Market Commentary
Global markets – US benchmark Indices closed in green on Tuesday, led by gains in megacap and growth stocks during a shortened Christmas Eve session. Dow closed higher by 0.9 pct, Nasdaq jumped 1.4 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 43,297 | 0.9 | 14.9 |
| Nasdaq | 20,031 | 1.4 | 33.4 |
| Hang Seng | 20,098 | 1.1 | 17.9 |
| Nikkei | 39,336 | 0.5 | 17.5 |
Commodities – Gold trading green at USD 2627, However volume expected to remain low amid ongoing holidays. On the other hand, Brent crude inches up due to positive market outlook for short term.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 2,627 | 0.4 |
| Silver ($) | 29.66 | 0.3 |
| Brent Crude ($) | 73.75 | 0.2 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 24,300 | 51,912 |
| 100 DMA | 24,675 | 51,724 |
| 200 DMA | 23,841 | 50,525 |
Asian markets – Asian markets trading positive in the early morning session. Hang Seng closed green at 1.1 pct. While Nikkei grew by 0.5 pct as Japan government plans record budget.
Indian Indices – India’s equity benchmarks are likely to open flat, while index may see volatility due to monthly expiry of December series. Benchmark Indices slipped slightly on Tuesday led down by IT and Metals.
Indian ADRs: Infosys (0.0%), ICICI Bank (0.1%) and Dr Reddy’s (1.16%).
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 78,472 | -0.1 | 8.6 |
| Nifty | 23,727 | -0.1 | 9.2 |
| Nifty Bank | 51,223 | -0.2 | 6.1 |
| Nifty Midcap 100 | 57,057 | -0.1 | 23.6 |
| Nifty Smallcap 100 | 18,732 | 0.2 | 23.7 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | -2454 | -291,021 |
| DII | 2819 | 520,061 |
Stocks to watch
Positive Read through
- Ola Electric – Expands store count to 4,000, spanning beyond metros & tier 1 & 2 cities.
- Ramky Infra – Receives LoA for 5-year project of Rs. 2.15 bn from Hyderabad Water Supply Board.
- BPCL – Emerges as lowest bidder for Rs. 7.56 bn solar PV power project from NTPC.
- Panacea Bio – Receives LoA from UNICEF for supply of 115 million doses of polio vaccine worth Rs. 1.27 bn.
- NALCO – Signs mining lease deed for Utkal D-E coal blocks, aiming to enhance capacity to 4 MTPA.
- Share India Sec – To invest Rs. 595 mn in Metropolitan Stock Exchange for 5 pct stake.
- Welspun Corp – Bags Rs. 1.30 bn order from Saudi Arabia for steel pipes & coating.
- Max Estates – Acquires three floors in ‘Max Towers’ from Max India for Rs. 1.05 bn.
- Epack – Stake sale talks in preliminary stages with Chinese TV player.
- Ceigall – Arm signs concession agreement with NHAI for Rs. 9.81 bn project.
- Redington – Partners with Tunga Aerospace to drive UAV innovation in India.
- CG Power – Incorporates Axiro Semiconductor in USA.
Negative Read through
- Gland Pharma – Arm gets 10 observations from France Health Safety Body for Fontenay unit.
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