Market Commentary
Global markets – US indices closed positive on Tuesday ahead of CPI inflation data. Dow Jones closed up by 0.4 pct. While Nasdaq closed green by 0.4 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 45,711 | 0.4 | 7.4 |
| Nasdaq | 21,879 | 0.4 | 13.3 |
| Hang Seng | 26,124 | 0.7 | 30.2 |
| Nikkei | 43,684 | 0.5 | 9.5 |
Commodities – Gold prices rose and currently stood at USD 3,649 due to broader uncertainty. On the other hand, oil prices stood at USD 66.93/bbl.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 3,636 | 0.4 |
| Silver ($) | 41.02 | 0.4 |
| Brent Crude ($) | 66.93 | 0.6 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 24,932 | 55,818 |
| 100 DMA | 24,821 | 55,675 |
| 200 DMA | 24,105 | 53,017 |
Asian markets – Asian markets trading higher in the early morning trade, largely following western peers. Hang Seng trading up by 0.7 pct. While Nikkei trading positive by 0.5 pct.
Indian Indices – India’s equity benchmarks are likely to open green as GIFT Nifty indicates. Benchmark Indices closed higher on Tuesday driven by rally in IT stocks and US rate cut hopes.
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 81,101 | 0.4 | 3.8 |
| Nifty | 24,868 | 0.4 | 5.2 |
| Nifty Bank | 54,216 | 0.1 | 6.6 |
| Nifty Midcap 100 | 57,464 | 0.2 | 0.5 |
| Nifty Smallcap 100 | 17,744 | 0.3 | -5.5 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | 2050 | -225,320 |
| DII | 80 | 529,112 |
Stocks to watch
Positive Read through
- Vikram Solar – Q1 margin at 21.40 pct vs 17.7 pct, sales jumped 78 pct YoY.
- Eicher – Royal Enfield to pass on full GST benefits, price cut by Rs. 22,000 for 350cc model.
- HEG – Singularity exercises right to invest another Rs. 2.50 crore, pays 10 pct application money.
- Vadilal Ind – Himanshu Kanwar, ex-HUL, joins as first non-family CEO.
- Sterling & Wilson – Gets LoI from IPP in Rajasthan for 300 MW solar project worth Rs. 4.15 bn.
- Sri Lotus – Bags luxury redevelopment project in Bandra near Bandstand promenade.
- Textile Companies – India and US continuing negotiations to address trade barriers.
- Yes Bank – Gets RBI nod for amendment to article upon SPA completion with SMBC, SBI.
- Bajaj Auto – To pass on full GST cut benefit, cuts prices of 2W, 3W.
- Seafood Cos – EU approves 102 new Indian fishery establishments for exports to EU.
Negative Read through
- Sun Pharma – USFDA finds Halol unit not fully compliant with current good manufacturing practices.
- Kotak Bank – SMBC likely to sell up to 1.65 pct equity via block deals, floor price at 4 pct discount to CMP.
- Blue Jet Health – OFS launched to raise up to Rs. 8 bn, floor price at 7.6 pct discount to CMP.
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