Market Commentary
Global markets – US indices closed positive on Monday over muted recession concerns and expectations of September rate cut. Dow Jones closed up by 0.3 pct. While Nasdaq closed green by 0.4 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 45,514 | 0.3 | 7.0 |
| Nasdaq | 21,789 | 0.4 | 12.8 |
| Hang Seng | 25,967 | 1.3 | 29.5 |
| Nikkei | 43,732 | 0.2 | 9.6 |
Commodities – Gold prices rose and currently stood at USD 3,649 after Fed rate cut optimism soars. On the other hand, oil prices stood at USD 66.38/bbl.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 3,649 | 0.4 |
| Silver ($) | 41.40 | 0.2 |
| Brent Crude ($) | 66.38 | 0.2 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 24,947 | 55,883 |
| 100 DMA | 24,807 | 55,664 |
| 200 DMA | 24,099 | 52,999 |
Asian markets – Asian markets trading higher in the early morning trade, Hang Seng trading up by 1.3 pct. While Nikkei trading positive by 0.2 pct.
Indian Indices – India’s equity benchmarks are likely to open green as GIFT Nifty indicates. Benchmark Indices closed higher on Monday lead by Automakers while fall IT companies offset gains.
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 80,787 | 0.1 | 3.4 |
| Nifty | 24,773 | 0.1 | 4.8 |
| Nifty Bank | 54,186 | 0.1 | 6.5 |
| Nifty Midcap 100 | 57,361 | 0.5 | 0.3 |
| Nifty Smallcap 100 | 17,684 | 0.2 | -5.8 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | -2170 | -227,370 |
| DII | 3014 | 529,029 |
Stocks to watch
Positive Read through
- Infosys – To consider share buyback in September 11 board meeting.
- RailTel – Wins orders worth Rs. 6.60 bn from Bihar Education Project Council.
- SpiceJet – To issue securities worth USD 54 mn to settle dues.
- Strides Pharma – Enters partnership with Kenox to expand nasal spray portfolio in US market.
- IRB Infra – August toll revenue rises 12 pct YoY to Rs. 5.63 bn versus Rs. 5.03 bn.
- Godrej Cons – Begins construction of new manufacturing site in Indonesia with capex of Rs. 2.50 bn.
- HUDCO – Signs MoU with Nagpur MRDA to provide funds up to Rs. 113 bn.
- IOB – MD & CEO Ajay Kumar Srivastava’s tenure extended till October 2027.
- Prime Focus – Craft EM Fund acquires 3.87 pct stake for Rs. 1.88 bn via block deals.
- Morepen Labs – Forms 50:50 JV with UAW-based Bimedical FZE for medical devices manufacturing.
- TVS Motor – To pass on full benefit of GST rate reduction to customers.
- BR Goyal Infra – Secures work order worth Rs. 1.26 bn from Public Works Region, Nashik.
- Goodluck – SBI Funds buys 4.73lk shares via block deals at Rs. 1,230/share.
Negative Read through
- Arkade – Detected a malware incident, affecting select IT systems.
- RVNL – DIPAM rejected plan to set up wholly owned subsidiary.
- Voltamp – Promoter likely to sell up to 7 pct stake via block deals, floor price Rs. 7,600/ share.
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