1333: Marketbuzz Podcast with Kanishka Sarkar: Market likely headed for gap-up start, Adani Ports, IndiGo in focus

Welcome to CNBC-TV18’s Marketbuzz Podcast. Here are all the top news from around the world ahead of the trading session of September 12

-Even as the Nifty witnessed selling pressure yesterday the moment it crossed 25,100 intraday, this morning the market is likely to start on a higher note following positive global cues. GIFT Nifty was higher this morning, trading at a premium of more than 100 pts from Nifty Futures Wednesday close, indicating a gap-up start for the Indian market.

-Yesterday, the Nifty not only failed to defend the 25,000 mark, but at one point even broke below 24,900, before eventually closing above that mark after final adjustments. 24,800 on the downside and 25,100 on the upside has become the current range for the Nifty. Even Gautam Shah of Goldilocks Premium Advisory told CNBC-TV18 yesterday that 25,150 is now a very important near-term barrier for the Nifty, that it needs to cross for further upside.

-Selling pressure came from all corners, be it Metals, Autos, PSU banks and even the entire CPSE basket, which continues to move lower from its August 1 peak. Even the midcap index, which was an outperformer till the start of the second half of the day, ended in the red.

-Though the US markets closed higher overnight, US CPI for August came in at 2.5%, which was the lowest since February 2021, while core CPI can be hotter than expected. The major benchmarks rebounded from intraday lows as core CPI rose slightly more than expected and investors changed their bets for a quarter-percentage-point-cut by the Fed next week.

-This morning, stocks in Asia rose as a tech-fueled rally on Wall Street spread across the region, supported by expected Federal Reserve rate cuts next week. Equities in Japan and South Korea advanced, with the Topix up the most in almost a month. A region-wide gauge of tech stocks rose more than 1%. The gain for share benchmarks in Tokyo partly reflected the yen’s reversal from its strongest level against the dollar since December.

-Oil, meanwhile, held gains from Wednesday as Hurricane Francine ripped through key oil-producing zones in the US Gulf of Mexico, prompting traders to cover bearish bets. Spot gold was little changed.

-India is poised to release its August consumer price index late Thursday. Economists polled by Reuters expect it to rise 3.5% year-on-year, compared to 3.54% in July.

-Stocks to watch: Adani Ports, IndiGo, Route Mobile, BPCL, NBCC, HPCL, Olectra Greentech, Wipro

Tune in to the Marketbuzz Podcast for more cues