Market Commentary
Global markets – US indices closed positive on Friday after US Fed chair Jerome Powell hinted a near term interest rate cut during Jackson Hole Symposium speech. Dow Jones jumped 1.9 pct. While Nasdaq rose by 1.9 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 45,631 | 1.9 | 7.3 |
| Nasdaq | 21,496 | 1.9 | 11.3 |
| Hang Seng | 25,900 | 2.2 | 29.1 |
| Nikkei | 42,922 | 0.7 | 7.6 |
Commodities – Gold prices fell and currently stood at USD 3,365 over dovish shift by US Fed. On the other hand, oil prices stood at USD 67.26/bbl.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 3,365 | -0.2 |
| Silver ($) | 38.80 | -0.3 |
| Brent Crude ($) | 67.26 | -0.8 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 25,013 | 56,283 |
| 100 DMA | 24,633 | 55,361 |
| 200 DMA | 24,063 | 52,858 |
Asian markets – Asian markets trading higher in the early morning trade, largely following western markets. Hang Seng trading up by 2.2 pct. While Nikkei trading green by 0.7 pct.
Indian Indices – India’s equity benchmarks are likely to open green as GIFT Nifty indicates. Benchmark Indices closed negative om Friday ahead of US Fed chair Powell speech at Jackson Hole Symposium.
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 81,306 | -0.8 | 4.1 |
| Nifty | 24,870 | -0.8 | 5.2 |
| Nifty Bank | 55,149 | -1.1 | 8.4 |
| Nifty Midcap 100 | 57,629 | -0.1 | 0.8 |
| Nifty Smallcap 100 | 17,919 | -0.1 | -4.5 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | -1622 | -198,381 |
| DII | -329 | 483,925 |
Stocks to watch
Positive Read through
- Mazagon – To begin negotiations on Rs. 700 bn submarine deal after nod from Defence Ministry.
- Interarch – Bags order worth Rs. 900 mn from Rungta Mines.
- HAL – Indian Navy issued request for information to buy 76 naval utility helicopters.
- Godrej Prop – Sold homes worth over Rs. 10 bn at launch of Regal Pavilion project in Hyderabad.
- Coal India – Signed non-binding MoU with Madhya Pradesh government for critical mineral exploration.
- Brigade – Announced new residential project under JDA with Rs. 9.5 bn sales potential in Bengaluru.
- Akums – JV agreement with Zambia government for unit, USD 50 mn drugs export from India in 2026 and 2027.
- Muthoot Fin – Fitch upgraded rating to BB+ from BB, supported by gold price gains post Powell speech.
- Indigo/Max Health – To be included in Nifty 50 effective September 30.
- Yes Bank – Sumitomo Mitsui Banking Corp received RBI nod to buy 24.99 pct stake in company.
- Electronics Mart – Sells 4 IQ stores for Rs. 80 mn to focus on own branded stores.
- Titagarh Rail – Bags order worth Rs. 912 mn from Banaras Locomotive Works.
- Railtel – Bags order of Rs. 130 mn from Rajasthan Skill & Livelihoods Development Corporation.
- Ceat – To invest USD 171 mn to expand off-highway tyre capacity in Sri Lanka.
Negative Read through
- Religare Ent – 15,000+ AHPI affiliated hospitals to stop cashless treatment for company’s customers.
- JSW Steel – Received demand of Rs. 14.73 bn from Odisha government for mining output shortfall.
- TTK Prestige – Operations at Roorkee unit disrupted due to floods, damage assessment underway.
- Hero Moto/IndusInd – To be excluded from Nifty 50 effective September 30.
- Bajaj Finserv – 15,000+ AHPI affiliated hospitals to stop cashless treatment for company’s customers.
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