Marketbuzz Podcast with Kanishka Sarkar: Sensex, Nifty to start in green; phase 3 voter turnout key to watch

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Welcome to CNBC-TV18’s Marketbuzz Podcast. Here are all the the important updates ahead of the trading session of May 7

-Asian markets are rising on the back of a subdued dollar, lower US bond yields and looser financial conditions that the more benign outlook for US interest rates lately has delivered. Tuesday looks like being another positive day for risk assets.

-Buying momentum should be strong after another day of solid gains on Wall Street, and the bullishness across local markets is palpable.

-China opened strongly after last week’s holiday, volatility in Japan’s currency markets has subsided, and Hong Kong stocks are on their best run in six years.

-The main event is the Reserve Bank of Australia’s policy decision. Or, more accurately, the guidance offered by Governor Michele Bullock in her press conference after the bank keeps its cash rate on hold again at 4.35%.

-Overnight in the US, an announcement from Hamas on Monday that it had accepted an Egyptian-Qatari cease-fire proposal to end the war with Israel also gave stocks a boost, with the Dow Jones Industrial Average notching a fourth consecutive winning session, up half a percent.
The S&P 500 advanced a percent while the Nasdaq Composite gained more than a percent

-Oil prices ticked up early today after Israel struck Rafah in Gaza while negotiations for a ceasefire with Hamas continued without resolution. Brent crude futures were up half a percent at $83.79 per barrel.

-Eleven Indian states and territories including Prime Minister Narendra Modi’s home state of Gujarat began voting this morning in the third phase of Lok Sabha elections. Today’s polling covers 94 seats in 11 states and territories, with Gujarat and Maharashtra in the west and Karnataka in the south. The markets will closely watch the turnout after it fell short in first two phases.

-The Nifty is struggling to sustain at intraday highs. This is a trend witnessed through most of the last 10 trading sessions, particularly in four out of the last five. Even after opening with steady gains and building on them during Monday’s session, the index began to turn downwards within 15 minutes of trade starting. Eventually, the Nifty ended 150 points off the day’s high.

-The GIFT Nifty was higher, trading at a premium of more than 40 pts from Nifty Futures Monday close, indicating a start in the green for the Indian market on May 7.

-Stocks to track: Godrej Consumer Products, Hindalco, Lupin, HPCL Board, Gujarat Gas, DCM Shriram, Tamilnad Mercantile Bank

Tune in to the Marketbuzz Podcast for more cues

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow