Market Commentary
Global markets – US indices closed extended gain on Thursday supported by positive economic data and earnings. Dow Jones closed higher by 0.5 pct. While Nasdaq closed green by 0.7 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 44,484 | 0.5 | 4.6 |
| Nasdaq | 20,884 | 0.7 | 8.2 |
| Hang Seng | 24,723 | 0.9 | 23.3 |
| Nikkei | 39,778 | -0.3 | -0.3 |
Commodities – Gold prices fell and currently stood at USD 3,337 over stronger dollar. On the other hand, oil prices stood at USD 69.45/bbl.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 3,337 | -0.1 |
| Silver ($) | 38.13 | -0.0 |
| Brent Crude ($) | 69.45 | -0.1 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 25,016 | 56,108 |
| 100 DMA | 24,123 | 53,695 |
| 200 DMA | 24,070 | 52,335 |
Asian markets – Asian markets trading mixed in the early morning trade. Hang Seng trading up by 0.9 pct. While Nikkei trading negative by 0.3 pct.
Indian Indices – India’s equity benchmarks are likely to open flat as GIFT Nifty indicates. Benchmark indices closed lower on Thursday, as information technology stocks weighed on overall market sentiment.
Result Today – Reliance, JSW Steel
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 82,259 | -0.5 | 5.3 |
| Nifty | 25,111 | -0.4 | 6.2 |
| Nifty Bank | 56,828 | -0.6 | 11.7 |
| Nifty Midcap 100 | 59,519 | -0.2 | 4.1 |
| Nifty Smallcap 100 | 19,177 | 0.2 | 2.2 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | -3694 | -139,932 |
| DII | 2820 | 377,662 |
Stocks to watch
Positive Read through
- Indian Hotels – Hotel segment grown 14 pct, new businesses grew 27 pct YoY, outlook robust.
- Godrej Properties – Acquired 48-acres land parcel in Doddaballapur, Bengaluru.
- Bharat Forge – Kalyani Strategic Systems incorporated JV Aegis Advanced Systems SL.
- HAL – Received the first set of wing assemblies for LCA Mk1A from L&T.
- Textile/Liquor stocks – India, UK likely to sign free trade agreement next week.
- EMS – Received an order worth Rs 195 mn for electrical works from Deltabulk Shipping India.
- Afcons Infra – Secured 2 road construction projects as the L1 from Croatian Motorways Ltd.
- Dodla Dairy – Announced the acquisition of HR Food Processing to expand its footprint in Eastern India.
- Lupin – Achieved GMP certification from TGA Australia for Dabhasa API Facility.
- Sterling & Wilson – Sales jumped 92.5 pct, EBITDA rose 3.5x, margin at 4.9 pct vs 2.71 pct YoY.
- LTIMindtree – CC sales rose 0.8 pct, margin up 50 bps QoQ, growth momentum will continue.
- 360 One WAM – Profit up 17 pct, AUM growth healthy at 14 pct QoQ.
- Nuvoco Vistas – Cement volume rose 6 pct, EBITDA/tonne up 43 pct YoY.
- Wipro – Q1 earnings and Q2 outlook in-line, EBIT margin at 17.3 pct vs 17.5 pct QoQ.
Negative Read through
- Tata Comm – Consolidated sales fell 0.5 pct QoQ and 6 pct YoY while debt rose.
- Axis Bank – Weak Q1, asset quality deteriorates, slippages ratio at 3.1 pct vs 1.9 pct QoQ.
- Veranda Learning – Launched Rs. 3.80 bn QIP, issue price at 15.31 pct discount to CMP.
- CEAT – Higher input costs impact margin, EBITDA up 1 pct, margin declined 100 bps YoY.
- Route Mobile – Weak quarter, sales declined 10.6 pct QoQ and fell 55 pct YoY.
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