Market Commentary
Global markets – US indices closed mixed on Tuesday following inflation data and Bank’s earnings. Dow Jones closed lower by 1 pct. While Nasdaq closed green by 0.2 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 44,023 | -1.0 | 3.5 |
| Nasdaq | 20,677 | 0.2 | 7.1 |
| Hang Seng | 24,648 | 0.2 | 22.9 |
| Nikkei | 39,642 | -0.1 | -0.6 |
Commodities – Gold prices rose and currently stood at USD 3,328 over pick up in US inflation and trade deal tensions. On the other hand, oil prices stood at USD 68.87/bbl.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 3,328 | 0.2 |
| Silver ($) | 37.82 | 0.4 |
| Brent Crude ($) | 68.87 | 0.2 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 24,984 | 56,009 |
| 100 DMA | 24,080 | 53,539 |
| 200 DMA | 24,080 | 52,307 |
Asian markets – Asian markets trading mixed in the early morning trade. Hang Seng trading up by 0.2 pct. While Nikkei trading negative by 0.1 pct.
Indian Indices – India’s equity benchmarks are likely to open red as GIFT Nifty indicates. Benchmark indices rebounded on Tuesday as lower than expected inflation data fuels RBI rate cut bets.
Result Today – Tech Mahindra, ITC Hotels
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 82,570 | 0.4 | 5.7 |
| Nifty | 25,195 | 0.5 | 6.6 |
| Nifty Bank | 57,006 | 0.4 | 12.1 |
| Nifty Midcap 100 | 59,612 | 0.9 | 4.2 |
| Nifty Smallcap 100 | 19,135 | 1.0 | 2.0 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | 120 | -134,380 |
| DII | 1555 | 373,608 |
Stocks to watch
Positive Read through
- Lemon Tree – Opens a hotel in Erode, Tamil Nadu, 6th property in the state.
- Dixon Tech – To acquire 51 pct in Q Tech India & JV with Chongqing Yuhai for precision component manufacturing.
- ICICI Lombard – Steady Q1, operating profit rose 30 pct, combined ratio below 103 pct.
- Biocon – Expands diabetes portfolio, US FDA nod for insulin aspart Kirsty.
- Network18 – News business EBITDA jumped 70 pct, margin expanded 50 bps YoY.
- Zydus Life – Approval from US FDA for celecoxib capsules, used to treat inflammation.
- Centrum Cap – To issue shares up to Rs. 344 mn at Rs. 33.38/share via preferential basis to non-promoters.
- Hathway Cable – Revenue rose 5 pct, EBITDA grew 9 pct & margin up 50 bps YoY.
- MAS Fin – Nippon India MF buys 2 mn (1.1 pct equity) for Rs. 610 mn.
- Just Dial – Revenue up 3 pct QoQ & up 6 pct YoY.
Negative Read through
- Kotak Mah Bank – Phani Shankar, president & chief credit officer resigns effective July 21.
- JSPL – Mayank Gupta resigns as CFO with immediate effect.
- HDFC Life – VNB margin missed estimate by 50 bps, APE higher than estimate.
- HDB Fin – Disbursements slipped 8 pct YoY, higher credit costs dragged profit.
- PVR – Karnataka government proposes capping movie ticket prices at Rs. 200.
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