Market Commentary
Global markets – US indices closed negative on Wednesday as tech stocks added pressure as caution sets in ahead of Fed meet. Dow Jones closed flat. While Nasdaq tumbled by 1.5 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 44,938 | 0.0 | 5.6 |
| Nasdaq | 21,172 | -0.7 | 9.6 |
| Hang Seng | 25,160 | 0.0 | 25.4 |
| Nikkei | 42,640 | -0.6 | 6.9 |
Commodities – Gold prices remain steady and currently stood at USD 3,343 despite lower bond yield and weaker USD. On the other hand, oil prices stood at USD 67.06/bbl.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 3,343 | -0.2 |
| Silver ($) | 37.82 | -0.1 |
| Brent Crude ($) | 67.06 | 0.1 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 25,014 | 56,316 |
| 100 DMA | 24,604 | 55,279 |
| 200 DMA | 24,055 | 52,819 |
Asian markets – Asian markets trading lower in the early morning trade, Hang Seng trading flat. While Nikkei trading red by 0.6 pct.
Indian Indices – India’s equity benchmarks opened higher on the back of favourable macro environment. Benchmark Indices extended rally on Wednesday ahead of the Federal Reserve’s Jackson Hole symposium.
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 81,857 | 0.3 | 4.8 |
| Nifty | 25,050 | 0.3 | 5.9 |
| Nifty Bank | 55,698 | -0.3 | 9.5 |
| Nifty Midcap 100 | 57,930 | 0.5 | 1.3 |
| Nifty Smallcap 100 | 17,968 | 0.3 | -4.3 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | -1100 | -198,004 |
| DII | 1806 | 481,708 |
Stocks to watch
Positive Read through
- Godrej Prop – Emerges as highest bidder for 7.8 acre land in Hyderabad, sales potential Rs. 38 bn.
- Railtel – Bagged order of Rs. 500 mn from Odisha and Kerala Government.
- Arvind Fashions – Appoints FMCG veteran and ex Levi’s executive Dr. Saikot Das as Chief Strategy Officer.
- Ather Energy – Vahan registration till Aug 20 at 10,248 units, set to be #2 player amongst e2W.
- Fortis – Signed O&M agreement with Ekana Group for 550 bed super speciality hospital in Lucknow.
- Jupiter Wagon – Gets LoI for an order of Rs. 2.15 bn for supply of Vande Bharat wheelsets.
Negative Read through
- Ajanta Pharma – IT department conducted searches at Company’s manufacturing units and offices.
- India Cements – Ultratech board approves 6.49 pct stake sake via OFS, floor price at Rs. 368/ share.
- V-Guard – Promoter sells 8.25 mn shares via block deals, ICICI Prudential among buyer.
- Clean Science – Promoter may sell up to 24 pct stake via block deals, floor price at 13 pct discount to CMP.
- HCG – Promoter sells 1.39 shares at Rs. 660 via block deals, Axis Mutual Fund buyer.
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