Market Commentary
Global markets – US indices closed mixed on Thursday as Fed kept rate unchanged and stuck to its policy rate outlook. Dow Jones fell by 0.1 pct. While Nasdaq closed higher by 0.1 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 42,171 | -0.1 | -0.9 |
| Nasdaq | 19,546 | 0.1 | 1.2 |
| Hang Seng | 23,424 | 0.6 | 16.8 |
| Nikkei | 38,445 | -0.1 | -3.6 |
Commodities – Gold prices trading lower and currently trading at USD 3,350 due to shift in demand towards Silver & Platinum. On the other hand, oil prices stood at USD 76.85/bbl.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 3,350 | -0.6 |
| Silver ($) | 35.76 | -2.7 |
| Brent Crude ($) | 76.85 | -2.3 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 24,411 | 54,872 |
| 100 DMA | 23,706 | 52,183 |
| 200 DMA | 24,078 | 51,869 |
Asian markets – Asian markets trading mixed in the early morning trade. Hang Seng jumped by 0.6 pct. While Nikkei trading lower by 0.1 pct.
Indian Indices – India’s equity benchmarks are likely to open flat as GIFT Nifty indicates. Benchmark indices closed lower on Thursday driven by Fed’s hawkish stance and escalating geopolitical concerns.
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 81,361 | -0.1 | 4.1 |
| Nifty | 24,793 | -0.1 | 4.9 |
| Nifty Bank | 55,577 | -0.4 | 9.3 |
| Nifty Midcap 100 | 57,159 | -1.6 | -0.1 |
| Nifty Smallcap 100 | 18,013 | -2.0 | -4.0 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | 934 | -133,666 |
| DII | 605 | 344,536 |
Stocks to watch
Positive Read through
- TD Power – Bags order worth Rs. 670 mn to supply components for traction motor exports.
- CCL Products – Test launched traditional South Indian snacks under brand name Malgudi.
- Nestle – Board meet to consider bonus issue on June 26.
- Aegis Vopak – Business transfer agreement with Sea Lord Container to acquire LPG terminal for Rs. 6.71 bn.
- Aegis Vopak – Business transfer agreement with Sea Lord Container to acquire LPG terminal for Rs. 6.71 bn.
- USL – Diageo India acquires majority stake in NAO at an enterprise value of Rs. 1.30 bn.
- Banks/REC/PFC – RBI releases project finance norms & vs draft, final norms look softer.
- Lemon Tree – Signs new property in Madhya Pradesh with 60 rooms.
- Brigade Ent – Workspace brand BuzzWorks signs deal for 24,000 sqft with Infor India.
- ITD Cementation – Signs two contracts worth Rs. 9.60 bn in Kerala & West Bengal.
- GMM Pfaudler – German arm signs pact with Euro-based customer worth Rs. 3.30 bn for equipment.
- USW Infra – Arm Jaigarh Port signs binding MoU with Konkan Rail for Bhoke Railway siding project.
- HAL – Board to consider dividend on June 27.
- Concor – Sets July 4 as record date for bonus issue.
Negative Read through
- Sun TV – Dayanidhi Maran sends legal notice to brother Kalanithi Maran, as per reports.
- Biocon – Allots 136 mn shares at Rs. 330/sh via QIP, at 3 pct discount to the floor price.
- Sai Life – TPG Asia likely to sell up to 10 pct stake via block deals, floor price at 3 pct discount to CMP.
- Natco Pharma – US FDA issues 7 observations for its pharma division in Kothur, Hyderabad.
- Kaynes Tech – To raise up to Rs. 16 bn via QIP, indicative price at 0–5 pct discount to CMP.
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