Market Commentary
Global markets – US benchmark Indices ended mixed as investors evaluated latest economic data and corporate earnings. Dow closed 0.4 pct up, Nasdaq fell 0.3 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 42,342 | 0.0 | 12.3 |
| Nasdaq | 19,327 | -0.3 | 28.8 |
| Hang Seng | 19,860 | 0.5 | 16.5 |
| Nikkei | 38,889 | 0.2 | 16.2 |
Commodities – Gold traded flat, heading for a weekly decline as a hawkish Federal Reserve outlook weighed on demand. While Brent crude fell over demand concern and strong USD.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 2,597 | 0.1 |
| Silver ($) | 28.92 | -0.3 |
| Brent Crude ($) | 72.41 | -0.3 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 24,354 | 51,923 |
| 100 DMA | 24,699 | 51,733 |
| 200 DMA | 23,826 | 50,482 |
Asian markets – Asian markets trading in the green zone largely due to overnight global cues. Hang Seng up 0.5, while Nikkei up by 0.2 pct.
Indian Indices – Indian market is likely to open flat. While IT stocks are likely to find support after good result and guidance by Accenture. Benchmarks Indices tumbled more than 1 pct on Wednesday, largely due to FED revised outlook on interest cuts and rising risk of further outflow from foreign investors.
Indian ADRs: Infosys (3.4%), ICICI Bank (-0.2%) and Dr Reddy’s (3.2%).
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 79,218 | -1.2 | 9.7 |
| Nifty | 23,951 | -1.0 | 10.2 |
| Nifty Bank | 51,575 | -1.1 | 6.8 |
| Nifty Midcap 100 | 58,556 | -0.3 | 26.8 |
| Nifty Smallcap 100 | 19,133 | -0.5 | 26.3 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | -4224 | -284,800 |
| DII | 3943 | 513,640 |
Stocks to watch
Positive Read through
- IT Stocks – Accenture Q1 sales beats estimates, raises FY25 guidance tο 4-7 pct vs 3-6 pct earlier.
- Ge Vernova – Bags order worth Rs. 4 bn from Sterlite Grid.
- Exide Ind – Executes binding term sheet with Hyundai & Kia for battery cells & packs.
- BASF – Board gives in-principle nod for demerger of Agri Solutions business into separate listed entity.
- Waaree Energies – Starts trial production at 1.6 GW US unit.
- ΚPI Green – Signs MoU with Rajasthan government for hybrid, solar & wind power projects at Jaisalmer.
- Bharti airtel – Clears all dues for 2016 spectrum, prepays Rs. 36.26 bn.
- Amara Raja – Will supply its absorbent glass mat battery technology to Hyundai.
- Cosmo First – Launches vehicle paint protection film with lifetime warranty.
- Infosys – Achieves binding corporate rule certification from EU Data Protection Authority.
- Aviation Stocks – GST council likely to discuss possibility to bringing ATF under GST regime.
Negative Read through
- PNC Infra – HC disposed pleas by company, SPVs against road Ministry government tender ban order.
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