Market Commentary
Global markets – US indices closed mixed on Thursday over weak corporate results. Dow Jones closed red by 0.7 pct. While Nasdaq closed positive by 0.2 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 44,693 | -0.7 | 5.1 |
| Nasdaq | 21,057 | 0.2 | 9.0 |
| Hang Seng | 25,411 | -1.0 | 26.7 |
| Nikkei | 41,570 | -0.6 | 4.2 |
Commodities – Gold prices fell and currently stood at USD 3,362 over easing trade tensions. On the other hand, oil prices stood at USD 69.49/bbl.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 3,362 | -0.2 |
| Silver ($) | 39.06 | -0.1 |
| Brent Crude ($) | 69.49 | 0.3 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 25,048 | 56,229 |
| 100 DMA | 24,188 | 53,916 |
| 200 DMA | 24,057 | 52,386 |
Asian markets – Asian markets trading lower in the early morning trade. Hang Seng trading down by 1 pct. While Nikkei trading green by 0.6 pct.
Indian Indices – India’s equity benchmarks are likely to open red as GIFT Nifty indicates. Benchmark indices closed negative on Thursday led by post earnings losses in IT and consumer stocks.
Result Today – Bajaj Finserv, Cipla
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 82,184 | -0.7 | 5.2 |
| Nifty | 25,062 | -0.6 | 6.0 |
| Nifty Bank | 57,066 | -0.3 | 12.2 |
| Nifty Midcap 100 | 58,960 | -0.6 | 3.1 |
| Nifty Smallcap 100 | 18,686 | -0.6 | -0.4 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | -2133 | -151,130 |
| DII | 2617 | 395,559 |
Stocks to watch
Positive Read through
- BEL – Bags additional orders worth Rs. 5.63 bn since June 30.
- Sun Pharma – USD 200 mn settlement in US without admission of guilt in anti-trust case.
- Anant Raj – EBITDA jumped 47.10 pct, margin at 25.30 pct vs 21.60 pct YoY.
- GR Infra – Bags order for highway construction project in Jharkhand worth Rs. 2.9 bn.
- REC – NII in-line with estimate, profit rose 29.30 pct YoY.
- Wipro – Bags multi-year Smart Grid deal from Saudi Electric Company.
- Mphasis – Sales missed, margin in-line with estimate and deal wins are strong.
- DLF – Sells out all 4 towers launched in Phase 1 of first Mumbai project, sales at Rs. 23 bn.
- Trident – EBITDA rose 29.30 pct, margin at 17 pct vs 12.90 pct YoY.
- Adani Ent – To divest 50 pct stake in arm to MetTube for copper tube business.
Negative Read through
- Phoenix Mills – To buy out 49 pct stake in Island Star Mall Developers for Rs. 54.49 bn, margin flat YoY.
- IEX – Margin expanded 100 bps YoY, undertaking detailed impact assessment of market coupling.
- Bajaj Fin – Asset quality concerns, stress from 2w, 3w and MSME segment.
- Hexaware – CC sales growth at 1.3 pct vs estimate of 2.5 pct, margin fell 410 bps QoQ.
- Tanla Platforms – EBITDA fell 13 pct, margin at 15.70 pct vs 18.80 pct YoY.
- JC-Hitachi Air – EBITDA fell 34.3 pct, margin at 4.30 pct vs 5.60 pct YoY.
- Cyient – USD sales fell 9 pct QoQ, market is tough currently, as per management.
- KFin Tech – Margin declined 170 bps QoQ, sales and EBITDA slight miss from estimate.
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