Market Commentary
Global markets – US indices closed mixed on Monday buoyed by gains in Amazon and Nvidia. Dow Jones closed red by 0.5 pct. While Nasdaq closed higher by 0.5 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 47,336 | -0.5 | 11.3 |
| Nasdaq | 23,834 | 0.5 | 23.4 |
| Hang Seng | 26,207 | 0.2 | 30.6 |
| Nikkei | 52,361 | -0.1 | 31.3 |
Commodities – Gold prices slipped and currently stood at USD 3,988 as Fed cut bets fade. On the other hand, oil prices stood at USD 64.66/bbl.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 3,988 | -0.4 |
| Silver ($) | 47.80 | -0.6 |
| Brent Crude ($) | 64.66 | -0.3 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 25,154 | 55,732 |
| 100 DMA | 25,085 | 56,033 |
| 200 DMA | 24,327 | 53,819 |
Asian markets – Asian markets trading mixed in the early morning trade. Hang Seng trading up by 0.2 pct. While Nikkei trading negative by 0.1 pct.
Indian Indices – India’s equity benchmarks are likely to open muted as GIFT Nifty indicates. Benchmark Indices rebounded on Monday, supported by health Auto numbers and stock specific reactions to quarterly earnings.
Results Today – SBI, M&M, Indian Hotels, GRSE.
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 83,978 | 0.0 | 7.5 |
| Nifty | 25,763 | 0.2 | 9.0 |
| Nifty Bank | 58,101 | 0.6 | 14.2 |
| Nifty Midcap 100 | 60,287 | 0.8 | 5.4 |
| Nifty Smallcap 100 | 18,513 | 0.7 | -1.4 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | -1883 | -259,065 |
| DII | 3516 | 634,114 |
Stocks to watch
Positive Read through
- Bharti Airtel – Consolidated sales grew 5.4 pct vs estimate of 3.1 pct, ARPU at Rs. 256 vs Rs. 250 QoQ.
- Indus Towers – Bharti Airtel board gives enabling approval to acquire additional 5 pct stake.
- Titan – Q2 largely in-line with estimates, jewellery business margin at 10.8 pct vs 8.7 pct YoY.
- City Union Bank – NII up 14.4 pct YoY, NNPA at 0.90 pct vs 1.20 pct QoQ
- Rain Industries – JV gets funding support of up to € 530,000 under Canada-Germany collaboration.
- Cipla – Definitive agreement to acquire 100 pct stake in Inzpera Health for Rs. 1.2 bn.
- Rites – Bags order worth Rs. 3.73 bn from National Institute of Mental Health & Neuro Sciences.
- IEX – October electricity traded volume up 16.5 pct, DAM up 6.7 pct YoY.
- Acme Solar – Sales jumped 80 pct, EBITDA rose 81.5 pct YoY.
- Zydus Life – Board to consider fund raise of up to Rs. 50 bn in November 6 meeting.
- 3M India – EBITDA grew 39.7 pct, margin at 20.2 pct vs 16.5 pct YoY.
- Aurionpro – EBITDA increased 28 pct, sales up 29 pct YoY.
- Hitachi Energy – Margin at 16.3 pct vs 7 pct, sales rose 18 pct YoY.
- Godfrey Phillips – EBITDA climbed 13.4 pct, margin at 19.3 pct vs 17 pct YoY.
Negative Read through
- Bharti Hexacom – Lost 0.11 mn subscribers in Q2, sales up 2.4 pct QoQ.
- Hero Moto – October sales below estimates as domestic demand drags, total sales fell 7 pct YoY.
- Kansai Nerolac – EBITDA and margin flat YoY, profit declined 11 pct YoY.
- Power Grid – EBITDA fell 6 pct, margin at 79.4 pct vs 86 pct YoY.
- Niva Bupa – Posted loss vs profit, operating loss at Rs. 620 mn vs profit of Rs. 580 mn YoY.
- Gland Pharma – Reported Q2 below estimates, margin flat YoY.
- Kirloskar Brothers – EBITDA declined 24 pct, margin at 10.5 pct vs 13.7 pct YoY.
- JK Paper – EBITDA fell 15.2 pct, margin at 12.8 pct vs 15.7 pct YoY.
- Arvind Smartspaces – EBITDA dropped 56 pct, margin at 20.7 pct vs 25 pct YoY.
- Route Mobile – Posted loss vs profit, margin flat YoY.
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