Marketbuzz Podcast with Kanishka Sarkar: Market headed for gap-down start, HDFC Bank, Ola Electric in focus
Description
Welcome to CNBC-TV18’s Marketbuzz Podcast. Here are top news from around the world ahead of the trading session of October 8
-The counting of votes for Haryana and Jammu and Kashmir assembly polls will be done today. Political parties and leaders wait with bated breath for the Haryana Assembly poll results, with the ruling BJP confident of retaining power for a third term, and the Congress, which is out of power for 10 years, more than hopeful of making a comeback. Meanwhile, in Jammu and Kashmir, this is the first election since the abrogation of Article 370 in 2019. So, it’s a pivotal moment for the Union Territory as it awaits its first elected government in five years.
-On October 7, was another day of Nifty opening higher and the recovery getting sold into. The Nifty broke more key levels on the downside in Monday's session, carrying on from where it left off on Friday.
-HDFC Bank continued to lead the losses in Monday's session as well. The stock is also down six days in a row and has lost over ₹1 lakh crore in market capitalisation during this period. HDFC Bank shares had seen a brief recovery towards the close of trade but yet again that was swiftly sold into.
-Stocks in focus: HDFC Bank, Godrej Consumer Products, Mahanagar Gas, Nykaa, Bharat Electronics, Sobha, MOIL, Hi-Tech Pipes, HEG
-The GIFT Nifty was lower this morning trading at a discount of more than 100 pts from Nifty Futures Monday close, indicating a gap-down start for the Indian market.
-Chinese stocks listed in the mainland jumped this morning as trading resumed following a week-long holiday, with encouraging home sales and consumption data giving fresh impetus to a rally sparked by Beijing’s stimulus blitz. Shares dropped in Japan, South Korea and Hong Kong after Wall Street was dragged down by a tech selloff, geopolitical angst and bets on a smaller Federal Reserve rate cut.
-Overnight, the S&P 500 fell 1% on Monday after notching a four-week winning run. Alphabet Inc. sank 2.4% as a judge ruled it must lift restrictions that prevent developers from setting up rival marketplaces that compete with its Google Play Store.
-Brent crude has jumped above $80 a barrel amid mounting tensions in the Middle East. In the wake of Friday’s solid jobs data, Treasuries continued to drop — with the 10-year yield topping 4%.
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