Market Commentary
Global markets – The US indices closed Thursday lower over disappointed retail sales growth. Dow fell by 0.2 pct while Nasdaq fell 0.9 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 43,153 | -0.2 | 1.4 |
| Nasdaq | 19,388 | -0.9 | 0.1 |
| Hang Seng | 19,511 | -0.1 | -2.7 |
| Nikkei | 38,193 | -1.0 | -4.3 |
Commodities – Gold prices rose and stood at USD 2,713 supported by Fed rate cut expectations. On the other hand, oil prices rose as over tighter supply.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 2,713 | 0.1 |
| Silver ($) | 30.81 | 0.1 |
| Brent Crude ($) | 81.38 | 0.2 |
| 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 – Asian markets trading mixed in the early trade despite China GDP beat. Hang Seng fell 0.1 pct. While Nikkei closed red by 1.0 pct.
Indian Indices – India’s equity benchmarks are likely to open flat as GIFT Nifty indicates. Benchmark Indices extended their gain on Thursday led by financials as easing inflation data boosted expectations of rate cuts.
Results Today – Wipro, Indian Hotels, Ramkrishna Forgings.
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 77,042 | 0.4 | -1.4 |
| Nifty | 23,111 | -0.4 | -2.3 |
| Nifty Bank | 49,278 | 1.1 | -3.1 |
| Nifty Midcap 100 | 54,483 | 1.1 | -4.7 |
| Nifty Smallcap 100 | 17,643 | 1.7 | -6.0 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | -4341 | -43,258 |
| DII | 2928 | 46,794 |
Stocks to watch
Positive Read through
- Reliance – Q3 beats estimates, consolidated sales up 6.6 pct, margin expanded 20 bps YoY.
- BPCL – Executes loan agreement of Rs. 318.02 bn with SBI consortium to finance projects at Bina.
- LTIMindtree – Q3 in-line with estimates, record-high TCV jumped 29 pct QoQ, 12 pct YoY.
- Zaggle – Signs agreement with HT Media for employee expense management and benefits.
- Metro Brands – Festive season supports Q3 growth; sales growth at 10.6 pct YoY.
- Swan Energy – Swan Defence to list on exchanges on Jan 20, to be part of T2T.
- HFCL – Bags an advance work order worth Rs. 25.01 bn for BharatNet Phase III project from BSNL.
- TVS Motor – Enters Morocco in collaboration with distribution partner Hindi Motors.
- AIA Engineering – Subsidiary to set up units in China, Ghana, and evaluating Indonesia.
- Indian Bank – Appoints Binod Kumar as MD & CEO effective Jan 16, 2025.
- AB Fashion – Launches QIP to raise funds; floor price set at Rs. 271.3/share.
- Mobikwik – Partners with Piramal Finance to offer personal loans.
- Lemon Tree – Signs a new property in Gujarat, will feature 46 rooms.
- Astrazenca – CDSO nod to import pharma formulations of a new drug for A type of Anaemia.
Negative Read through
- Axis Bank – Reported 15-quarter low business momentum in Q3, NIM at a 10-quarter low of 3.93 pct.
- fosys – Q3 in-line and FY25 sales target raised, but concerns over wage hike impact on margins remain.
- Havells – Q3 below estimates, cables & wires business growth muted at 7 pct YoY.
- Hastun Agro – Gross margin continues to decline, profit slips 29 pct YoY.
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