1314: Marketbuzz Podcast with Kanishka Sarkar: Sensex, Nifty 50 headed for gap-up start, Hero Moto, SJVN in focus

MarketBuzz

Welcome back to CNBC-TV18’s Marketbuzz Podcast. Here are all the top developments from around the world ahead of the trading session of August 14
-On Tuesday, the street wanted the weightage of HDFC Bank to be increased in one go, but MSCI decided to increase it in two tranches. The first one now, and the second in November, subject to compliance with the foreign headroom limit. That did not please the market participants. HDFC Bank's shares were already down 11% from the July 3 peak and Tuesday saw another 3% drop. 50% of the Nifty's fall on Tuesday came from India's largest private lender. The Nifty yet again faced pressure above 24,350 and swiftly reversed from those levels, once HDFC Bank continued to decline.
-Besides HDFC Bank, SBI, ITC and Bajaj Finance also contributed to the Nifty fall on Tuesday, albeit in a lesser quantum compared to the index heavyweight.
-Wednesday will now be the weekly expiry for both Nifty and the Nifty Bank as Thursday will be a market holiday on account of Independence Day and the Parsi New Year. For the weekly expiry session, 24,100 becomes the key level on the downside for the Nifty. The fact that the Nifty has closed near the lowest point of the day will not please the bulls.
-Wednesday's trading session will see the final bits of earnings reactions from stocks like Hero MotoCorp, Apollo Hospitals, Manappuram Finance, Muthoot Finance, SJVN, MTAR Technologies among others.
-This morning, the GIFT Nifty was trading with a premium of 75 points from Nifty Futures' Tuesday close, indicating a gap-up start for the Indian market.
-In terms of global cues, stocks in Asia followed a rally on Wall Street as bets mounted that the upcoming US consumer price report will give the Federal Reserve confidence to start cutting rates in September.
-The MSCI Asia Pacific Index climbed for a fourth session, extending its recovery from a historic Aug. 5 selloff. Equity benchmarks were mostly higher, with those in Japan and Taiwan jumping more than 1%. The gains came after the US producer price index rose less than forecast, helping to fuel a 1.7% rally in the S&P 500.
-Overnight, the S&P 500 saw its biggest four-day rally this year. The Nasdaq 100 climbed 2.5%. Starbucks Corp. surged 25% after ousting its chief and picking Chipotle Mexican Grill Inc.’s Brian Niccol as its next leader.
Tune in to Marketbuzz Podcast for more news and cues