MarketBuzz

The US debt ceiling bill has cleared the House that has brought some relief with US futures recovering on June 1 while most shares in the Asian markets were trading higher too. SGX however, is still a bit soft and indicating a start in the red for Sensex and Nifty 50.

This is after the market snapped the four-day winning streak yesterday. There was a decline led by financials. One of the reasons was also China’s manufacturing activity which contracted faster than expected.

However, on a larger picture, the momentum seems to be intact as the FII continued to buy. Meanwhile, quarterly GDP data too came in better than estimates. The Q4 FY23 GDP was at 6.1 percent versus the CNBC-TV18 poll of 5.1 percent and for the full year FY23, it stood at 7.2 percent. Meanwhile, the fiscal deficit for FY23 has been met at 6.4 percent as per the government target.

One of the key macros which could also support the market today is crude. Oil is weak on the back of Chinese data, while a stronger dollar is hovering between $72 to $73 per barrel.

The next queue to watch out for will be the non-farm payroll data on Friday for the month of May from the US. Therefore, all eyes will be on that considering that the impasse with regards to the debt ceiling is now out of the way.

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Indian benchmark indices — Sensex and Nifty 50 — are likely to open lower as SGX Nifty indicated a gap-down start for May 31 session.

This, is even as the momentum continued for the domestic market as of yesterday. Sensex and Nifty 50 were at fresh five-month highs and the sense is that the indices are just about a percent away from record highs. It seems it's only a matter of time till the market gets there, while the Nifty Bank and midcap index are already at record closing highs.

Overall, the earnings season is over.

Therefore, the focus is back on global markets. The US markets continue to be in focus on account of the debt ceiling vote while Asia is largely mixed, with China’s manufacturing numbers down for the second straight month.

It must also be noted that the US jobs report on Friday exceeded 12 out of the times in terms of estimates. So it will be an important indicator in terms of what the Fed could do going forward.

Meanwhile, the Reserve Bank of India RBI) meeting starts on June 6 and concludes on June 8. So that will be another key factor to watch out for in the next couple of days.

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The market did extend Friday’s gains on Monday. The Sensex and Nifty were at five-month highs. The Nifty Bank ended at record closing high, led by the likes of HDFC Bank, State Bank of India and IndusInd Bank. The midcap index too posted a record close.

So it seems that the Nifty and Sensex are making their way to all-time highs. One of the key factors supporting this is the FIIs, which bought for the sixth consecutive session. They net bought around Rs 17,058 crore in Monday’s trading session. And DIIs have bought for the seventh consecutive trading session, where they bought around Rs 853 crore.

The US debt ceiling relief is going to aid sentiment. US President Joe Biden and the Republican lawmakers have reached a tentative deal on the debt ceiling.

The news or focus will turn back on to the US Fed, which is likely at the tail-end of its hiking cycle. US markets were closed overnight.

Asia is largely mixed at this point in time. SGX Nifty is indicating a mildly positive start.

Stocks to watch out for today include Apollo Hospital, Torrent Pharma, Mankind, among others.

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Indian benchmark indices — Sensex and Nifty 50 — are headed for a gap-up opening on May 29 following strong the rise in Asian shares and US futures buoyed by a weekend deal by US President Joe Biden and congressional Republican Kevin McCarthy to suspend the government's debt ceiling.

The SGX is indicating a positive start.

On Friday, the US tech-heavy index NASDAQ launched a fifth week of gains. Meanwhile, the domestic market closed at five-month highs with the Nifty 50 ending at almost 18,500, the highest closing level seen in 2023.

Brent crude ticked marginally higher as hopes of a debt ceiling breakthrough aided in terms of momentum.

The markets are likely to focus on the Fed trajectory core personal consumption price index, which is an indicator of inflation in the US.

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The market managed to end the May series on quite a strong note with two consecutive series of games with the Nifty sharply recovering from the intra-year lows, and today we we are looking at going into the fresh June series.

It’s a slightly soft setup in terms of the global markets, as a significant amount of uncertainty has gone ahead and introduced significant volatility in the US market. However, on Thursday, the Nasdaq closed higher by almost 1.7 percent on the back of sharp results from Nvidia. Meanwhile, the European markets continued their decline.

On Thursday, there was quite a sharp downtick as far as oil prices were concerned as Russia downplayed prospects of further production cuts in the next OPEC+ meeting. Brent futures yesterday closed low by almost 3.6 percent trading, now closer to the $75.5/barrel mark. .

The markets ended the May series on a strong note with last time buying coming in heavy weights such as Reliance, ITC Ltd, etc which aided the sharp intra-day recovery. Even in the broader end of the market, you actually saw advances out in the declines in a significant manner.

Key things to watch out for in today’s trading session include, result reactions to Zee Entertainment, SAIL. Regarding companies such as Aster DM, some stake sale buzz over there will also keep the particular stock active today.

Asian markets today are slightly mixed and the SGX Nifty is indicating a mild start to our own markets today morning.

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Today, what we are looking at is a very volatile and frankly, quite a muted set of queues as far as our own markets are concerned. There continues to be significant amount of uncertainty regarding reaching the settlement of the US debt ceiling limit.

Also, Fitch rating has now placed the US ‘AAA’ rating on a negative watch. US markets ended lower and Dow Jones, which ended almost 0.8 percent lower, was down for the fourth trade session when you're talking about European markets. Australia's trading session was on the back of significant uncertainty. 

On the other hand, Brent futures as well as WTI futures gained over 1.7 percent, each, indicating higher crude oil prices as there are continued to be commentary from Saudi regarding further production cuts coming to our own markets in yesterday's trading session, what we actually saw was significant sell off pressure towards the end of the trading session.

In fact, the last selling intensified markets ended near the day's lowest point. The Nifty bank was a significant underperformer.

Meanwhile, Asian markets are indicating a muted start.

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Indian indices — Sensex and Nifty 50 — are likely to open lower on May 24 following a very mixed set of queues from global indices. Indian markets too have been very range bound with a bit of volatility, especially in yesterday's last hour of trading session.

US indices ended lower between 0.7 percent to 1.2 percent. Given the fact that there continues to be a stalemate regarding the US debt ceiling remit, European markets too ended lower.

In the global handover overnight, crude oil prices gained a bit given the fact that a Saudi Energy Minister has warned speculators against short selling. On the back of that, Brent futures gained a percent to $76.8 a barrel.

An important cue to watch out for today is the wind-down of the earnings season. Hindalco, Cummins India, NALCO, and Nykaa are among some of the companies expected to post their results today.

Tune in to Marketbuzz Podcast for more news and cues to track in today’s session

Indian equity indices — Sensex and Nifty 50 — are likely to open marginally higher on May 23, after gains in the previous session, as global cues improved on progress in US debt ceiling talks.

At 8:11 am, India's NSE stock futures listed on the Singapore Exchange were up 0.15 percent at 18,362.50. Meanwhile, most Wall Street equities closed higher on Monday after debt ceiling talks resumed in the US. The European markets too saw quite a bit of a mix closed.

As the quarterly results season nears the end, it must be noted that the January to March 2023 quarter has not been as bad as anticipated by some analysts on the Street.

Crude oil prices yesterday gained amidst hopes of better demand forecast towards the second half of this particular year. Brent futures are now trading closer to the $76 a barrel mark.

Indian markets saw quite a bit of up move as the Adani group stocks outperformed significantly. IT stocks continued their trend higher, however, Nifty Bank underperformed in yesterday's trading session.

Some important queues to watch out for result reactions from BPCL and Shree Cement that declared their numbers post market as yesterday. Ashok Leyland and Dixon Technologies would be declaring the results today.

Tune in to Marketbuzz Podcast for more news and cues ahead of today’s market session

As we wind down towards the end of the fourth quarter and the FY23 earnings season, a whole host of companies will be declaring their results this week, which will keep market parts extremely busy. The US markets last week ended with gains despite worries as well as multiple debates regarding the debt ceiling limit. And cues in European markets make them slightly positive. If you look at the weak that went by, crude oil prices, rent futures actually ended lower by over 0.8 percent at slightly about the $75.5 a barrel-mark, while future is now fading closer to the $72 a barrel mark. Last week, Indian markets actually saw a bit of a sell-off with the Nifty snapping a three-week gaining streak. This was despite the slight gains that we saw on Friday, Indian markets. In fact, the whole of last week actually saw selling at higher levels with a lot of gap up openings that the markets are actually being sold into. In Friday's trading session, it was the top sectoral gainer and in fact, the broader markets were the one that saw a bit of profit booking and underperformed the benchmark in dice important cues to watch out for today. And along with that, you know, there will be anticipation of earnings such as BPCL, etc, that are expected to deliver their results today. Asian markets are indicating a mixed start to Monday’s trading session. SGX Nifty is indicating a slightly muted start for our own markets.

Tune in to Marketbuzz Podcast for more news and cues to track ahead of today’s market session.

We know we are ending a week where you actually saw the Nifty underperform, and the Nifty saw profit booking emerge at all higher levels. In fact, the Indian markets have declined continuously for the past three trading sessions. On Thursday, the Nifty did see a gap of opening and it also saw a favourable global backdrop. However, despite that, it could not hold on to the opening gains yesterday. Meanwhile, the US markets ended with gains. The Dow Jones ended around 0.4 percent higher and the S&P 500 as well as Nasdaq, both ended with gains of over a percent now, against a favorable backdrop. Also we are now coming towards the end of the fourth quarter FY23 earnings season. What we are actually seeing is a lot of buying activity was being witnessed, and has continued. However, despite that, the Nifty and in fact, even the broader end of the market has seen some profit booking. The Nifty has now fallen over 300 points from Monday's high of 18,458. In fact, the Bank Nifty is off almost 400 points from Monday's high. Now on the week-to-date basis, the Nifty is down almost 1 percent now. The results that the markets will likely react to include Bata, United spirits, InterGlobe Aviation.  NTPC, Power Grid, JSW Steel, will be delivering their results. So overall, you know, while we are currently in the thick of the earnings season, we are coming to the end of it and next week onwards, markets will look for fresh use as far as the direction of the market is concerned. Tune in to MarketBuzz Podcast for more news and cues to track ahead of today’s market session