Market Commentary
Global markets – US indices closed mixed on Tuesday over comments from Federal Reserve and ongoing US – China trade war. Dow Jones closed up by 0.4 pct. While Nasdaq closed negative by 0.8 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 46,270 | 0.4 | 8.8 |
| Nasdaq | 22,521 | -0.8 | 16.6 |
| Hang Seng | 25,668 | 0.9 | 28.0 |
| Nikkei | 46,463 | 1.3 | 19.0 |
Commodities – Gold prices rose and currently stood at USD 4,179 over increased bets on US interest rate cuts. On the other hand, oil prices stood at USD 62.05/bbl.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 4,179 | 0.9 |
| Silver ($) | 51.75 | 0.7 |
| Brent Crude ($) | 62.05 | -0.4 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 24,875 | 55,150 |
| 100 DMA | 24,966 | 55,784 |
| 200 DMA | 24,203 | 53,379 |
Asian markets – Asian markets trading higher in the early morning trade. Hang Seng trading up by 0.9 pct. While Nikkei trading positive by 1.3 pct.
Indian Indices – India’s equity benchmarks are likely to open green as GIFT Nifty indicates. Benchmark Indices closed negative on Tuesday dragged by financials and metals stocks.
Results Today – Axis Bank, HDFC AMC, KEI Industries
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 82,029 | -0.4 | 5.0 |
| Nifty | 25,145 | -0.3 | 6.3 |
| Nifty Bank | 56,496 | -0.2 | 11.1 |
| Nifty Midcap 100 | 58,324 | -0.7 | 2.0 |
| Nifty Smallcap 100 | 17,940 | -0.9 | -4.4 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | -1508 | -256,796 |
| DII | 3,661 | 595,705 |
Stocks to watch
Positive Read through
- Hyundai India – Tarun Garg to be MD and CEO, maintains double-digit margin guidance.
- Persistent – CC sales growth at 4.4 pct vs estimate of 3.9 pct, EBIT margin expanded 80 bps QoQ.
- Tech Mahindra – Q2 above estimates, CC sales growth strongest in past 10 quarters.
- HCL Tech – Partners with GSMA to accelerate telecom innovation via GSMA Open Gateway.
- Thyrocare – Margin at 33 pct vs 27.2 pct YoY, approved bonus issue in 2:1 ratio.
- Borosil Renew – Government mandates prior registration of specified components for renewable energy projects.
- Navneet Education – Sets up new unit for plastic moulding items, films and rolls.
- Carraro India – Bags Rs. 175 mn engineering services contract from TI Clean Mobility.
- ICICI Lombard – Net premium earned rose 12.46 pct, operating profit grew 13.3 pct YoY.
- Godrej Prop – Acquired 26-acre land near Sarjapur Road, Bengaluru, sales potential ~Rs. 10 bn.
- Vedanta – CCI approves acquisition of Jaiprakash Associates.
- Sonata – Partners with Germany’s Adesso to jointly deliver digital transformation globally.
- Saatvik Green – Bags order worth Rs. 6.39 bn for supply of solar PV modules.
- DCM Shriram – Commissioned 35,000 TPA ECH unit in Gujarat.
Negative Read through
- Ashiana Housing – Q2 value of area sold fell 29.6 pct QoQ, fell 55 pct YoY.
- Cyient DLM – Sales and profit below estimates, sales fell 20 pct YoY.
- Sula – Net sales fell 1.1 pct, own brands sales declineds 2.5 pct YoY.
- GR Infra – Income tax department conducts searches at offices and promoters’ residence.
- Kolte Patil – Q2 sales value fell 13 pct, sales volume declineds 17 pct YoY.
- Keystone – OFS for sale of 3.63 pct equity by promoters for Rs. 2.52 bn, floor price at 10 pct discount to CMP.
- GTPL Hathway – EBITDA fell 2.5 pct, margin at 11 pct vs 12.5 pct YoY.
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