Marketbuzz Podcast: Indian Market Likely to Open in Red, Delta Corp, Real Estate Stocks in Focus
The GIFT Nifty suggests a muted opening for the Indian market with stocks like Delta Corp, Easy Trip Planners, real estate stocks, and more in focus.
Indian MarketNiftyDelta CorpReal Estate StocksMarketbuzz PodcastReal EstateSep 25, 2024
The Nifty 50 crossed the 26,000 mark on September 24. However, technical factors, along with the Nifty Financial Services expiry, took the index back to levels at which it closed on Monday. Nonetheless, 26,011 becomes the new record high for the Nifty, which has now gained over 1,000 points in the last nine trading sessions, starting September 11.
While the focus remained on the Nifty, there was plenty of stock-specific activity within the broader markets with the Midcap index clinging on to some gains but the smallcap index ended with losses of over half a percent. Stocks like AstraZeneca and IEX moved on their respective newsflow, while names like SH Kelkar and Arvind Smartspaces surged on positive brokerage commentary.
This morning the GIFT Nifty was trading with a discount of nearly 20 points from Nifty Futures' Tuesday close, indicating a start in the red for the Indian market. Wednesday will also be the monthly expiry of the Nifty Bank index and that has been the index to watch out for over the last few trading sessions.
With the Nifty having moved the way it has, with domestic triggers still a week away from emerging and a landmark and a major event out of the way, the question now emerges whether it will be prudent to book profits at current levels and then wait for earnings to shape up starting the second week of October. By next week, companies will already begin sharing their quarterly business updates and that becomes the next major trigger for the markets.
Stocks to track Easy Trip Planners, real estate stocks, Delta Corp, KEC International, MCX, PC Jewellers, Gillette India, Zee Entertainment, Hindustan Foods, HDFC Life.
SEBI has cleared the IPO papers for Hyundai Motor India Ltd. As per a Moneycontrol report, Swiggy has also received the nod from market regulator post its confidential filing of draft papers to launch a widely anticipated initial public offer.
Asian shares gained for a fifth day as a rally sparked by support measures from Beijing continued, while US stocks set fresh highs. Equity benchmarks rose in South Korea and Australia, while those for Japan slipped after the yen strengthened against the dollar in the prior two sessions.
Overnight on Wall Street, US markets continued to shrug off weak economic data to post yet another day of record highs. The Dow Jones gained 0.2% or just over 80 points, while the S&P 500 advanced 0.25%. Both indices hit all-time highs intraday and also closed at record levels. The Nasdaq too, surged 0.6% but is still 600 points away from its own record high levels.
In terms of commodities, oil steadied after its biggest advance in more than a week, as traders tracked developments in the Middle East and the impact on demand of China’s stimulus measures. Gold hit a record trading above $2,662 an ounce.
Frequently Asked Questions
What is the expected opening of the Indian market today?
The GIFT Nifty suggests a muted opening for the Indian market.
Which stocks are in focus today?
Delta Corp, Easy Trip Planners, real estate stocks, and more are in focus today.
What is the current status of the Nifty?
The Nifty 50 crossed the 26,000 mark on September 24 and has now gained over 1,000 points in the last nine trading sessions.
What are the major triggers for the markets in the coming weeks?
Earnings and quarterly business updates from companies will be the major triggers for the markets starting the second week of October.
What is the current status of the IPO papers for Hyundai Motor India Ltd.?
SEBI has cleared the IPO papers for Hyundai Motor India Ltd.
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