Market Commentary
Global markets – US indices closed mixed on Monday on AI related deals. Dow Jones closed up down 0.1 pct. While Nasdaq closed green by 0.7 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 46,694 | -0.1 | 9.8 |
| Nasdaq | 22,941 | 0.7 | 18.8 |
| Hang Seng | 26,941 | -0.7 | 34.3 |
| Nikkei | 48,264 | 0.7 | 21.0 |
Commodities – Gold prices rose and currently stood at USD 3,965 driven by rate cuts expectations. On the other hand, oil prices stood at USD 65.71/bbl.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 3,965 | 0.1 |
| Silver ($) | 48.50 | 0.0 |
| Brent Crude ($) | 65.71 | 0.2 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 24,839 | 55,169 |
| 100 DMA | 24,944 | 55,700 |
| 200 DMA | 24,164 | 53,225 |
Asian markets – Asian markets trading green in the early morning trade. Hang Seng closed by 0.7 pct. While Nikkei jumped higher by 0.7 pct.
Indian Indices – India’s equity benchmarks are likely to open green as GIFT Nifty indicates. Benchmark Indices extended gains on Monday led by banking stocks and financial stocks after strong business updates.
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 81,790 | 0.7 | 4.7 |
| Nifty | 25,077 | 0.7 | 6.1 |
| Nifty Bank | 56,104 | 0.9 | 10.3 |
| Nifty Midcap 100 | 58,015 | 0.9 | 1.4 |
| Nifty Smallcap 100 | 17,928 | 0.3 | -4.5 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | -313 | -258,337 |
| DII | 5036 | 586,356 |
Stocks to watch
Positive Read through
- LTIMindtree – Signs multi-year agreement with leading global media and entertainment company.
- Reliance – Jio continues to see highest subscriber addition, adds 194 mn users in August.
- Zydus Life – Gets approval from Health Canada for Liothyronine tablets 5 mcg and 25 mcg.
- Biocon – Arm gets tentative US FDA nod for ANDA of Rifaximin tablets.
- Coal India – Signs non-binding MoU with Chhattisgarh for critical mineral development.
- Oil, MGL – Signs MoU to explore opportunities across LNG value chain.
- Dilip Build – Gets LoA for development and supply of 100 MW solar power from Madhya Pradesh.
- Metropolis Health – Q2 consolidated sales growth at 23 pct YoY, margin remained strong.
- Astral – Kanpur plant starts commercial production for manufacturing of pipes and water tanks.
- Brigade Ent – JDA for premium residential project in West Chennai with Rs. 10 bn GDV.
- Bank of India – Loan growth higher than 12-13 pct guidance.
- Optiemus Infra – BofA Securities bought 3.54 lakh shares at Rs. 672.1 per share via block deals.
- AB Lifestyle – ICICI Prudential MF, Amansa Holdings, SBI Life buyers in yesterday’s large trade.
- Eternal – BofA Securities, Goldman Sachs buyers in yesterday’s block deals.
Negative Read through
- Bharti Airtel – Market share now at 33.9 pct vs 33.65 pct in July, added 0.49 mn users in August.
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