Market Commentary
Global markets – The Dow Jones Industrial Average and the S&P 500 lost momentum and continued to decline following Tuesday’s record highs against the backdrops of economic data being assessed by the market. The Dow Jones slipped by 0.3 pct, while the Nasdaq also fell by 0.6 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 44,722 | -0.3 | 18.7 |
| Nasdaq | 19,060 | -0.6 | 27.0 |
| Hang Seng | 19,409 | -1.0 | 13.9 |
| Nikkei | 38,295 | 0.4 | 14.4 |
Commodities – Gold fell below USD 2,630 an ounce, trimming some recent gains as investors continued to pore over the latest US economic data. Oil prices slipped a little lower, after an unexpected surge in US gasoline inventories before the Thanksgiving holiday raised concerns about demand in the world’s largest consumer of the motor fuel.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 2,635 | 0.1 |
| Silver ($) | 30.07 | -1.1 |
| Brent Crude ($) | 72.32 | -0.2 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 24,721 | 51,892 |
| 100 DMA | 24,706 | 51,616 |
| 200 DMA | 23,629 | 49,943 |
Asian markets – Asian markets open largely lower while Hang Seng traded lower by 1 pct while Nikkei traded slightly up by 0.4 pct
Indian Indices – Indian indices expected to open positive as GIFT Nifty trading 50 points over Nifty futures. On Wednesday market traded in the choppy range for 3rd consecutive day, however market ended with slight gains led by buying in Adani Group stocks.
Indian ADRs: Infosys (-1.9%), ICICI Bank (-0.5%) and Dr Reddy’s (-0.4%).
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 80,234 | 0.3 | 11.1 |
| Nifty | 24,274 | 0.3 | 11.7 |
| Nifty Bank | 52,301 | 0.2 | 8.3 |
| Nifty Midcap 100 | 56,272 | 0.6 | 21.9 |
| Nifty Smallcap 100 | 18,502 | 1.3 | 22.2 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | 7 | -268,137 |
| DII | 1301 | 484,026 |
Stocks to watch
Positive Read through
- HUDCO – Plans 8.75 lk sqft of mixed-use development on 10acre land project given to NBCC
- Vedanta – Moody’s upgrades Vedanta resources CF rating to B2 from B3
- NBCC – Bags 10-acre project development contract from HUDCO worth Rs. 6 bn
- Natco ph – Sells clear & marketable titles of 14.38 acre land in Telangana for Rs. 1.15 bn
- Sonata Soft – Bags multi-million-dollar modernisation deal in Australia
- Ashoka Buildcon – Bags EPC order of Rs. 1.92 bn from MP Poorv Kshetra Vidyut Vitaran Co
- PCBL – Gets AP government nod for allotment of 116.62 acres of land
- KEC Intl – Bags order worth Rs. 17.04 bn in T&D business from Power Grid Corp
- IOB – ICRA upgrades non-convertible securities rating to AA, outlook revised to positive
- Waaree Renew – Receives term sheet for EPC solar PV project worth of Rs. 12.33 bn
Negative Read through
- Colgate – Gross and EBITDA margins to normalise from FY24 levels on rise in input cost
- Godrej Prop – To raise up to Rs. 40 bn via QIP, issue price at 8.5 pct discount to CMP
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