MarketBuzz

SGX Nifty is suggesting a positive start for the Indian market on May 18, following the strength on Wall Street in the overnight session.

The key indices on Wall Street ended with a gain of more than a percent as there is hope that the US will be able to raise the debt ceiling in time to avoid a default that has reassured the markets.

After a good session on Monday, Tuesday and Wednesday markets took a step back yesterday. The Indian markets were down about 0.6 percent on the benchmark indices. If the market is up and crosses 18,300, there could be a bit of a short covering in terms of flows net.

Asia-Pacific share indexes rallied this morning, following Wall Street's lead, and the dollar held just below a two-month high versus the yen.

For the Indian market, it is also a big day of earnings. State Bank of India, United Spirits Limited and ITC are among those set to report their quarterly earnings for the January to March 2023 period.

For Vedant Fashion, the promoters have announced an offer for sale to sell a nearly 10 percent stake in the company. This is to meet SEBI’s minimum public shareholding norms. Once completed, the promoter stakes would be down to 75 percent. According to some analysts, this removes a technical overhang on the stock price.

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

It looks like it could be a bit of a subdued start to begin trade with for starters, Wall Street ended lower. The Dow Jones was down 1 percent and NASDAQ was down close to about 10.2 percent. There are concerns about the possibility of a US debt ceiling stand off as the deadline approaches retail sales were a Miss Home Depot guidance was a bit subdued. Chinese data has also come in lower than what the street was anticipating and that's the reason why crude prices too have seen a bit of a decline. The China industrial production data has come in at 5.6 percent was estimates of 10.9 per property investment. New home sales have declined. Copper prices are at a five-month low. Zinc is trading at an October 2020 low. So commodities are a bit on the back foot, hence keep your eye out on metals this morning. Brent crude is currently around $70 per barrel mark. The Indian market still in the last 1, 1.5 hour on trade maybe by due to the Nifty expiry. But there was a sharp sell-off particularly in the banking names. Yesterday, the markets took a step back in terms of flows. The FIIs bought Rs 400 crore in the cash market. So their inflows continue now. They have bought more than Rs 16,000 in the May. The DIIs sold Rs 886 crore. When it comes to earnings reactions, Bharti Airtel revenues were a miss, the margin have come in in line with what the street was anticipating. Consolidated revenue growth has come in much lower than what the street was anticipating. It's just a 0.5 percent top line growth. The estimates were for a 2 percent growth. JPL is also a miss compared to estimates the company has reported in a bid of 2186 crore than our estimates of more than 2500 crow profits of 466 compares with the poll of 1100 but there is an exceptional loss of 150. But even if you add that back to the profitability, GSP margin and profits are a miss. Gramin is a good set of numbers. It looks like a top down miss because the top line for Metropolis is down 7.6 percent estimates were for a 2 percent decline that lead to a miss on margins and lead to a miss in profit. Reddington is a mixed bag, strong top line growth 26 percent revenue growth year on year, but margins have been declining for the company. Margin were down quarter on quarter and on year on year basis. The big earnings to watch today are Jubilant Foodworks. Tune in to Marketbuzz Podcast for more news and cues ahead of today’s session 

Indian benchmark indices — Sensex and Nifty 50 are set to open higher on May 16, on cooling domestic inflation and persistent foreign institutional buying in equities, while hopes of a debt ceiling deal in the US boosted sentiment across global equities.

India's NSE stock futures listed on the Singapore exchange were up 0.27 percent at 18,453, as of 7:58 am.

The Wall Street handover was also in the green. The Dow ended with a gain of 0.14 percent, and NASDAQ was higher by two-thirds of a percentage point. The S&P 500 remained in a narrow range for much of the day before strengthening a bit by the close of trade.

On May 15, the Indian market had a slight opening gap but built on that strength with Nifty Bank almost touching all-time high levels.

Towards the last hour, some volatility crept in with some profit bookings coming into the market.

The FII bought in cash for the 13th consecutive session yesterday. They’ve bought Rs 1,685 crore in the cash market for May.

Today is also a big day of earnings. The Bank of Baroda, IOC, GSP, and LIC Housing Finance among others are to report their numbers for the January to March quarter.  PVR and Coromandel International will be reacting to the numbers not strictly comparable because of the merger.

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

Indian shares are set to open marginally lower on May 15, amid a slide in global equities on worries of an economic slowdown in the US, while cooling domestic retail inflation offset much of the weakness in sentiment.

What disappointed the street on Friday globally is that consumer sentiment in the United States fell sharply to a six-month low of 57.7 in the month of May against 63.5 in April. It's a very sharp decline of more than 500 basis points on a month-to-month basis and well below street estimates of 63 which could be one factor.

Another one is that the Congress swept the Karnataka elections. It was expected to be a close tie but the extent of the defeat for the BJP has taken the market by a bit of a surprise.

Meanwhile, on Friday, you know, banks powered through with the Nifty 50 bank index just about a percent away from an all-time high level.

Also, CPI inflation is also a positive number at 4.7 percent in the month of April the lowest in the last 18 months.

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

Indian indices — Sensex and Nifty 50 — are set to open lower on May 12, tracking a slide in global peers, on data hinting at a slowdown in the US economy as investors awaited domestic retail inflation data for April.

On May 11, the markets closed a little changed amid volatility on what was weekly expiry day.

The US markets closed mixed as Disney results dragged the Dow lower. The US producer price index for the month of April saw a further slowdown to 2.3 percent versus 2.7 percent and coal prices slowed to around 3.2 percent.

Bank of England has raised interest rates to 4.5 percent, the highest since 2008.

Meanwhile, the Asian market was mixed with SGX indicating a soft start for the Indian market. Brent crude, which has corrected a tad bid on account of fears with regards to the impasse over the debts ceiling as well as the US producer price index.

Tata Motors, Cipla, Vedanta and Colgate among others are due to report their quarterly earnings today.

Tune in to Marketbuzz Podcast for more cues about the market today

Yesterday, the markets did close with minor gains amid volatility. Nifty held on to 18,300, and the Sensex rose around 179 points. The bank posted a sharp recovery in the last hour rising nearly 150 odd points.

The US markets are in focus on account of the C P I inflation data as well as the debt ceiling in part. The US April CPI inflation data came in at around 4.9 percent versus estimates of around 5 percent. The US markets ended mixed with the tech stocks rally. Asian stocks are largely mixed this morning. The China inflation data for April has come at the slowest pace that we've seen in two years.

The SX currently indicating a bit of a positive start. Karnataka exit polls will also be in focus as it is a photo finish which is expected in Karnataka, however, continue to buy in the Indian market showing the underlying conviction. So FII net around 1833 odd in equities. When it comes to quarterly earnings reported on Wednesday, we had a bit of a disappointment which came in for Larson and to as well as doctor Reddy and in terms of results today, we have Asian Paints and Eicher Motors, Dr Lal PathLabs, to name a few, These are a couple of things to watch out for.

Tune in to Marketbuzz Podcast for more cues and news to watch out for in trade today

Early trends indicate a higher opening for the Sensex and Nifty 50 on May 10 as SGX Nifty was trading at a premium of more than 20 points from Nifty Futures on Tuesday’s close.

Yesterday, the last hour fall led to a close near flatline for the market with Nifty 50 ending below 18,300 and Sensex falling three points to 61,761.

Meanwhile, in the US, inflation data is due today. Overnight, the US markets ended lower on the back of the impasse over the debt ceiling as well as the US CPI data, which continue to remain key concerns.

Asia, this morning, was largely weak. SGX however, indicated a positive start possibly indicating the underlying strength or positive sentiment for our markets.

Brent crude, at the time of recording, was at around $77 per barrel, which was a marginal move since yesterday's trading session.

In terms of result reactions, reactions are expected following the results of Apollo Tyres, Lupin, and Nazara Technologies. Larsen and Toubro, Dr. Reddy’s Laboratories, Escorts Kubota, Bosch, Godrej Consumer are due to report their quarterly earnings today.

The market shall also keep an eye out on the Karnataka assembly elections that are taking place today and the outcome will be announced on May 13.

Tune in to Marketbuzz Podcast for cues and news to watch out for in trade today

Despite a good session yesterday in which the Indian markets touched a five-month high, Sensex and Nifty 50 are likely to open lower on May 9 amid mixed global market cues. The SGX Nifty, at the time of filing, indicated a bit of a soft start.

In terms of the global macros, German industrial production data which sank by the most seen in a year resulting in recession fears rising.

Meanwhile, the US CPI data is due on May 10 for the month of April and the street will be watching that closely to get an assessment on what the Fed's trajectory would be going forward overall.

European markets, however, ended mostly higher overnight while US markets were mixed.

Brent crude rose 2 percent by May 9 morning, which means there was a bit of an up move that took place in Brent crude prices in terms of result reactions.

Meanwhile, Mankind Pharma, which is one of the biggest IPOs  in the past one year, will list today.

Tune in to Marketbuzz Podcast for more cues and news to watch out for in trade today

As the trading week begins on May 8, here are all the cues and news you need to watch out for in trade today.

On Friday, markets recorded what was the biggest single day fall seen in two months as HDFC twins stocks fell sharply. The MSCI rejig news led to a fall of around 6 percent each HDFC and HDFC Bank, which was one of the biggest in three years.

However, overnight, there was some amount of global reprieve. For the US markets on Friday, the Dow jumped 500 points as regional banks and Apple shares surged while April jobs data too was better than expected.

However, Goldman Sachs says that despite the strong jobs data, it still expect a pause from the Fed in the June meet because of the consecutive rate hikes undertaken by the US central bank until now.

Asia was mixed as at the time of recording this podcast with SGX indicating a positive start.

Another positive queue on the fringe is Brent crude which closed down 5 percent last week. It was the third straight negative week for Brent crude.

Overall, while Friday was a weak session, the larger queue for the Indian markets is that the trend seems positive because on a week to day basis, last week, 35 of the 50 stocks recorded gains last week inclusive of the likes of Asian Paints and Titan, which were top gainers.

Listen in to the Marketbuzz Podcast for more cues ahead of today’s trading session

As the truncated trading week ends with today’s session, global queues have remained quite muted through all four trading sessions this week.

Two major events took place this week with both the USA as well as the ECB going ahead and hiking rates as far as the Fed funds as well as the ECB rate is concerned both by 25 basis points.

Looking at the overnight set up, US markets ended lower for the fourth straight session.
All of the US indexes ended with cuts and post marketers. European markets too ended on a negative queue after the ECB delivered the 25 basis points hike.

Meanwhile, Apple delivered its results and it's been a blowout to quarter with both revenues as well as bottom line meeting analysts’ expectations.

The Indian market, however, continues to outperform. On May 4, Indian markets ended with gains to turn positive for 2023. In fact, Nifty 50 ended up above the 18,200 level.

Important use watch out for today. Key results include Britannia and result reactions to track include TVS Motor and United Breweries.

Asian markets are indicating a muted start after the weak handover.

Tune in to the Marketbuzz Podcast for more market cues