1267: Marketbuzz Podcast with Kanishka Sarkar: Sensex, Nifty 50 headed for gap-up start

Welcome to CNBC-TV18’s Marketbuzz Podcast. Here are the top market cues ahead of the trading session of June 6

-The market has been carrying a disclaimer "Not for the faint hearted" for the last three sessions. In fact, at one point on Tuesday, it felt as though the Nifty has gone into a free fall, but it has managed to find some support at lower levels, at least for now.

-The recovery seen by the Nifty yesterday, that is June 5, has taken the market back to levels above last Friday's close. In fact, it has even turned positive for the week. The market took heart from the fact that Narendra Modi is all set to be prime minister for a historic third time, albeit in an alliance, but with alliance partners like JD (U) and TDP backing the NDA, the government formation looks mostly certain in the coming few days.

-The Nifty is 700 points adrift from its peak of 23,338. That may take a while as many brokerages have turned cautious on the market post this election outcome.

-June 6 will be the first weekly expiry of an already action-packed start to the June F&O series.

-Besides political developments, the market also awaits comments from the Reserve Bank of India's Monetary Policy Committee on Friday on whether it will revise its inflation or GDP outlook for the fiscal year after the fourth quarter print. There are currently no talks of a rate cut from the central bank just yet.

-Foreign investors continued to remain net sellers in the cash market on Wednesday, while domestic investors were net buyers.

-Asia-Pacific stocks rose as hopes for rate cuts by the European Central Bank boosted market sentiment, while major indexes in the U.S. hit fresh highs overnight. Overnight in the U.S., Nvidia led major tech stocks higher and slightly weak labor market data gave investors hope the Federal Reserve might move to lower interest rates later this year.

-Back home, GIFT Nifty was higher this morning, trading at a premium of more than 90 pts from Nifty Futures Wednesday close, indicating a gap-up start for the Indian market

-Stocks to track: BHEL, IEX, Century Textiles, Torrent Pharma, Uno Minda, NBCC, Nandan Denim, KPI Green

Tune in to Marketbuzz Podcast for more cues