Market Commentary
Global markets – US indices closed mixed on Wednesday after Fed chair pushed back December rate cuts. Dow Jones closed red by 0.3 pct. While Nasdaq closed positive by 0.5 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 47,632 | -0.2 | 12.0 |
| Nasdaq | 23,958 | 0.5 | 24.1 |
| Hang Seng | 26,532 | 0.7 | 32.3 |
| Nikkei | 51,396 | 0.2 | 28.8 |
Commodities – Gold prices fell and currently stood at USD 3,920 after Fed interest rate decision. On the other hand, oil prices stood at USD 64.03/bbl.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 3,920 | -0.2 |
| Silver ($) | 47.29 | -0.4 |
| Brent Crude ($) | 64.03 | -0.4 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 25,120 | 55,648 |
| 100 DMA | 25,070 | 56,009 |
| 200 DMA | 24,304 | 53,732 |
Asian markets – Asian markets trading higher in the early morning trade. Hang Seng trading up by 0.7 pct. While Nikkei trading positive by 0.2 pct.
Indian Indices – India’s equity benchmarks are likely to open muted as GIFT Nifty indicates. Benchmark Indices rebounded on Wednesday in anticipation of a U.S. rate cuts.
Results Today – ITC, NTPC, Hyundai, Swiggy, Cipla, Gravita
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 84,997 | 0.4 | 8.8 |
| Nifty | 26,053 | 0.5 | 10.2 |
| Nifty Bank | 58,385 | 0.3 | 14.8 |
| Nifty Midcap 100 | 60,149 | 0.6 | 5.2 |
| Nifty Smallcap 100 | 18,487 | 0.4 | -1.5 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | -2540 | -247,334 |
| DII | 5962 | 621,060 |
Stocks to watch
Positive Read through
- Wipro – Signs agreement with Hanesbrands to power GenAI-led IT 2.0 transformation.
- Biocon/Sun Pharma/Lupin – US FDA releases draft to accelerate biosimilar approvals in the US.
- IT Cos – Cognizant Q3 EPS rose 11 pct, sales up 7 pct, raises full-year guidance.
- PB Fintech – Annualised insurance premium jumped 40 pct, core online premium up 34 pct YoY.
- SAIL – Posted Q2 earnings better than estimates, lower-than-expected drop in realisations.
- BHEL – Sales increased 14 pct, margin at 7.73 pct vs 4.18 pct YoY.
- Zydus Life – Receives EIR from US FDA for the Baddi manufacturing facility.
- HPCL – Q2 above estimates, GRMs at USD 8.80/bbl vs estimate at USD 6.50/bbl.
- Railtel – Sales rose 12.8 pct, EBITDA margin expanded ~90 bps YoY.
- Brigade Ent – Q2 pre-sales up 12 pct, realisations grew 13 pct YoY.
- Concor – Signed MoU with JNPA for rail handling operations at Vadhvan Port.
- Sagility India – EBITDA jumped 37.7 pct, margin at 25 pct Vs 22.7 pct YoY.
- NBCC – Bags order of Rs. 790 mn from Institute of Chartered Accountants of India.
Negative Read through
- Laxmi Organic – EBITDA tumbled 82 pct, sales declined 12.3 pct YoY.
- DRL – Gets notice of non-compliance from Canada drug authority for semaglutide.
- Bharti Airtel – SC AGR order clarifies applicability only for Voda Idea.
- MGL – EBITDA dropped 32.5 pct, margin at 16.5 pct vs 24 pct QoQ.
- L&T – Reported Q2 below estimates, margin at 10 pct vs 10.3 pct YoY.
- Voda Idea – SC AGR verdict fine print limits relief to additional AGR dues of Rs. 94.50 bn.
- UBL – Impacted by stronger-than-usual monsoon, gross margin slipped 104 bps YoY.
- Fino Payments – Profit fell 27.4 pct due to temporary slowdown in digital business.
- Le Travenues – Reports EBITDA loss vs profit, posted loss vs profit YoY.
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