Market Commentary
Global markets – US indices closed negative on Tuesday driven by sell off in Technology stocks. Dow closed red by 0.6 pct while Nasdaq slipped by 1.7 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 41,581 | -0.6 | -2.3 |
| Nasdaq | 17,504 | -1.7 | -9.4 |
| Hang Seng | 24,762 | 0.1 | 23.4 |
| Nikkei | 38,107 | 0.7 | -4.5 |
Commodities – Gold prices rose and stood at USD 3,033 amid rising geopolitical tension. On the other hand, oil prices stood at USD 70.31/bbl pressured by prospects of increased Russian supply.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 3,032 | 0.0 |
| Silver ($) | 34.01 | 0.2 |
| Brent Crude ($) | 70.31 | -0.1 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 22,998 | 48,995 |
| 100 DMA | 23,556 | 50,399 |
| 200 DMA | 24,060 | 50,943 |
Asian markets – Asian markets trading mixed in the early morning trade ahead of Fed Meeting. Hang Seng trading up by 0.1 pct. While Nikkei trading green by 0.7 pct.
Indian Indices – India’s equity benchmarks are likely to open flat as Gift Nifty indicates. Benchmark indices jumped on Tuesday led by rally in Financials and metals stock as weak dollar uplifted sentiments.
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 75,301 | 1.5 | -3.6 |
| Nifty | 22,834 | 1.4 | -3.4 |
| Nifty Bank | 49,314 | 2.0 | -3.0 |
| Nifty Midcap 100 | 49,516 | 2.2 | -13.4 |
| Nifty Smallcap 100 | 15,374 | 2.7 | -18.1 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | 695 | -171,388 |
| DII | 2354 | 186,431 |
Stocks to watch
Positive Read through
- Steel Companies – DGTR recommends 12 pct safeguard duty on non-alloy & alloy steel flat products for 200 days.
- Zydus Lifesciences – Received final approval from USFDA for Apalutamide Tablets, 60 mg.
- Bajaj Auto – Approves re-appointment of Rajiv Bajaj as MD & CEO for another 5 years.
- Dr Reddy’s – Alvotech & Dr Reddy’s announce FDA acceptance of biologic license application for AVT03.
- BPCL – In pact with BluJ Aerospace, ANERT, and CIAL to Launch Hydrogen-Powered VTOL Aviation Ecosystem.
- Pidilite – Significant improvement in underlying volume growth & profitability in 9 months.
- Voda Idea – Launches 5G in Mumbai starting at Rs. 299, CTO says in talks with Starlink.
- GR Infra – Gets LoA of Rs. 42.63 bn for Agra-Gwalior greenfield road project.
Negative Read through
- Ola Electric – Transport Department received complaint against Ola Electric.
- Nibe Ordnance – Munition India Limited cancelled LOI for the supply of 155 mm M107 Empty Shells.
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.
