Market Commentary
Global markets – The Dow Jones edged up Thursday, marking its fifth straight gain, despite light trading and pressure on tech megacaps from rising Treasury yields. Dow closed positive by 0.1 pct while Nasdaq fell 0.1 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 43,325 | 0.1 | 15.0 |
| Nasdaq | 20,020 | -0.1 | 33.4 |
| Hang Seng | 20,029 | -0.3 | 17.5 |
| Nikkei | 40,074 | 1.3 | 19.8 |
Commodities – Gold slipped and stood at USD 2,631 per ounce, reversing previous gains in light holiday trading. On the other hand, Brent crude remains steady as market evaluates expectations of China stimulus measures.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 2,631 | -0.0 |
| Silver ($) | 29.84 | 0.2 |
| Brent Crude ($) | 73.26 | 0.0 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 24,222 | 51,902 |
| 100 DMA | 24,641 | 51,717 |
| 200 DMA | 23,861 | 50,563 |
Asian markets – Asian markets trading mix in the early morning session. Hang Seng trading lower at 1.1 pct. While Nikkei grew by 1.3 pct on weak Yen.
Indian Indices – India’s equity benchmarks are likely to open flat as GIFT Nifty indicates. Benchmark Indices closed flat on Thursday due to lack of triggers and monthly expiry.
Indian ADRs: Infosys (-0.6%), ICICI Bank (-0.0%) and Dr Reddy’s (-0.6%).
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 78,472 | 0.0 | 8.6 |
| Nifty | 23,750 | 0.1 | 9.2 |
| Nifty Bank | 51,170 | -0.1 | 6.1 |
| Nifty Midcap 100 | 57,170 | 0.2 | 23.8 |
| Nifty Smallcap 100 | 18,728 | -0.0 | 23.7 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | -2367 | -293,389 |
| DII | 3316 | 523,397 |
Stocks to watch
Positive Read through
- Jubilant Foodworks – Signed a MoU with Coca-Cola India Private Limited.
- Paradeep Phosphates – Resumes production at ammonia and urea plants in Goa.
- Defence stocks – The Raksha Mantri is confident of meeting the Rs. 500 bn defence export by 2029.
- Ircon – Received two work orders worth Rs. 890 mn from Northeast Frontier Railway.
- Lemon Tree – The company signs a license agreement for a Lemon Tree Hotel in Maharashtra.
- Mankind Pharma – Inks a licensing pact with Innovent to commercialize Sintilimab in India.
- PowerMech – The company bags an order worth Rs. 1.86 bn from Jaiprakash Power Ventures.
- Dixon Tech – Signs an MoU with Cellecor Gadgets for manufacturing refrigerators and related components.
- Mafatlal Industries – The company bags a Rs. 607 mn order from the Odisha government.
- KPI Green – Aims to grow sales contribution from independent power producer projects to 25 pct from the current 17 pct, says Group CMD.
- Nazara Tech – Acquires a 10.26 pct stake in Absolute for Rs. 727 mn in cash via the first tranche.
- Rose Merc – Acquires a 30.07 pct stake in Emirates Holding FZ LLC to gain its GCC market presence.
- Orient Cement – The company receives positive interim relief from the Bombay High Court.
- SKF – Approves demerger scheme for industrial business.
Negative Read through
- Allcargo – November LCL volume grew 0.6 pct, FCL volume fell 6 pct MoM & grew 9 pct YoY.
- NGPC – Revises execution timelines for Teesta V project due to floods, loss seen at Rs. 10.75 bn.
- Religare Ent – MP High Court stays Religare’s AGM and RBI’s approval for open offer.
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