Market Commentary
Global markets – US indices closed positive on Tuesday supported by moderate inflation data and expectations of rate cuts. Dow Jones closed green by 1.1 pct. While Nasdaq closed higher by 1.5 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 44,458 | 1.1 | 4.5 |
| Nasdaq | 21,681 | 1.4 | 12.3 |
| Hang Seng | 25,334 | 1.5 | 26.3 |
| Nikkei | 43,301 | 1.4 | 8.5 |
Commodities – Gold prices remain steady and currently stood at USD 3,351 on Fed rate outlook. On the other hand, oil prices stood at USD 66.01/bbl.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 3,351 | 0.0 |
| Silver ($) | 38.12 | 0.7 |
| Brent Crude ($) | 66.01 | -0.1 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 25,022 | 56,389 |
| 100 DMA | 24,530 | 55,038 |
| 200 DMA | 24,043 | 52,718 |
Asian markets – Asian markets trading higher in the early morning trade, largely following western peers. Hang Seng trading up by 1.5 pct. While Nikkei trading green by 1.4 pct.
Indian Indices – India’s equity benchmarks are likely to open gap up as GIFT Nifty indicates. Benchmark Indices closed negative on Tuesday, as a pullback in financials overpowered gains in IT and pharma stocks.
Result Today – IRCTC, Hindustan Copper, Samhi Hotels
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 80,235 | -0.5 | 2.7 |
| Nifty | 24,487 | -0.4 | 3.6 |
| Nifty Bank | 55,043 | -0.8 | 8.2 |
| Nifty Midcap 100 | 56,324 | -0.3 | -1.5 |
| Nifty Smallcap 100 | 17,498 | 0.0 | -6.8 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | -3398 | -191,250 |
| DII | 3507 | 464,018 |
Stocks to watch
Positive Read through
- VA Tech – EBITDA rose 17.4 pct, profit grew 19 pct YoY.
- Nykaa – EBITDA jumped 46 pct, beauty segment revenue up 24 pct YoY.
- Apollo Hosp – Posted Q1 above estimates, double-digit growth in all 3 verticals.
- NMDC Steel – Turns profitable for the first time, sales rose 66 pct YoY.
- NMDC – Reported Q1 above estimates, realisations up 7 pct QoQ.
- JSPL – Q1 above estimates, India business EBITDA/tonne up 17 pct YoY.
- Bharat Dynamics – Sales grew 30 pct, EBITDA loss contracts.
- ONGC – Q1 better than estimate, profit up 24 pct QoQ.
- Cochin Shipyard – EBITDA rose 28 pct, sales increased 38 pct YoY.
- Paytm – Merchant onboarding restrictions placed earlier are withdrawn.
- Honasa Consumer – Posted Q1 above estimate, underlying volume growth at 10.5 pct YoY.
- NHPC – EBITDA up 12 pct, sales increased 19 pct YoY.
Negative Read through
- NSDL – Sales declined 14 pct QoQ, banking business sales down 26 pct QoQ.
- Waaree Energies – US initiates ADD and countervailing duty investigation on solar cells from India.
- PI Ind – EBITDA fell 11 pct, margin slipped 88 bps YoY.
- Allcargo Logistics – Posted loss vs profit, sales flat YoY.
- Oil India – EBITDA down 19 pct, margin at 32 pct vs 36 pct QoQ.
- Karnataka Bank – NII fell 16 pct, GNPA at 3.46 pct vs 3.08 pct QoQ.
- Jupiter Wagons – EBITDA declined 56 pct, margin at 13 pct vs 15.5 pct YoY.
- Aavas Fin – Credit cost at 0.24 pct vs 0.17 pct QoQ, NIM fell 63 bps QoQ.
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