Market Commentary
Global markets – US equity indices ended lower on Tuesday but posted double digit returns in CY2024. Dow closed lower by 0.1 pct while Nasdaq fell 0.9 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 42,544 | -0.1 | 12.9 |
| Nasdaq | 19,310 | -0.9 | 28.6 |
| Hang Seng | 20,059 | 0.1 | 17.7 |
| Nikkei | 39,894 | -1.0 | 19.2 |
Commodities – Gold set for strong finish in 2024. Gold has surged more than 27 pct marking best year in last 14 months. On the other hand, Brent crude grew 1 pct as data showing an expansion in Chinese manufacturing.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 2,623 | -0.0 |
| Silver ($) | 28.89 | 0.0 |
| Brent Crude ($) | 74.80 | 1.0 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 24,197 | 51,871 |
| 100 DMA | 24,638 | 51,725 |
| 200 DMA | 23,867 | 50,596 |
Asian markets – Hang Seng closed higher at 0.1 pct, following modest losses in the prior session. While Nikkei closed red 1 pct.
Indian Indices – India’s equity benchmarks are expected to open 1st day of CY25 flat as GIFT Nifty indicates. Benchmark Indices closed CY2024 flat on Tuesday led by drop in IT due to decline in banking stocks and rising US treasury yields continue to hurt emerging markets.
Indian ADRs: Infosys (-0.8%), ICICI Bank (-0.9%) and Dr Reddy’s (0.5%).
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 78,139 | -0.1 | 8.2 |
| Nifty | 23,658 | 0.0 | 8.8 |
| Nifty Bank | 50,887 | -0.1 | 5.4 |
| Nifty Midcap 100 | 57,153 | -0.1 | 23.8 |
| Nifty Smallcap 100 | 18,763 | 0.7 | 23.9 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | -4645 | -302,434 |
| DII | 4546 | 526,545 |
Stocks to watch
Positive Read through
- Wabag – Bags order of Rs. 1.45 bn from Chennai Petroleum Corporation.
- Kalpataru Proj – Bags orders worth Rs. 10.11 bn for its T&D business.
- Zomato/Swiggy – Blinkit, Instamart end the year with record orders.
- Reliance Ind – Converts preference shares in Viacom18, company becomes subsidiary.
- Dynacons – Bags data centre IT infra project of Canara Bank worth Rs. 2.80 bn.
- Newgen – Bags 2 orders worth USD 3.4 mn & Rs. 209 mn order for remittance system.
- Pennar Ind – To form JV with Zetwerk Mfg & others for manufacturing & sale of solar modules.
- IREDA – Q3 loans sanctioned up 129 pct, loan disbursements rise 41 pct YoY.
- Airlines – Jet fuel (ATF) price cut by Rs. 1,401/KL to Rs. 90,455.47/KL in Delhi.
- SJVN – Inks MoU with Bihar govt for Rs. 56.63 bn, 1000 MW pumped storage project.
- Ramco Cement – Doubles waste heat power capacity at Alathiyur unit to 4 MW.
- NCC – Bags orders worth Rs. 3.49 bn in December 2024 for its building division.
- Indostar – Sells portion of its commercial vehicle loan book worth Rs. 1.74 bn to an ARC.
- Reliance Power – Delhi HC says company will not be barred from 4 tenders by SECI.
Negative Read through
- Ease My Trip – Nishant Pitti sells 1.41 pct stake of total of 14.21 pct in company via block.
- OMCs – 19kg LPG cylinder gas price cut by Rs. 14.5 to Rs. 1,804 in Delhi.
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