Market Commentary
Global markets – US indices closed positive on Thursday as economic data cemented hopes for rate cuts. Dow Jones closed up by 1.4 pct. While Nasdaq closed green 0.7 pct.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 3,648 | 0.4 |
| Silver ($) | 41.83 | 0.8 |
| Brent Crude ($) | 65.80 | -0.7 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 24,910 | 55,706 |
| 100 DMA | 24,841 | 55,671 |
| 200 DMA | 24,119 | 53,055 |
Commodities – Gold prices rose and currently stood at USD 3,648 as labour market weakness bolsters Fed easing expectations. On the other hand, oil prices stood at USD 65.80/bbl.
Asian markets – Asian markets trading higher in the early morning trade. Hang Seng trading up by 1.2 pct. While Nikkei trading positive by 0.7 pct.
Indian Indices – India’s equity benchmarks are likely to open green as GIFT Nifty indicates. Benchmark Indices closed higher on Wednesday on US trade talk hopes.
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 81,548 | 0.2 | 4.4 |
| Nifty | 25,005 | 0.1 | 5.8 |
| Nifty Bank | 54,669 | 0.2 | 7.5 |
| Nifty Midcap 100 | 58,043 | 0.1 | 1.5 |
| Nifty Smallcap 100 | 17,875 | 0.0 | -4.8 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | -3472 | -228,908 |
| DII | 4045 | 538,162 |
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 46,108 | 1.4 | 8.4 |
| Nasdaq | 22,403 | 0.7 | 14.2 |
| Hang Seng | 26,399 | 1.2 | 31.6 |
| Nikkei | 44,694 | 0.7 | 12.0 |
Stocks to watch
Positive Read through
- Bharat Forge – Bags an order from an Abu Dhabi company, UAV MoU with UK’s Windracers.
- Infosys – To buy back 10 crore shares (2.4 pct equity) worth up to Rs. 180 bn at Rs. 1,800/share.
- NLC India – Signs MoU with KABIL for critical and strategic mineral projects on a global scale.
- Travel Food – Gets LoA to set up and operate F&B, lounge and bar at Cochin airport.
- Marico – To acquire balance 46.02 pct stake in HW Wellness for Rs. 1.38 bn.
- NBCC – Signs MoU with RIICO for projects worth Rs. 37 bn.
- JBM Auto – JBM Ecolife Mobility secures USD 100 mn funding from IFC.
- JSW Energy – Commissions 317 MW renewable capacity, total capacity now at 13.1 GW.
- Railtel – Bags orders worth Rs. 1.03 bn.
- Lodha – Signs MoU of Rs. 30 bn with Maharashtra government for green integrated data centre park.
- HFCL – Andhra Pradesh government allots 1,000 acres land in Madakasira Mandal to set up defence manufacturing unit.
- GMR Power – Supreme Court rules in favour of company in coal linkage cost case against 3 state discoms, to recover dues.
Negative Read through
- Asian Paints – Bombay High Court rejects request to nullify CCI antitrust probe on Birla Opus’ plaint.
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