Market Commentary
Global markets – US indices closed negative on Tuesday as economic worries mount. Dow Jones closed down 0.9 pct. While Nasdaq closed red by 0.7 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 46,602 | -0.2 | 9.5 |
| Nasdaq | 22,788 | -0.7 | 18.0 |
| Hang Seng | 26,714 | -0.9 | 33.2 |
| Nikkei | 47,965 | 0.0 | 20.2 |
Commodities – Gold prices rose and currently stood at USD 3,965 driven by rate cuts expectations. On the other hand, oil prices stood at USD 66.00/bbl.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 4,013 | 0.7 |
| Silver ($) | 48.39 | 1.1 |
| Brent Crude ($) | 66.00 | 0.4 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 24,837 | 55,130 |
| 100 DMA | 24,948 | 55,721 |
| 200 DMA | 24,169 | 53,254 |
Asian markets – Asian markets trading mixed in the early morning trade. Hang Seng trading down by 0.9 pct. While Nikkei trading flat.
Indian Indices – India’s equity benchmarks are likely to open flat as GIFT Nifty indicates. Benchmark Indices closed higher on Tuesday with expectations of strong September-quarter earnings.
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 81,926 | 0.2 | 4.8 |
| Nifty | 25,108 | 0.1 | 6.2 |
| Nifty Bank | 56,239 | 0.2 | 10.6 |
| Nifty Midcap 100 | 58,289 | 0.5 | 1.9 |
| Nifty Smallcap 100 | 17,983 | 0.3 | -4.2 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | 1440 | -256,896 |
| DII | 452 | 586,809 |
Stocks to watch
Positive Read through
- Anant Raj – Likely to raise up to Rs. 11 bn via QIP, indicative price at Rs. 662 per share.
- Titan – Q2 domestic jewellery business grew 19 pct, domestic watches business rose 12 pct YoY.
- Banking – RBI releases draft norms on ECL and risk-weighted assets framework.
- Ixigo – Potential investor to acquire up to 15 pct stake; to mull fund raise on October 10.
- Shaily Engg – Lighthouse India sells 3 pct equity via block deal; MOFSL and Stallion Assets among buyers.
- Salzer Elec – Gets patent for disconnecting and earthing device for high-voltage applications.
- Concor – Inks multimodal transport agreement with UltraTech.
- IRB Infra – September toll collections grew 11 pct at Rs. 5.58 bn vs Rs. 5.02 bn YoY.
- Macrotech – Q2 pre-sales up 7 pct, collections grew 13 pct YoY.
- Keystone – Q2 sales volume, pre-sales and collections rose 9 pct each YoY.
- Saatvik Green – Bags order worth of Rs. 7.07 bn for supply of solar PV modules.
- Tilaknagar Ind – Gets CCI nod to acquire Pernod Ricard’s Imperial Blue business.
Negative Read through
- Tata Motors – Q2 volumes lower than estimates due to cyber-attack, retail sales fell 17 pct YoY.
- Godrej Cons – Low single digit volume growth, standalone business to deliver mid-single digit value growth.
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