Market Commentary
Global markets – US indices closed negative on Thursday as Jackson Hole event looms. Dow Jones closed down by 0.3 pct. While Nasdaq fell by 0.3 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 44,785 | -0.3 | 5.3 |
| Nasdaq | 21,100 | -0.3 | 9.3 |
| Hang Seng | 25,184 | 0.3 | 25.5 |
| Nikkei | 42,615 | 0.1 | 6.8 |
Commodities – Gold prices remain steady and currently stood at USD 3,332 ahead of Fed chair Powell’s remark at Jackson Hole. On the other hand, oil prices stood at USD 67.50/bbl.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 3,332 | -0.2 |
| Silver ($) | 38.09 | -0.1 |
| Brent Crude ($) | 67.50 | -0.3 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 25,013 | 56,301 |
| 100 DMA | 24,620 | 55,325 |
| 200 DMA | 24,060 | 52,840 |
Asian markets – Asian markets trading positive in the early morning trade, Hang Seng trading up by 0.3 pct. While Nikkei trading green by 0.1 pct.
Indian Indices – India’s equity benchmarks are likely to open red as GIFT Nifty indicates. Benchmark Indices closed positive on Thursday led by financials that jumped on a proposal to exempt insurance from tax.
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 82,000 | 0.2 | 4.9 |
| Nifty | 25,083 | 0.1 | 6.1 |
| Nifty Bank | 55,755 | 0.1 | 9.6 |
| Nifty Midcap 100 | 57,708 | -0.4 | 0.9 |
| Nifty Smallcap 100 | 17,938 | -0.2 | -4.4 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | 1246 | -196,759 |
| DII | 2546 | 484,255 |
Stocks to watch
Positive Read through
- Eternal – Corporate affairs ministry certifies incorporation of Blinkit Foods.
- NTPC Green – Commissions 49.5 MW of 3rd phase solar capacity at Khavda.
- Vedanta – Declares second interim dividend of Rs. 16/share amounting to Rs. 62.56 bn.
- Piramal Pharma – Partners NewAmsterdam Pharma to enhance oral solid dosage capabilities.
- SJVN – First unit of 1,320 MW thermal project in Buxar synchronises with national grid.
- Texmaco Rail – Bags order worth Rs. 1.03 bn from Leap Grain Rail Logistics.
- Intellect Design – UK arm signs MoU with ITIXA to form JV for business support services.
- Titagarh Rail – Gets letter of intent for Rs. 4.67 bn project from Garden Reach.
- HUL – Niranjan Gupta to replace Ritesh Tiwari as CFO.
- SJVN – First unit of 1,320 MW thermal project in Buxar synchronises with national grid.
- Goldiam – Plans 70-90 Origem stores in 18-24 months using QIP money.
- R Systems – To acquire Novigo Solutions for Rs. 4 bn.
Negative Read through
- Waaree Energies – Certain commercial terms of agreement with Enel Green under review.
- Apollo Hosp – Promoter likely to sell 1.25 pct equity via block deals, floor price at 2.3 pct discount to CMP.
- Hikal – Receives warning letter from US FDA for Jigani, Bengaluru unit.
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