Market Commentary
Global markets – US indices extended loses on Tuesday over escalating trade war. Dow closed in red by 1.6 pct while Nasdaq closed lower by 0.4 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 42,250 | -1.6 | 1.5 |
| Nasdaq | 18,285 | -0.4 | -5.0 |
| Hang Seng | 23,108 | 0.7 | 15.2 |
| Nikkei | 37,356 | 0.1 | -6.4 |
Commodities – Gold prices stood at USD 2,890 on rising US Yields. On the other hand, oil prices stood at USD 70.71/bbl as OPEC+ output hike & Ukraine aid pause.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 2,904 | -0.4 |
| Silver ($) | 31.87 | -0.2 |
| Brent Crude ($) | 70.71 | -0.5 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 23,228 | 49,467 |
| 100 DMA | 23,764 | 50,690 |
| 200 DMA | 24,069 | 50,953 |
Asian markets – Asian markets trading in the positive territory in early morning trade. Hang Seng rose by 0.7 pct. While Nikkei grew by 0.1 pct.
Indian Indices – India’s equity benchmarks are likely to open muted as Gift Nifty indicates. Benchmark indices closed negative on Tuesday due to rising trade war concerns.
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 72,989 | -0.1 | -6.6 |
| Nifty | 22,082 | -0.2 | -6.3 |
| Nifty Bank | 48,245 | 0.3 | -5.1 |
| Nifty Midcap 100 | 48,007 | 0.0 | -16.1 |
| Nifty Smallcap 100 | 14,762 | 0.7 | -21.3 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | -3405 | -154,557 |
| DII | 4851 | 165,087 |
Stocks to watch
Positive Read through
- Force Motors – February Sales grew 46.3 pct at 3,600 Units Vs 2,461 Units.
- GE Vernova – Bags 3 orders worth Rs. 5 bn From Power Grid Corp.
- Welspun Specialty – Notified as L1 bidder for a project worth Rs 2.31 bn by BHEL.
- PTC India – ONGC Expands Renewable Energy Footprint with PTC Energy Acquisition.
- Piramal Enterprises – Company’s promoter group purchased 0.24 mn equity shares.
- Biocon – Received final approvals from the US FDA for Lenalidomide Capsules and Dasatinib Tablets.
- Adani Wilmar – To acquire G.D. Foods, owner of Tops.
- Shalby – Received [ICRA] A+ (Stable) from ICRA for enhanced long-term fund-based facilities.
- Power Grid – Successful bidder for 3 projects to establish inter-state transmission system on BOOT basis.
- ABB India – Company announced a strategic investment in UptimeAI, an AI startup.
Negative Read through
- Hinduja Global – CRISIL has downgraded from CRISIL A+/Stable to Crisil A/Stable.
- Ola Elec – Received a letter from IFCI Ltd regarding a milestone not being met in the PLI ACC scheme.
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