Market Commentary
Global markets – US indices closed mixed on Friday ahead of upcoming Fed’s interest rate outlook. Dow Jones closed down by 0.6 pct. While Nasdaq closed green 0.4 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 45,834 | -0.6 | 7.7 |
| Nasdaq | 22,141 | 0.4 | 14.7 |
| Hang Seng | 26,522 | -0.5 | 31.6 |
| Nikkei | 44,768 | 0.9 | 12.2 |
Commodities – Gold prices fell and currently stood at USD 3,640 over profit booking. On the other hand, oil prices stood at USD 67.26/bbl.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 3,640 | -0.1 |
| Silver ($) | 42.15 | -0.0 |
| Brent Crude ($) | 67.26 | 0.6 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 24,903 | 55,663 |
| 100 DMA | 24,850 | 55,663 |
| 200 DMA | 24,123 | 53,068 |
Asian markets – Asian markets trading lower in the early morning trade. Hang Seng trading down by 0.5 pct. While Nikkei closed positive by 0.7 pct.
Indian Indices – India’s equity benchmarks are likely to open muted as GIFT Nifty indicates. Benchmark Indices extended gains on Friday driven by tax cuts on hundreds of goods as well as hopes of a revival of trade talks with the United States.
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 81,904 | 0.4 | 4.8 |
| Nifty | 25,114 | 0.4 | 6.2 |
| Nifty Bank | 54,809 | 0.3 | 7.8 |
| Nifty Midcap 100 | 58,227 | 0.3 | 1.8 |
| Nifty Smallcap 100 | 17,989 | 0.6 | -4.2 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | 129 | -228,778 |
| DII | 1556 | 539,718 |
Stocks to watch
Positive Read through
- Apollo Hosp – To buy IFC’s 31 pct stake in Apollo Health for Rs 12.54 bn; Rs. 5.70 bn investment in Gurugram.
- Yatharth Hosp – To acquire Shantived Institute of Medical Sciences, Agra for Rs 2.60 bn.
- Alembic Pharma – US FDA clears API-I and API-II facility located at Panelav.
- Ceigall – Declared lowest bidder for a road project in Greater Mohali worth Rs 5.09 bn.
- Tata Tech – To buy German ER&D player with €36 m revenue for €75 m.
- EIL – Bags Rs 6.18 bn, 24-month contract from fertiliser company in Africa.
- Vedanta – Resolves dispute with SEPCO on issues related to Vedanta Power business.
- SRF – Signed MoU with Tata Steel SEZ in Gopalpur for Rs 2.82 bn lease for chemicals capex.
- Tega – To raise up to Rs 40 bn; Plutus Wealth buys 0.52 mn shares at Rs 1,963/share via block deals.
- Railtel – Gets LoA for Rs 2.10 bn project from BEPC.
Negative Read through
- DRL – US FDA issues Form 483 with 5 observations for biologics manufacturing unit in Bachupally, Hyderabad.
- KRBL – Independent director Anil Kumar Chaudhary resigns citing ‘effective governance’ concerns.
- GMR Airports – August passenger traffic down 3.5 pct, aircraft movements declined 4.2 pct YoY.
- Acme Solar – Parties mutually agree not to proceed with sale/acquisition of AK Renewable Infra.
- Info Edge – Whistle-blower complaint in 99acres; specialist law firm to investigate matter.
- JSW Energy – CERC rejects appeal on tariff for battery energy storage project awarded by SECI.
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