Market Bizzz

Netflix Inc predicted that it would return to customer growth this quarter, after a smaller-than-expected drop in subscribers in the second quarter. Its shares gained 8% in after-hours trading.

“Our excitement is tempered,” Chief Executive Reed Hastings said in a post-earnings interview posted on YouTube, given that Netflix still lost subscribers. “But looking forward, streaming is working everywhere. … We’re very bullish on streaming.”

The stock has outperformed its benchmark-Nifty and proved that it’s a strong defender. After such a stellar up-move, the stock is poised for a high-level reversal, as its daily RSI formed a bearish divergence around its overbought zone and massive call writing seen at the Rs 2,600 strike price option.

The political upheaval could pave the way for SoftBank to pursue a more straightforward U.S. listing, which the Japanese tech investor’s billionaire founder, Masayoshi Son, had originally favoured, according to the report.

The dollar index – which gauges the greenback against six counterparts – was flat at 107.47. That was off Monday’s low of 106.88 but also well back from the high of 109.29 last week, a level not seen since September 2002.

Stocks that were in focus include names like HDFC Bank, which closed with gains of nearly 1 per cent ahead of June quarter results, Adai Enterprises which rose 0.8 per cent, and Adani Transmission which pared gains after hitting a fresh 52-week high.

Bank of Maharashtra, Alok Industries, Heidelberg Cement, Ganesh Housing, Bhansali Engineering and Nelco are among the company that will announce their quarterly earning for the quarter ended June 2022.

The euro last bought $1.0094 and the yen, which has tumbled about 17% this year, steadied at 138.29 per dollar. The New Zealand dollar and the Aussie inched higher after inflation surged to a three-decade high in New Zealand.

“Various mitigation measures were immediately taken in response to the said cyber security incident including, informing Indian Computer Emergency Response team (CERT-In) as per the standard operating procedure, strengthening the required security configuration of the system, etc.,” SEBI said in a statement on Saturday.

Volatility also declined a bit. India VIX came off by 4.34% to 17.60 on a weekly basis. The coming week is likely to start on a buoyant note. The levels of 16,180 and 16,495 would act as potential resistance points. The supports will come in at 15,900 and 15,710 levels. The trading range is expected to get wider than usual.