1324: Marketbuzz Podcast with Kanishka Sarkar: Sensex, Nifty 50 likely to start in red, Reliance shares in focus

Welcome back to CNBC-TV18’s Marketbuzz Podcast. Here are top developments from around the world ahead of the trading session of August 29

-After days of consolidating and resisting, the Nifty conquered its previous record high of 25,078 on August 28, a day ahead of its August F&O expiry and made a new high of 25,129. As has been the case with previous highs, there was some bit of profit booking at higher levels and that resulted in the Nifty seeing a 90-point drop from the highs of the day, ending even below its previous record high of 25,078.

-This surge came despite the underperformance from banking stocks as the day belonged to IT stocks. Barring Tata Elxsi, which sold-off after a stellar two-day move, most largecap or midcap IT names saw healthy gains in Wednesday's trading session.

-But the big question for Thursday's trading session is that will Reliance Industries, the index heavyweight, put its hand up and lead the Nifty to an 11th straight day of gains on its monthly expiry session?

-Stocks to watch: Reliance Industries, InterGlobe Aviation, Vedanta, Sonata Software, PB Fintech, Lemon Tree Hotels, KEC International

-The GIFT Nifty was lower this morning, trading at a discount of more than 40 pts from Nifty Futures Wednesday close, indicating a start in the red for the Indian market

-Stocks in Asia slipped as Nvidia Corp earnings lacked the wow factor to impress investors, while Chinese results helped extend a selloff in the country’s tech companies. A gauge of Chinese tech stocks fell more than 2% in Hong Kong. Nvidia slumped more than 8% in post-market trading following a sales forecast that disappointed some on Wall Street.   

-Later Thursday, investors will shift focus to key US data including a growth reading, personal consumption and weekly jobless claims to help firm bets the Federal Reserve will quickly ease policy this year. Fed Bank of Atlanta President Raphael Bostic said it “may be time to cut” but he’s still looking for additional data to support lowering interest rates next month.

-In commodities, oil steadied after a two-day drop, with stock market losses offsetting a drawdown in US stockpiles and supply disruptions in Libya. Gold traded just below its record high, on course for a monthly gain.

Tune in to Marketbuzz Podcast for more news and cues