Market Commentary
Global markets – US indices closed mixed on Friday over trade deal uncertainty. Dow Jones closed lower by 0.3 pct. While Nasdaq closed green by 0.1 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 44,342 | -0.3 | 4.2 |
| Nasdaq | 20,895 | 0.1 | 8.2 |
| Hang Seng | 24,951 | 0.5 | 24.2 |
| Nikkei | 39,818 | -0.2 | -0.2 |
Commodities – Gold prices rose and currently stood at USD 3,354 over tariff concern. On the other hand, oil prices stood at USD 69.32/bbl.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 3,354 | 0.2 |
| Silver ($) | 38.23 | 0.2 |
| Brent Crude ($) | 69.32 | 0.2 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 25,016 | 56,108 |
| 100 DMA | 24,123 | 53,695 |
| 200 DMA | 24,070 | 52,335 |
Asian markets – Asian markets trading higher in the early morning trade. Hang Seng trading up by 0.5 pct. While Nikkei closed negative by 0.2 pct.
Indian Indices – India’s equity benchmarks are likely to open flat as GIFT Nifty indicates. Benchmark indices closed extended losses on Friday led by weak earnings from financials and IT players.
Result Today – Ultratech, Havells
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 81,759 | -0.6 | 4.6 |
| Nifty | 24,968 | -0.6 | 5.6 |
| Nifty Bank | 56,283 | -1.0 | 10.7 |
| Nifty Midcap 100 | 59,104 | -0.7 | 3.3 |
| Nifty Smallcap 100 | 18,959 | -1.1 | 1.0 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | 375 | -139,557 |
| DII | 2103 | 379,766 |
Stocks to watch
Positive Read through
- ICICI Bank – Posted earnings above estimates, NII rose 11 pct YoY, GNPA stable at 1.7 pct.
- Tata Power – Bags Rs. 1.10 bn order from NHPC to set up battery energy storage system.
- Reliance Industries – Steady Q1, double-digit growth in retail, Jio APRU higher than estimates.
- Firstsource – UK arm to acquire Past Due Credit Solutions for £ 22 mn.
- Mahindra Lifespace – Agreement with Osaka government to support Japanese business entering India.
- Patel Engineering – Letter of acceptance from NHPC for a Rs. 2.40 bn Teesta hydro project.
- Bandhan Bank – Results above estimates, asset quality remains a concern.
- HDFC Bank – Earnings in-line, announces special dividend of Rs. 5 and bonus of 1:1.
- Ircon Int – JV bags order of Rs. 7.56 bn from RVL & Company; gets Rs. 11.13 bn MMRDA order.
- JSW Steel – EBITDA at Rs. 75.76 bn vs estimate of Rs. 72.89 bn, EBITDA/tonne in-line.
- IDFC First Bank – Warburg Pincus gets RBI nod to acquire up to 9.99 pct.
- Brigade Enterprises – Acquires 20-acre land parcel in Bengaluru.
- Jio Financial – Agreement with Allianz for re, life & general insurance biz.
- BEML – Bags defence order worth Rs. 1.86 bn for bulldozers.
Negative Read through
- L&T Finance – MFI collections remain below normal, averaging 99.4 pct in Q1.
- Axis Bank – Bad loan spiked in Q1 triggered by RBI push to recognise stress.
- Reliance Power – EBITDA fell 13 pct, margin at 30 pct vs 32.7 pct.
- Dr Reddy’s – US FDA issues 7 observations for Srikakulam facility.
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