• 1384: Marketbuzz Podcast with Kanishka Sarkar: Market likely to react to Q2 GDP, Adani group, auto stocks in focus

  • Dec 2 2024
  • Length: 7 mins
  • Podcast

1384: Marketbuzz Podcast with Kanishka Sarkar: Market likely to react to Q2 GDP, Adani group, auto stocks in focus

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  • Summary

  • Welcome to CNBC-TV18’s Marketbuzz Podcast. Here are top developments from around the world ahead of the trading session of December 2

    -Going ahead, the market will react to the weak Q2 GDP data for India, which came at 5.4%, against an expectation of 6.5% and also China’s manufacturing PMI, which rose to 50.3 in November, signaling accelerated expansion.

    -Just as the bulls were preparing for a comeback of sorts for the Nifty in the December series on Friday, then came the second quarter GDP numbers which turned out to be well below expectations.

    -Nagaraj Shetti of HDFC Securities believes the upside bounce of Friday is indicating a comeback of bulls after one day of decline. Further up move is expected from here and Nifty is likely to challenge the immediate hurdle of 24,350 and move higher by next week.

    -This morning, the GIFTNifty was trading with a premium of 60 points from Nifty Futures' Friday close, indicating a gap-up start for the Indian market.

    -Stocks to track: Cochin Shipyard, KEC International, Adani Enterprises, RBL Bank, Bajaj Finance, auto stocks

    -Asian stocks edged higher after US shares rose Friday as global markets enter a seasonally strong period. The euro weakened amid a dispute over the French budget. The MSCI gauge of Asian shares headed for a second day of gains with benchmarks in South Korea and Australia among those gaining. The euro slipped after France’s far-right leader Marine Le Pen gave the strongest indication yet that she’s prepared to topple the government as soon as this week.

    -Emerging market assets including China’s yuan and South African rand may face volatility after US President Donald Trump warned BRICS nations he will require a commitment that they won’t create a new currency, or favor another in a bid to displace the US dollar in global trade. Should they not meet Trump’s demands, he threatened to lob 100% tariffs on their goods entering the US.

    -In commodities, oil rose in early trading amid heightened Middle East tensions.

    -Adani Group founder Gautam Adani responded for the first time to allegations by US authorities that he was part of a $265 million bribery scheme, saying that his ports-to-power conglomerate was committed to world class regulatory compliance. The indictment is the second major crisis to hit Adani in just two years, sending shockwaves across India and beyond. Meanwhile, the Indian government has termed the issue “legal matter involving private individuals and private entities and the US Department of Justice”.

    -Devendra Fadnavis is leading the race for the Maharashtra CM post

    Tune in to the Marketbuzz Podcast for more cues
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