Market Commentary
Global markets – US indices closed lower on Wednesday after Consumer inflation report. Dow closed lower by 0.3 pct while Nasdaq remains flat.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 44,368 | -0.3 | 4.3 |
| Nasdaq | 19,649 | 0.0 | 1.8 |
| Hang Seng | 22,057 | 0.9 | 10.0 |
| Nikkei | 39,474 | 1.3 | -1.1 |
Commodities – Gold prices rose and stood at USD 2,908 on trade war concern. On the other hand, oil prices fell and stood at USD 74.73/bbl as Ukraine peace deal may ease supply disruptions
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 2,908 | 0.2 |
| Silver ($) | 32.25 | 0.1 |
| Brent Crude ($) | 74.73 | -0.6 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 23,680 | 50,489 |
| 100 DMA | 24,139 | 51,172 |
| 200 DMA | 24,048 | 50,911 |
Asian markets – Asian markets trading positive with cautious note amid tariff war. Hang Seng rose 0.9 pct. While Nikkei trading positive by 1.3 pct.
Indian Indices – India’s equity benchmarks are likely to open flat as Gift Nifty indicates. Benchmark Indices extended losing streak for 6th straight sessions pressured by muted corporate earnings and caution ahead of the new Income Tax Bill.
Results Today – Hindalco, Titagarh
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 76,171 | -0.2 | -2.5 |
| Nifty | 23,045 | -0.1 | -2.5 |
| Nifty Bank | 49,479 | 0.2 | -2.7 |
| Nifty Midcap 100 | 50,756 | -0.3 | -11.3 |
| Nifty Smallcap 100 | 16,033 | -0.3 | -14.6 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | -4969 | -109,473 |
| DII | 5929 | 105,313 |
Stocks to watch
Positive Read through
- Tata Power – Arm signs MoU with ONGC to explore opportunities in battery systems.
- NTPC Green – JV with ONGC to buy Ayana Renewable for an EV of Rs. 195 bn.
- ICICI Bank – JV partner Prudential PLC to sell part stake in ICICI Pru AMC via IPO.
- Crompton – Profit & margin in-line with estimate, EBITDA up 25 pct YoY.
- RITES – Signs MoU with C-DAC to collaborate on IT solutions for consultancy assignments.
- Muthoot Fin – YoY AUM growth at 37-quarter high, NIM at 11.6 pct vs 10.88 pct YoY.
- PN Gadgil – EBITDA jumped 33.4 pct, margin at 5 pct vs 4.7 pct YoY.
- Kotak Mah Bank – RBI removes supervisory restrictions.
- Endurance Tech – Margin at 12.5 pct vs 11.5 pct, EBITDA grew 18 pct YoY.
- Suven Pharma – EBITDA rose 78.2 pct, margin at 38.4 pct vs 30.1 pct YoY.
- PTC India – Total volumes increased by 29 pct, margin at 9.1 pct vs 7.3 pct YoY.
- ONGC – Company and BP forge strategic partnership to boost Mumbai high production.
- Nippon AMC – Company and Nissay Asset Management, Japan join hands to provide access of Indian Capital Market to Japanese Investors.
Negative Read through
- SH Kelkar – EBITDA fell 14.9 pct, margin at 11.9 pct vs 16.1 pct YoY.
- Micro Fin – Karnataka passes ordinance against harassment to borrowers by MFIs.
- Balaji Amines – EBITDA tumbled 38.3 pct, margin at 14.6 pct vs 19.3 pct YoY.
- Bharat Forge – Big miss on sales, favorable product mix aids margin.
- Godawari Power – EBITDA declined 33.2 pct, margin at 17 pct vs 25.3 pct YoY.
- Honasa Cons – EBITDA down 24 pct YoY, management sees margin pressure in Q4.
- SKF India – EBITDA fell 34 pct, margin at 8.1 pct vs 14.2 pct YoY.
- Fineotex Chem – EBITDA slipped 15.1 pct, margin at 27.2 pct vs 29.2 pct YoY.
- ITD Cementation – EBITDA remains flat, margin at 9.2 pct vs 10.2 pct YoY.
- Nacto PH – Margin at 8.3 pct vs 35.3 pct, EBITDA dropped by 85 pct YoY.
- IIFL Finance – Calculated NIM at 5.30 pct vs 5.65 pct, NII fell 13.5 pct YoY.
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