Marketbuzz Podcast with Kanishka Sarkar: Gift Nifty indicates start in the red, results and US polls in focus
Description
Welcome to CNBC-TV18’s Marketbuzz Podcast. Here are top developments from around the world ahead of the trading session of November 4
-Recap: It has been a volatile last two weeks for the Nifty, having ended October on a negative note. The month saw the index fall 6%, marking its worst monthly drop since March 2020.
-Samvat 2081 has begun on a positive note with the index ending higher during the token one-hour Mahurat Trading session on Friday. The start of November also is no-less packed with action as the Indian market participants will have eyes on all four corners of the world due to various cues emerging during the week.
-The all important US Presidential Election outcome will be known this week, as will be the US Fed interest rate decision. Consensus still remains that the FOMC will slash rates by 25 basis points. Meanwhile, manufacturing activity in the US fell to the lowest level since July 2023.
-Back home, earnings season continues with multiple broader market companies, and big ones at that, reporting results in the upcoming week. Among the Nifty names, stocks like Dr. Reddy's, Titan, Tata Motors and India's largest lender State Bank of India, along with the newest index entrant, Trent, will be reporting results this week.
-Samir Arora of Helios Capital during the Mahurat Trading session spoke about the fact that the next six to nine months, it will be good to look at growth companies but auto and consumer stocks may not do well. Market veteran Ramesh Damani also highlighted two themes that he would want to focus on for the next Samvat, which were Digital Public Infrastructure and Pharma.
-This morning the GIFT Nifty was lower, trading at a discount of more than 80 points to Nifty Futures Friday close, indicating a gap-down start for the Indian market.
-Stocks to watch: NCC, Ashoka Buildcon, MOIL, NBCC, NMDC, Premier Energies, Zen Technologies, Sun Pharma, Apollo Hospitals
-Shares rose in Asia, with those in Hong Kong and mainland China higher in early trade. US stock futures were steady after Wall Street’s gains Friday following robust earnings from the likes of Amazon.com and Intel Corp. Japanese markets are closed for a holiday, which means there will be no Treasuries trading in Asian hours.
-In commodities, Oil advanced after OPEC+ agreed to push back its December production increase by one month and tensions escalated again in the Middle East. Brent rose as much as 2% to more than $74 a barrel. Gold was stable after retreating from a record high last week
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