Market Commentary
Global markets – US indices closed negative on Thursday led by AI spending concern and Fed’s hawking tone. Dow Jones closed red by 0.2 pct. While Nasdaq closed negative by 1.6 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 47,522 | -0.2 | 11.7 |
| Nasdaq | 23,581 | -1.6 | 22.1 |
| Hang Seng | 26,098 | -1.6 | 30.1 |
| Nikkei | 51,948 | 1.1 | 30.2 |
Commodities – Gold prices fell and currently stood at USD 4,002 over easing geopolitical tensions. On the other hand, oil prices stood at USD 63.99/bbl.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 4,002 | -0.4 |
| Silver ($) | 48.78 | -0.2 |
| Brent Crude ($) | 63.99 | -0.0 |
| 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 closed red on Thursday after Fed raise doubts of December rate cuts.
Results Today – Maruti Suzuki, BEL, Shriram Finance, RR Kabel, AWHCL
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 84,404 | -0.7 | 8.0 |
| Nifty | 26,877 | -0.7 | 9.4 |
| Nifty Bank | 58,031 | -0.6 | 14.1 |
| Nifty Midcap 100 | 60,096 | -0.1 | 5.1 |
| Nifty Smallcap 100 | 18,469 | -0.1 | -1.6 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | -3077 | -250,412 |
| DII | 2469 | 623,530 |
Stocks to watch
Positive Read through
- Pidilite – Q2 largely in line, consumer business volume growth at 10.3 pct vs 7–8 pct estimate.
- HUL – Gets NCLT approval for demerger of ice cream business.
- Reliance – Jio offers free Gemini AI Pro plan worth Rs. 35,100 for 18 months to young users.
- Gravita India – EBITDA jumped 60.4 pct, margin at 9.78 pct vs 6.81 pct YoY.
- ASK Automotive – EBITDA up 16.4 pct, margin at 13 pct vs 12 pct YoY.
- Mphasis – CC sales grew 2.2 pct, dollar sales rose 1.8 pct QoQ.
- Dabur – Q2 in line with estimates, targets high single-digit sales growth in H2.
- NTPC – Posted Q2 largely in line with positive commentary.
- Indegene – EBITDA increased 11.7 pct, sales rose 17.1 pct YoY.
- DLF – Achieved 72 pct of full-year sales guidance of Rs. 220 bn.
- USL – Reported Q2 above estimates, P&A volumes up 8 pct YoY vs estimate of 6-7 pct.
- Restaurant Brands – Sales grew 11 pct, EBITDA rose 12 pct YoY.
- Datamatics – EBITDA increased 82.2 pct, margin at 14.1 pct vs 9.7 pct YoY.
- Gillette – EBITDA up 9.1 pct, margin at 25.6 pct vs 24.4 pct YoY.
Negative Read through
- Motilal Oswal – Profit fell 68 pct, sales declined 35 pct YoY.\
- V2 Retail – Likely to raise up to Rs. 4 bn, indicative price at 8.2 pct discount to CMP.
- Manappuram – Asirvad MFI portfolio halved YoY, AUM growth flat YoY.
- Bandhan Bank – Weak Q2 across all parameters, NIM dropped 60 bps QoQ.
- Carborundum – EBITDA tumbled 19.8 pct, margin at 12 pct vs 16 pct YoY.
- JBM Auto – EBITDA declined 5.6 pct, margin at 11.3 pct vs 12.9 pct YoY.
- Automotive Axles – EBITDA down 5.4 pct, profit and margin flat YoY.
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