Market Commentary
Global markets – US indices closed mixed on Wednesday as Oracle soars on AI optimism. Dow Jones closed down by 0.5 pct. While Nasdaq closed flat.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 45,490 | -0.5 | 6.9 |
| Nasdaq | 21,886 | 0.0 | 13.3 |
| Hang Seng | 26,016 | -0.7 | 29.7 |
| Nikkei | 44,271 | 1.0 | 11.0 |
Commodities – Gold prices fell and currently stood at USD 3,63 over profit booking. On the other hand, oil prices stood at USD 67.44/bbl.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 3,633 | -0.2 |
| Silver ($) | 41.08 | -0.1 |
| Brent Crude ($) | 67.44 | -0.2 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 24,778 | 55,122 |
| 100 DMA | 24,783 | 54,423 |
| 200 DMA | 24,730 | 54,975 |
Asian markets – Asian markets trading mixed in the early morning trade. Hang Seng trading down by 0.7 pct. While Nikkei trading positive by 1 pct.
Indian Indices – India’s equity benchmarks are likely to open flat as GIFT Nifty indicates. Benchmark Indices closed higher on Wednesday on US rate cuts and trade talk hopes.
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 81,425 | 0.4 | 4.2 |
| Nifty | 24,973 | 0.4 | 5.6 |
| Nifty Bank | 54,536 | 0.6 | 7.2 |
| Nifty Midcap 100 | 57,999 | 0.9 | 1.4 |
| Nifty Smallcap 100 | 17,874 | 0.7 | -4.8 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | -115 | -225,436 |
| DII | 5004 | 534,116 |
Stocks to watch
Positive Read through
- Shyam Metal – Enters crash barrier manufacturing segment with an investment of Rs. 1 bn.
- HCG – CVC sells 7.94 mn shares via block deals, Axis MF and MS Asia among buyers.
- Adani Power – Gets LoA from MP Power Management for supply of additional 800 MW power.
- Tega Ind – To acquire Molycop in JV with Apollo Funds for over Rs. 132 bn.
- Eicher Motors – VECV to pass on GST cut benefits of up to Rs. 0.6 mn across product range.
- Mazagon – Negotiations with Indian Navy on submarine project P75(I) have commenced.
- Biocon – Inaugurates first US manufacturing facility in Cranbury, New Jersey.
- RVNL – Declared lowest bidder for a project worth Rs. 1.70 bn.
- SCI – Takes delivery of second hand very large gas carrier of 54,534 MT DWT capacity.
- Jupiter Wagons – Gets LoA for an order worth Rs. 1.13 bn for supply of axles.
- Rainbow children’s – Inaugurates 100-bed spoke hospital in Rajahmundry, Andhra Pradesh.
- TCS – Management sounds upbeat around revenue opportunity from AI.
- Adani ports – Arm acquires Dependencia Logistics from Windson Projects for Rs. 380 mn.
- Kotak Mah bank – ADIA, Amundi and Goldman Sachs among buyers in Wednesday’s block deal.
Negative Read through
- Sterling & Wilson – Arm to pay USD 10m penalty for supplying defective products to US customer.
- Tata Motors – JLR UK says some data affected by cybersecurity incident.
- Bajel Projects – HDFC Mutual Fund sells 0.89 mn shares at Rs. 195.01 per share via block deal.
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