Market Commentary
Global markets – Dow Jones slipped for 9th straight days ahead of Federal Reserve’s Monetary Policy decision and latest economic data.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 43,449 | -0.6 | 15.3 |
| Nasdaq | 20,109 | -0.3 | 34.0 |
| Hang Seng | 19,881 | 0.9 | 16.6 |
| Nikkei | 39,281 | -0.2 | 17.4 |
Commodities – Gold trading in a tight range as investors Federal Reserve meeting today. While Brent crude fell by 0.1 pct largely due China’s weak data raises concern.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 2,647 | 0.1 |
| Silver ($) | 30.45 | -0.2 |
| Brent Crude ($) | 73.24 | -0.0 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 24,386 | 51,875 |
| 100 DMA | 24,710 | 51,716 |
| 200 DMA | 23,805 | 50,425 |
Asian markets – Asian markets trading cautiously in early trade. Hang Seng grew 0.9 pct, marking 1st uptick in four sessions while Nikkei slipped at 0.2 pct.
Indian Indices – Indian market is likely to open red as GIFT Nifty indicates. Benchmarks Indices ended day lower, led by broad selling on Tuesday ahead of U.S. interest rate decision.
Indian ADRs: Infosys (-0.9%), ICICI Bank (-1.5%) and Dr Reddy’s (-1.4%).
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 80,648 | -1.3 | 11.7 |
| Nifty | 24,336 | -1.3 | 12.0 |
| Nifty Bank | 52,834 | -1.4 | 9.4 |
| Nifty Midcap 100 | 59,101 | -0.6 | 28.0 |
| Nifty Smallcap 100 | 19,398 | -0.7 | 28.1 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | -6409 | -279,259 |
| DII | 2706 | 505,612 |
Stocks to watch
Positive Read through
- Inox Wind – Bags 60 MW equipment supply order from Serentica Renewables for wind turbines.
- Ambuja – Board approves merger with Sanghi Industries in a 12:100 swap ratio, to also merge Penna.
- RITES – Bags Rs. 1.23 bn order from Meerut Development Authority.
- JSW Energy – LG in talks with company to manufacture batteries for EVs.
- AB Real Est – Acquires a land parcel covering 7.92 acres in Boisar for Rs. 1.04 bn.
- Edelweiss Fin – RBI lifts restrictions on activities of ECL Fin, Edelweiss ARC.
- Route Mobile – Proximus Group consolidates global operations into Proximus Global.
- Kirloskar Ferrous – Dispatch of iron ore from the Bharath Mines has commenced.
- RBA – Board meeting on December 20 to consider fund raise.
- Granules – Generic ADHD drug gets US FDA nod.
- MTNL – Rating company upgrades ratings of the bonds of the company.
- Tourism Stocks – India leads global tourism surge with record spending and luxury travel trends.
Negative Read through
- Aurobindo – US FDA issues 2 procedural observations for arm’s Telangana based API unit.
- Sanghi – To merge with Ambuja, share swap at 12 of Ambuja for every 100 shares of Sanghi.
- Wabag – Saudi Water Authority cancelled Rs. 27 bn order.
- Yatharth Hosp – Assistant Commissioner attaches unquoted equity shares held by company in various entities.
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