Market Commentary
Global markets – US indices ended Friday with positive gains on potential shutdown resolutions. Dow closed higher by 1.7 pct while Nasdaq jumped by 2.6 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 41,488 | 1.7 | -2.5 |
| Nasdaq | 17,754 | 2.6 | -8.1 |
| Hang Seng | 24,332 | 1.6 | 21.3 |
| Nikkei | 37,475 | 1.1 | -6.1 |
Commodities – Gold prices rose and stood at USD 2,986 as demand for safe haven rises. On the other hand, oil prices stood at USD 70.98/bbl after China unveils stimulus measure.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 2,986 | 0.1 |
| Silver ($) | 33.78 | -0.1 |
| Brent Crude ($) | 70.98 | 0.7 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 23,043 | 49,058 |
| 100 DMA | 23,592 | 50,447 |
| 200 DMA | 24,059 | 50,940 |
Asian markets – Asian markets trading higher in the early morning trade on Wall Street gains. Hang Seng jumped by 1.6 pct. While Nikkei trading positive by 1.1 pct.
Indian Indices – India’s equity benchmarks are likely to open flat as Gift Nifty indicates. Benchmark indices closed red on Thursday as fears of an escalating global trade war triggered investors sentiments.
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 73,828 | -0.3 | -5.5 |
| Nifty | 22,397 | -0.3 | -5.3 |
| Nifty Bank | 48,060 | 0.0 | -5.5 |
| Nifty Midcap 100 | 48,125 | -0.7 | -15.9 |
| Nifty Smallcap 100 | 14,897 | -1.0 | -20.6 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | -792 | -167,594 |
| DII | 1723 | 177,895 |
Stocks to watch
Positive Read through
- Oberoi Realty – Soft launch of ‘Sky City Mall’ at Borivali, saleable area at 12.07 lakh sqft.
- Alkem Labs – No Form 483 from US FDA after inspection at Bioequivalence Centre in Taloja.
- KEC Intl – Bags new orders worth Rs. 12.67 bn across businesses.
- IndusInd BK – RBI says bank is well-capitalized & financial remains satisfactory.
- Zydus Life – US FDA issues nil observation for API Unit 1 at Ankleshwar, Gujarat.
- Tata Motors – Company to consider fund raise of up to Rs. 20 bn via NCDs on March 19.
- Fusion Fin – Appoints Sanjay Garyali as the CEO of company.
- Brigade Ent – Launches premium residential project in Bengaluru, sales potential Rs. 3.80 bn.
- GMR Airports – February traffic rose 13 pct, aircraft movement grew 8 pct YoY.
- Shilpa Medi – US issues Form 483 with zero observations for Unit-2 of Arm at Raichur.
- Dalmia Bharat – Begins production of 2.4 MTPA increased capacity at Lanka, Assam.
- EMS Ltd – Received an upgrade in its credit ratings by CRISIL.
- Persistent – Completed the acquisition of identified assets of SoHo Dragon LT, UAB, Lithuania.
- Tejas Networks: Gets Rs. 1.23 bn as incentive for FY24 under PLI Scheme for telecom & networking products.
Negative Read through
- Ola Electric – Creditor Rosmerta Digital Services moves NCLT alleging default.
- SpiceJet – CMD Ajay Singh pares stake, sells 11.5 mn shares (0.9 pct equity) via block deals.
- DRL – Issues nationwide recall of Levetiracetam in the US because of mislabelling issues.
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