Market Commentary
Global markets – US benchmark Indices recovered on Friday after falling sharply on Thursday, rally was led by cooler-than-expected inflation report. Dow closed higher by 1.2 pct, Nasdaq jumped 1.3 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 42,840 | 1.2 | 13.7 |
| Nasdaq | 19,572 | 1.3 | 30.4 |
| Hang Seng | 19,817 | 0.5 | 16.2 |
| Nikkei | 39,043 | 0.9 | 16.7 |
Commodities – Gold remains steady, expected to be volatile in near term due to fewer rate cuts. On the other hand, Brent crude inches up after weaker than expected US PCE report.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 2,624 | 0.1 |
| Silver ($) | 29.69 | 0.7 |
| Brent Crude ($) | 73.25 | 0.4 |
| 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 positive zone following western market rally. Hang Seng up 0.5 pct led by property and financial sector, while Nikkei up by 0.9 pct.
Indian Indices – India’s equity benchmarks are expected to open higher, supported by gains in peer markets following favourable U.S. inflation data. Benchmark Indices fell further 1.5 pct on Friday, as a slower US rate outlook for 2025 triggered foreign funds.
Indian ADRs: Infosys (-2.9%), ICICI Bank (0.7%) and Dr Reddy’s (1.6%).
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 78,041 | -1.5 | 8.0 |
| Nifty | 23,587 | -1.5 | 8.5 |
| Nifty Bank | 50,759 | -1.6 | 5.1 |
| Nifty Midcap 100 | 56,906 | -2.8 | 23.2 |
| Nifty Smallcap 100 | 18,714 | -2.2 | 23.6 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | -3597 | -288,398 |
| DII | 1374 | 515,014 |
Stocks to watch
Positive Read through
- Reliance – To acquire 45 pct stake in US-based Health Alliance Group for USD 10 mn.
- Granules – Fidelity Funds sells 1.30 pct stake via blocks, AB MF, Bandhan MF amongst buyers.
- Teamlease – To acquire 90 pct stake in TSR Darashaw & 30 pct stake in Crystal HR.
- Sterling & Wilson – Bags order worth Rs. 12 bn for 500 MW (AC) solar PV project in Gujarat.
- HCC – Company implements court-approved scheme of arrangement in Switzerland subsidiary.
- Aurobindo – Arm CuraTeQ gets marketing nod from UK’s health regulator for cancer drug Bevqolva.
- Metals – DGTR recommends safeguard investigation on imports of steel flat products.
- JBM Auto – Bags order worth Rs. 18 bn for 343 electric buses for Ahmedabad BRTS.
- AGI Greenpac – Board approves Rs.15 bn fund raise.
- Suraksha – Q2 Sales grew 11 pct, EBITDA rose 12 pct YoY.
- Ultratech/India Cements – CCI approves acquisition of India Cements.
Negative Read through
- Vedanta – Board decides against demerger of base metals of Vedanta Limited.
- Marico/Baja Cons – Union Cabinet hikes milling copra MSP to Rs. 11,582/ Quintal.
- Reliance Infra – Received an arbitral award, ruling in favour of APCPL in EPC contact dispute.
- Cartrade – 18 pct GST imposed on margin value of 2nd hand car sale.
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