Market Commentary
Global markets – US indices closed mixed on Wednesday as Fed chair Powell declined to hint at a September rate cut. Dow Jones closed red by 0.4 pct. While Nasdaq closed positive by 0.1 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 44,461 | -0.4 | 4.5 |
| Nasdaq | 21,129 | 0.1 | 9.4 |
| Hang Seng | 24,950 | -0.9 | 24.4 |
| Nikkei | 41,020 | 0.9 | 2.8 |
Commodities – Gold prices rose and currently stood at USD 3,295 over Fed Policy Outlook. On the other hand, oil prices stood at USD 72.36/bbl.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 3,295 | -0.6 |
| Silver ($) | 37.10 | 0.1 |
| Brent Crude ($) | 72.36 | -0.5 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 25,054 | 56,397 |
| 100 DMA | 24,343 | 54,402 |
| 200 DMA | 24,054 | 52,546 |
Asian markets – Asian markets trading mixed in the early morning trade. Hang Seng trading down by 0.9 pct. While Nikkei trading green by 0.9 pct.
Indian Indices – India’s equity benchmarks are likely to open gap down as GIFT Nifty indicates. Benchmark closed flat on Wednesday, ahead of Fed Policy decision and looming US tariff deadline.
Result Today – M&M, Coal India, Thermax, Maruti Suzuki
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 81,481 | 0.2 | 4.3 |
| Nifty | 24,855 | 0.1 | 5.1 |
| Nifty Bank | 56,150 | -0.1 | 10.4 |
| Nifty Midcap 100 | 57,942 | -0.1 | 1.3 |
| Nifty Smallcap 100 | 18,156 | -0.5 | -3.3 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | -850 | -164,679 |
| DII | 1829 | 412,439 |
Stocks to watch
Positive Read through
- Tata Motors – To acquire Iveco Group’s non-defence business in € 3.8 bn all-cash deal.
- Navin Fluorine – Margin at 28.5 pct vs 19.2 pct, sales jumped 39 pct YoY.
- Tata Steel – Q1 above estimates, India EBITDA/tonne at Rs. 15,240 vs poll of Rs. 14,500/t.
- Kaynes Tech – Margin above estimates, EBITDA rose 69 pct YoY.
- Jio Financial – Promoters to infuse Rs. 158.25 bn for 7 pct post-issue stake at Rs. 316.50/share via preferential issue.
- JB Chemicals – EBITDA up 7.5 pct, sales rose 9 pct YoY.
- M&M – Posted Q1 largely in-line, growth guidance maintained.
- ITD Cementation – EBITDA up 5.2 pct, profit grew 37 pct YoY.
- Sagility India – EBITDA jumped 78 pct, margin at 22.4 pct vs 15.8 pct YoY.
Negative Read through
- Indus Towers – Margin at 54.5 pct vs 56.9 pct, profit down 2.4 pct QoQ.
- Hitachi Energy – Q1 missed estimates, ordering activity robust.
- CAMS – Revenue, EBITDA, profit missed estimates, margin slipped 118 bps QoQ.
- Seafood stocks – US imposes 25 pct tariffs on Indian imports with an additional penalty.
- Textile companies – US imposes 25 pct tariffs on Indian imports with an additional penalty.
- Sonata Software – EBIT fell 10.7 pct, margin at 4.5 pct vs 5.7 pct QoQ.
- Indigo – Q1 missed estimates, profit down 20 pct YoY.
- IGL – Volumes fell 0.6 pct, sales declined 0.2 pct QoQ.
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