Market Commentary
Global markets – Nasdaq ended at all time high while Dow Jones slipped mixed on Monday amid Federal Reserve’s Monetary Policy decision and corporate earnings due later this week.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 43,717 | -0.3 | 16.0 |
| Nasdaq | 20,173 | 1.2 | 34.4 |
| Hang Seng | 19,690 | -0.5 | 28.7 |
| Nikkei | 39,520 | 0.2 | 18.1 |
Commodities – Gold trading steady as investors Federal Reserve meeting this week and Central Bank outlook for 2025. While Brent crude fell by 0.1 pct led by weaking global demand.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 2,653 | 0.0 |
| Silver ($) | 30.45 | -0.2 |
| Brent Crude ($) | 73.76 | -0.1 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 24,400 | 51,848 |
| 100 DMA | 24,710 | 51,701 |
| 200 DMA | 23,794 | 50,394 |
Asian markets – Asian markets trading mixed in early trade. Hang Seng fell 0.5 pct for 3rd session while Nikkei grew at 0.2 pct on overnight strength in Nasdaq.
Indian Indices – Indian market is expected to open with cuts as GIFT Nifty indicates. Benchmarks Indices ended lower on Monday amid uncertainty over U.S. interest rate cuts, weighing on IT stocks, while metals tumbled following weak economic data from China.
Indian ADRs: Infosys (-0.2%), ICICI Bank (0.8%) and Dr Reddy’s (1.5%).
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 81,748 | -0.5 | 13.2 |
| Nifty | 24,668 | -0.4 | 13.5 |
| Nifty Bank | 53,581 | -0.0 | 11.0 |
| Nifty Midcap 100 | 59,443 | 0.8 | 28.7 |
| Nifty Smallcap 100 | 19,531 | 0.6 | 29.0 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | -278 | -272,849 |
| DII | -234 | 502,906 |
Stocks to watch
Positive Read through
- GMR Airports – November passenger traffic grew 14 pct, aircraft movements rise 8 pct YoY.
- Vedanta – Board approves 4th interim dividend of Rs. 8.50/share for FY25.
- Indus Towers – ITAT order favors company’s stance allowing depreciation related to merger.
- Wipro – Acquires Applied Value Technologies for USD 40 mn.
- HPCL – Board approves lube modernization & bottoms upgradation at Mumbai refinery.
- NITCO – Bags order of Rs. 1.05 bn from Prestige Estates, expects more orders worth Rs. 1.04 bn.
- Speciality Restaurants – Opens Bizarre Asia, a new restaurant brand in Kolkata.
- RVNL – Gets LoA for a project worth Rs. 2.70 bn from Maharashtra Metro Rail Corp.
- Patanjali Foods – Oil processing mill in Arunachal Pradesh commences production.
- TCS – Partners with Landis+Gyr to deliver next generation energy efficiency solutions.
- Waaree Energies – Won 2 module supply orders, aggregating upto 398 MW in domestic market.
- Gail – Qatar will supply LNG to Gail India form next year under 5 year pact.
Negative Read through
- Mankind PH – Launches QIP to raise up to Rs. 30 bn, issue price Rs. 2,520/share.
- HDFC Bank – Gets warning letter from SEBI for delayed disclosure of resignation of SMP.
- Religare – Gets SEBI nod for ownership change post open offer, SCN from IRDAI to CARE Insurance.
- Zomato – Hemal Jain, Head – Business Finance, has tendered his resignation.
- Mindspace REIT – ADIA likely to sell its entire 9.2 pct stake via block, floor price Rs. 350/share.
- HCC – To raise up to Rs. 6 bn via QIP, floor price Rs. 43.01/share.
- Allcargo Terminals – November CFS volumes down 4 pct MoM & up 1 pct YoY.
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