Market Commentary
Global markets – US indices climbed on Friday after Federal Reserve Chair Jerome Powell said the economy was in a good place. Dow closed green by 0.5 pct while Nasdaq closed higher by 0.7 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 42,801 | 0.5 | 0.6 |
| Nasdaq | 18,196 | 0.7 | -5.8 |
| Hang Seng | 23,841 | -1.6 | 18.9 |
| Nikkei | 37,905 | 2.8 | -5.0 |
Commodities – Gold prices rose and stood at USD 2,912 on dollar weakness. On the other hand, oil prices stood at USD 69.68/bbl over weak China data.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 2,912 | 0.1 |
| Silver ($) | 32.40 | -0.3 |
| Brent Crude ($) | 69.68 | -0.5 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 23,151 | 49,304 |
| 100 DMA | 23,687 | 50,596 |
| 200 DMA | 24,068 | 50,960 |
Asian markets – Asian markets trading mixed in early morning. Hang Seng slipped by 2.8 pct. While Nikkei rose by 2.8 pct largely tracking western markets.
Indian Indices – India’s equity benchmarks are likely to open flat to negative as Gift Nifty indicates. Benchmark indices closed flat on Friday amid weak global cues and slowing US economic growth.
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 74,332 | 0.8 | -4.9 |
| Nifty | 22,552 | 0.9 | -4.7 |
| Nifty Bank | 48,497 | 0.3 | -4.4 |
| Nifty Midcap 100 | 49,190 | 0.4 | -13.7 |
| Nifty Smallcap 100 | 15,504 | 1.3 | -17.9 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | -2035 | -161,865 |
| DII | 2320 | 172,396 |
Stocks to watch
Positive Read through
- RITES – Received a LOA for a project of Rs 279.6 mn.
- Tata Power – Signed MoU with AP government to develop 7,000 MW of renewable energy projects.
- JSW Steel – Crude steel production grew 12 pct YoY from 21.50 Lakh Tonnes in February 2024.
- Sun Pharma – To acquire Checkpoint Therapeutics for USD 355 mn plus milestone payments.
- Lupin – Launches Rivaroxaban tablets in the US, drug sales at approx. USD 446 mn.
- Biocon – Biocon Biologics gets +ve results from Phase-III study of Yesintek biosimilar.
- JB Chem – US FDA issues no observation for formulations manufacturing unit in Gujarat.
- ONGC – Development commissioner grants an exit to ONGC Petro Additions from Dahej SEZ.
- IRB Infra – February toll sales rose 18 pct YoY, on track to surpass FY24 toll sales in FY25.
- Shyam Metalics – February stainless steel sales quantity jumped 110 pct YoY, realization up 10 pct.
- Lemon Tree – Signs two new hotel licensing agreements in Madhya Pradesh.
- GMR Airports – Acquires additional 10 pct in Delhi International Airport, total holding rises to 74 pct.
- Oriental Rail – Received an order of Rs 429 mn for Vande Bharat.
- Inox India – Secures a 153 MW order for wind turbines in Tamil Nadu from a global clean energy company.
Negative Read through
- IREDA – RBI rejects plan to fund a 900 MW Nepal project.
- Gensol – Promoters sell 2.4 pct stake, company says it’s done to reinvest in the business.
- USL – Commercial court upholds tribunal’s order rejecting the company’s claim in the case vs. UBL.
- Shilpa Med – US FDA issues one observation for the Raichur unit.
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