Market Commentary
Global markets – US indices closed lower on Wednesday as May inflation decelerates. Dow Jones closed flat. While Nasdaq closed negative by 0.5 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 42,865 | -0.0 | 0.8 |
| Nasdaq | 19,615 | -0.5 | 1.6 |
| Hang Seng | 24,270 | -0.4 | 21.0 |
| Nikkei | 38,149 | -0.7 | -4.4 |
Commodities – Gold prices climbed and currently trading at USD 3,375 on rising US – Iran tension. On the other hand, oil prices stood at USD 69.22/bbl on higher inventory outlook.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 3,375 | 0.5 |
| Silver ($) | 36.31 | 0.3 |
| Brent Crude ($) | 69.22 | -2.1 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 24,228 | 54,348 |
| 100 DMA | 23,609 | 51,769 |
| 200 DMA | 24,082 | 51,730 |
Asian markets – Asian markets trading lower in the early morning trade. Hang Seng slipped by 0.4 pct. While Nikkei trading lower by 0.7 pct.
Indian Indices – India’s equity benchmarks are likely to open flat as GIFT Nifty indicates. Benchmark indices closed higher on Wednesday supported by gains in IT and OMC stocks amid positive global cues.
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 82,515 | 0.1 | 5.6 |
| Nifty | 25,141 | 0.1 | 6.3 |
| Nifty Bank | 56,459 | -0.3 | 11.0 |
| Nifty Midcap 100 | 59,388 | -0.5 | 3.8 |
| Nifty Smallcap 100 | 18,798 | -0.5 | 0.2 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | -446 | -129,567 |
| DII | 1584 | 316,615 |
Stocks to watch
Positive Read through
- Waaree Energies – Inks PPA for 150 MW of 170 MW project with Rewa Ultra & MP Power Management.
- HG Infra – Declared lowest bidder for 35-year project, yearly transmission charges at Rs. 430 mn.
- Railtel – Bags order worth Rs. 120 mn from South Eastern Coalfields.
- Zydus Life – US FDA clears API unit at Dabhasa, receives EIR.
- SEPC – Gets LoA for 133 MW solar project across 26 locations in Maharashtra worth Rs. 6.50 bn.
- STL/Dilip Buildcon – JV bags BharatNet order worth Rs. 26.31 bn for J&K & Ladakh from BSNL.
- ONGC/Oil – Oil jumps 4 pct on rising West Asia tensions, Brent near USD 70/bbl.
- Lemon Tree – Signs a new property in Madhya Pradesh featuring 72 rooms.
- City Union Bank – Board approves fund raise of up to Rs. 5 bn via QIP.
- Northern Arc – Gets RBI nod to commence and carry on the factoring business.
- Zee Ent – Board meet on June 16 to review growth initiatives for next 3 to 5 years.
Negative Read through
- MCX – NSE gets SEBI nod to launch electricity futures.
- OMCs/Paint Cos – Oil jumps 4 pct on rising West Asia tensions, Brent near USD 70/bbl.
- CE Info – PhonePe likely to sell up to 5 pct stake via block deals, Floor price at 10 pct discount to CMP.
- Paytm – Speculation on MDR being charged on UPI transactions are false, baseless.
- Garware Hi-Tech—Maharashtra GST authorities search at office/factory location of company.
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