India's largest passenger car manufacturer now has a market capitalisation of well over ₹4 lakh crore. The other bits of gains came from Metal stocks, which continued to rally on hopes of further stimulus being injected in China.
-Friday's trading session will see the Nifty index rejig taking place post closing and Trent and Bharat Electronics (BEL) will become part of the Nifty 50, replacing LTIMindtree and Divis Laboratories. There will also be rejig in the Nifty Bank and the Nifty 500, and an increase and decline in weightage in a lot of stocks.
- GIFT Nifty was trading with a premium of 45 points from Nifty Futures' Thursday close, indicating a start in the Green for the Indian market.
Stocks in focus: IT stocks, Prataap Snacks, Biocon, Nuvama Wealth Management, KEC International, Thangamayil Jewellers, Adani Green Energy, RailTel, RITES, Indian Bank, NTPC Green
-Stocks in Asia extended gains as risk appetite across financial markets got a further boost from China’s latest stimulus measures and upbeat US momentum. Equities in Australia advanced, while China’s benchmark CSI 300 Index is set for its biggest weekly gain in almost a decade after officials pledged to increase fiscal support and stabilize the property sector to revive growth.
-Overnight, in the US, revised data showed the US economy in better shape than initially expected, spurred mainly by bigger consumer-driven growth fueled by robust incomes. A decline in US jobless claims underscored the resilience of the labor market. But investors tuning into commentary from Fed Chair Jerome Powell on Thursday didn’t get any details on the economic outlook or path for monetary policy.
-Thursday’s Wall Street trading session ended on a strong note, with the three major averages posting gains and the S&P 500 closing at a fresh record for the third time this week. The Nasdaq Composite also notched four straight winning days.
-In commodities, oil slid further as Saudi Arabia was reportedly committed to increasing output in December, while Libya named its new central bank governor, opening the way to reviving some crude production. Copper rallied back above $10,000 a ton and iron ore broke through $100 while gold hit yet another record high on Thursday.
Tune in to the Marketbuzz Podcast for more cues
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