Market Commentary
Global markets – US benchmark Indices tumbled after Federal Reserve decided to cut interest rates by 25 bps and cited slower pace of cuts next year and revised their outlook from 4 rate cuts to 2 rate cuts in 2025.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 42,326 | -2.6 | 12.3 |
| Nasdaq | 19,392 | -3.6 | 29.2 |
| Hang Seng | 19,676 | -0.9 | 15.4 |
| Nikkei | 38,708 | -1.0 | 15.4 |
Commodities – Gold Bounce back 1 pct after losing more than 2 pct in previous session. While Brent crude slipped as strong USD pressured the dollar denominated commodity.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 2,611 | 1.0 |
| Silver ($) | 29.47 | 0.5 |
| Brent Crude ($) | 72.98 | 0.2 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 24,375 | 51,911 |
| 100 DMA | 24,708 | 51,730 |
| 200 DMA | 23,816 | 50,453 |
Asian markets – Asian markets trading red following trend of western markets. Hang Seng slied 0.9 pct after FOMC pressure while Nikkei slipped by 1 pct as BoJ decided to keep interest rate steady.
Indian Indices
Indian market is likely to open gap down as GIFT Nifty trading lower more than 300 points. Benchmarks Indices ended red for 3 straight sessions day lower, led by broad selling except in pharma and IT and on Wednesday.
Indian ADRs: Infosys (-2.1%), ICICI Bank (-2.8%) and Dr Reddy’s (0.5%).
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 80,182 | -0.6 | 11.0 |
| Nifty | 24,198 | -0.6 | 11.4 |
| Nifty Bank | 52,139 | -1.3 | 8.0 |
| Nifty Midcap 100 | 58,723 | -0.6 | 27.2 |
| Nifty Smallcap 100 | 19,230 | -0.9 | 27.0 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | -1316 | -280,575 |
| DII | 4084 | 509,696 |
Stocks to watch
Positive Read through
- Enviro Infra – Q2 margin grew 750 bps & sales rose 78 pct YoY.
- Lupin – US FDA nod for HIV drug Emtricitabine & Tenofovir Alafenamide.
- ABB – Parent company to acquire power electronics business of Gamesa Electric.
- Brigade – Launches a residential project, sales potential at Rs. 5 bn.
- UBL – Launches productivity programme to improve efficiency.
- Allcargo Gati – November volumes at 102 kt vs 100 kt YoY.
- FDC – US FDA nod for cefixime 400 mg tablet.
- VIP – Favourable order from Maharashtra Sales Tax Tribunal in Rs. 3.58 bn liability case.
- Interarch – Partners JSPL for promoting the use of steel.
- IOL Chem – To consider stock split on December 27.
- Narayana Health – To raise prices to counter inflationary cost.
- NITCO – Received Rs. 1.05 bn order from Prestige Group.
- Sanghvi Movers – Incorporated subsidiary, Sanghavi Movers Middle East, in Saudi Arabia.
Negative Read through
- Borosil Re – Withdraws Rs. 4.5 bn proposed right issue, to curb operation in German unit.
- Asian Paints – Sees 3 senior leadership resignations with immediate effect.
- Doms Ind – F.I.L.A. to sell up to 4.6 pct via blocks, floor price Rs. 2,755/sh.
- Yatharth Hosp – To raise up to Rs. 7 bn via QIP, issue price Rs. 595/sh.
- IPCA – Promoter sells 40 Lk shares (1.6 pct stake) in company for Rs. 6 bn.
- Zaggle – Launches QIP, QIP size at Rs. 7.50 bn.
Financial planning platform where you can plan all your goals, cash flows, expenses management, etc., which provides you advisory on the go. Unbiased and with uttermost data security, create your Financial Planning at Rs. 2499/-
Disclaimer: The views shared in blogs are based on personal opinions and do not endorse the company’s views. Investment is a subject matter of solicitation and one should consult a Financial Adviser before making any investment using the app. Making an investment using the app is the investor’s sole decision, and the company or its communication cannot be held responsible for it.
