Market Commentary
Global markets – Dow futures up 100 points while Cash market was closed on account of Thanksgiving Day.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 44,722 | -0.3 | 18.7 |
| Nasdaq | 19,060 | -0.6 | 27.0 |
| Hang Seng | 19,426 | 0.4 | 14.0 |
| Nikkei | 38,192 | -0.4 | 14.1 |
Commodities – Prices of Gold remains even as dollar rose. Crude Brent rose due to Hezbollah trade charges of Ceasefire Violation.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 2,637 | 0.1 |
| Silver ($) | 30.19 | 0.4 |
| Brent Crude ($) | 72.65 | -0.5 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 24,692 | 51,889 |
| 100 DMA | 24,703 | 51,605 |
| 200 DMA | 23,639 | 49,974 |
Asian markets Asian markets open mixed while Hang Seng traded higher by 0.4 pct while Nikkei fell by 0.4 pct on stronger Yen as investors speculate BOJ rate hike.
Indian Indices – On Thursday, India’s indices slipped and closed in red, largely driven by selling in IT companies and as investors repositioned their holdings as monthly futures contracts expired. The closing was below its immediate support of 24k psychological mark which it had reclaimed from the start of this week. For today, we expect the movement to remain range bound and a fresh round of selling could be seen if Nifty breaches 24,000 on the lower side.
Indian ADRs: Infosys (-1.9%), ICICI Bank (-0.5%) and Dr Reddy’s (-0.4%).
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 79,043 | -1.5 | 9.4 |
| Nifty | 23,914 | -1.5 | 10.0 |
| Nifty Bank | 51,906 | -0.8 | 7.5 |
| Nifty Midcap 100 | 56,300 | 0.0 | 21.9 |
| Nifty Smallcap 100 | 18,511 | 0.0 | 22.2 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | -11756 | -279,893 |
| DII | 8718 | 492,744 |
Stocks to watch
Positive Read through
- Zee Ent – Shareholders block re-appointment of Punit Goenka as Director of the company.
- Newgen Soft – Gets order of Rs. 370 mn from RBI for regulatory application management system.
- Reliance Ind – Acquires 21 pct stake in US based Wavetech Helium for USD 12 mn.
- PCBL – Commissions second & final phase of specialty chem capacity at Mundra Plant.
- Fine Organic – To resume operation at Badlpaur unit after fire incident.
- NCC – Receives LOA for project of Rs. 33.89 bn from Ministry of Jal Shakti.
- Tiger Logistics – Strengthens position with renewed government partnerships for international freight handling.
- PC Jeweller – Sets December 10 as record date for 1:10 stock split.
- Balkrishna Ind – Credit rating upgraded to CRISIL AA+/Stable from CRISIL AA/Positive.
- Narayana Health – In talks to acquire controlling stake in Spire Healthcare.
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