Market Commentary
Global markets – US equity Indices closed Wednesday in positive as yield falls and investors cheer recent inflation data. Down Jones closed higher by 1.5 pct, Nasdaq jumped 2.45 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 43,221 | 1.7 | 1.6 |
| Nasdaq | 19,511 | 1.7 | 1.0 |
| Hang Seng | 19,451 | 0.9 | -3.0 |
| Nikkei | 38,593 | 0.4 | -3.3 |
Commodities – Gold prices fell and stood at USD 2,690 on Thursday its highest level in over a month, as easing underlying inflation in the US renewed hopes of a less restrictive Fed policy this year.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 2,696 | -0.1 |
| Silver ($) | 30.60 | -0.2 |
| Brent Crude ($) | 83.24 | -0.7 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 24,009 | 51,524 |
| 100 DMA | 24,556 | 51,691 |
| 200 DMA | 23,951 | 50,767 |
Asian markets – Shares in Hong Kong soared 319 points or 1.7% to 19,594 on Thursday morning session, holding their bullish momentum for the third session following an overnight rally on Wall Street on the back of an unexpected decline in US core inflation figures for December and robust bank earnings.
Indian Indices – Indian shares are set for a positive start on Thursday, tracking other Asian peers, after U.S. core inflation rose less than expected in December, raising hopes for further easing by the Federal Reserve. Benchmark indices grew higher on Wednesday led by IT and energy stocks.
Results Today – Reliance, Infosys, Axis Bank, Havells
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 76,724 | 0.3 | -1.8 |
| Nifty | 23,213 | 0.2 | -1.8 |
| Nifty Bank | 48,751 | 0.1 | -4.1 |
| Nifty Midcap 100 | 53,899 | 0.4 | -5.8 |
| Nifty Smallcap 100 | 17,353 | 0.6 | -7.5 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | 4533 | -38,916 |
| DII | 3682 | 43,866 |
Stocks to watch
Positive Read through
- L&T Tech – In-line operating performance in Q3, highest-ever large deal bookings.
- Minda Corp – Combined entity will grow by 10-12 pct in overall size, to deliver growth plans organically.
- HDFC Life – Q3 above estimates, retains VNB and APE growth guidance.
- GAIL – Settlement agreement with SEFE Mktg & Trading Singapore Pte, to receive USD 285 mn.
- Happiest Minds – Collaborates with Coca-Cola Vietnam for a GenAI conversational interface.
- RVNL – Lowest bidder for financing of a Rs. 31.67 bn coal block project in Jharkhand.
- Hitachi Energy – To consider fund raise on Jan 18, 2025, via various routes.
- Transrail – Q2FY25 EBITDA up 16.4 pct, margin at 12.9 pct vs 12.5 pct YoY.
- IRFC – Signs a lease agreement with NTPC for 8 BOBR rakes worth Rs. 2.50 bn.
- Gensol Engg – Tie-up with Refex Green Mobility for the transfer of 2,997 electric 4-wheelers.
- AzadEngg – Bags contract worth approximately Rs. 9.60 bn from GE Vernova for gas turbine engines.
Negative Read through
- CEAT – Margin declines 380 bps, EBITDA down 18.3 pct YoY.
- OFSS – Q3 sales growth down 5.9 pct, margin at 41.6 pct vs 47.6 pct YoY.
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