Market Commentary
Global markets – The US market closed lower on Tuesday as investors turn cautious ahead of fed rate cut. Dow Jones closed 27 bps lower, while Nasdaq trade 7 bps lower.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 45,757 | -0.3 | 7.6 |
| Nasdaq | 22,333 | -0.1 | 15.7 |
| Hang Seng | 26,736 | 1.0 | 33.3 |
| Nikkei | 44,995 | -0.1 | 12.8 |
Commodities – Gold traded lower and currently stood at USD 3,683 ahead of FOMC decision. On the other hand, oil prices stood at USD 68.38/bbl.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 3,683 | -0.1 |
| Silver ($) | 42.00 | -1.2 |
| Brent Crude ($) | 68.38 | 0.0 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 24,999 | 54,625 |
| 100 DMA | 24,819 | 54,299 |
| 200 DMA | 24,781 | 54,838 |
Asian markets – Asian markets trading mix in the early morning trade, Hang Seng trading up by 1 pct. While Nikkei trading down by 0.1 pct.
Indian Indices – India equity benchmarks set to open higher on US trade talk optimism. Sensex closed 0.73 pct up and Nifty 50 advanced 0.68 pct led by gains in auto stocks and optimism over progress in trade negotiations with US.
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 82,380 | 0.8 | 5.4 |
| Nifty | 25,239 | 0.7 | 6.7 |
| Nifty Bank | 55,147 | 0.5 | 8.4 |
| Nifty Midcap 100 | 58,799 | 0.6 | 2.8 |
| Nifty Smallcap 100 | 18,298 | 0.9 | -2.5 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | 308 | -229739 |
| DII | 1,519 | 543,170 |
Stocks to watch
Positive read through
- L&T – Puts a formal request with government to exit Hyderabad Metro project on mounting losses.
- Coal India – Emerges as preferred bidder for Chandragiri rare earth elements block.
- HCLTech – Arm launches UNICA+ in India, an AI-first mar-tech engine.
- Mahindra Lifespace – To redevelop 2 housing societies in Chembur with GDV of Rs. 17 bn.
- BEL – Bags order worth Rs. 7.12 bn since last disclosure on Sep 1.
- DRL – Launches novel molecule ‘Tegoprazan’ in India used to treat gastrointestinal diseases.
- NLC – Gets LoI from Chhattisgarh government for 2 phosphorite & limestone blocks.
- Apollo Tyres – Lead sponsor of Team India in 3-year strategic partnership with BCCI.
- Akzo Nobel – CCI approves acquisition of up to 75 pct shareholding by JSW Paints.
- AB Fashion – Launches value retail brand OWND, plans to open 100 stores this year.
- Premier Explosives – Telangana Pollution Board revokes Katepally plant closure order.
- Railtel – Gets LoA for projects worth Rs. 1.63 bn.
- SJS Ent – Signs MoU with BOE Varitronix to collaborate for automotive displays manufacturing in India.
- TVS Holdings – To consider bonus issue of preference shares on Sep 22, promoter holds 74.45 pct equity.
- Ashapura Mine – Co-op agreement with China Railway to develop its Boffa bauxite deposit in Guinea.
Negative read through
- Lupin – US FDA issues 6 observations for Nagpur injectable facility.
- Jindal Steel – Jindal Steel International submits non-binding offer to acquire Thyssenkrupp’s European steel business.
- Amber Ent – Launches QIP, likely to raise up to Rs. 12 bn, indicative IP at 3.5–6 pct discount to CMP.
- Guj Fluoro – Promoter likely to sell 1.3 mn shares via block deals, floor price at 5.30 pct discount to CMP.
- Dreamfolks – Services of domestic airport lounges have been discontinued.
- Mobikwik – Some registered merchants and users have claimed unauthorized settlements from company.
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