Marketbuzz Podcast with Reema Tendulkar: GIFT Nifty indicates a start in the green for Sensex, Nifty 50

The US markets closed higher yesterday with minor gains. The Dow Jones was up 0.1 percent, the S&P 500 gained 4 percent, the Nasdaq rallied close to around 0.5 percent. The Nasdaq closed higher for the fourth successive session. 

The US second quarter GDP was revised lower. The last estimate was for 2.4 percent  annualised growth, and now they are saying the second quarter GDP grew less than that at 2.1 percent, pointing to softer economic growth.

Also, the ADP jobs data showed the job addition,in August was 177,000. This is lower than economists expectations and sharply lower than the July number of 371,000. This jobs data is also seen as a precursor to the monthly data, which will be reported by the Labor Department on Friday. That will give us a clearer picture, it's the more track number.

The dollar index eased and is now currently just above 103-103.1. The crude prices inched up a bit and are now closer to $86. 

Yesterday, the Indian market started off trade higher, went to levels of 19,450, but retreated from that level to finally close absolutely flat. The 20-day moving average (DMA), which is 19,450 got rejected. This is going to be an important resistance level for a market. The support is going to be 19,229.

But today is the August series expiry. Now the last four series have been positive for the Indian market. If things close right now as they are then in August series we're likely to see a cut. The Nifty is down close to about 350 points in the August series.

Post market close today, is the July core and fiscal data deficit at 5pm as well as the domestic first quarter GDP data at 5.30pm. Economists estmate it to be a 7.9 percent growth.

The domestic institutional investors (DIIs) bought Rs 1,323 crore in the cash market, while the foreign institutional investors (FIIs) sold Rs 494 crore in the cash market. But again, the flows have been skewed by the multiple block deals and yesterday, you had a block deal coming through in Zomato, where Softbank sold a little more than 1 percent.

There are two important block deals yet again. The first one is Sula, where Verlinvest Asia is looking to offload around a 12.5 percent stake in a blockchain, which is sized at Rs 540 crore and the price indicator is about Rs 473  to Rs 508.

Medplus is also looking at block deal. The size is about Rs 860 crore and the seller could be Premji Invest and Lavender Rose.

There are two order wins as well. RVNL bagged a Rs 256 crore order from Maharashtra Real Corp and the other is BHEL, which bagged an order to set up a super thermal power project at Chhattisgarh. 

Nazarat Tech has said there is a board meeting on Septemebr 7 and they will consider issuance of equity on a preferential basis. Aeroflex Industries will be listing today. The issue price is Rs 108 per share. It was heavily subscribed — 97 times.