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 | 19,748 | -1.6 | 15.8 |
| Nikkei | 39,894 | -1.0 | 19.2 |
Commodities – Gold gain above USD 2,630. Started year with gains. On the other hand, Brent crude grew 0.2 pct as industry report indicating lower US crude inventories.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 2,634 | 0.3 |
| Silver ($) | 29.27 | 1.3 |
| Brent Crude ($) | 74.95 | 0.2 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 24,153 | 51,844 |
| 100 DMA | 24,629 | 51,747 |
| 200 DMA | 23,880 | 50,631 |
Asian markets – Asian markets saw decline in early trades. Hang Seng slipped 1.6 pct, pressured by extended declines in mainland markets. While Nikkei closed red 1 pct.
Indian Indices – India’s equity benchmarks are expected to open red as GIFT Nifty indicates, backed by weak global cues. Benchmark Indices rose on Tuesday led by buying in Auto stocks due to positive auto sales numbers.
Indian ADRs: Infosys (-0.8%), ICICI Bank (-0.9%) and Dr Reddy’s (0.5%).
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 78,507 | 0.5 | 8.7 |
| Nifty | 23,742 | 0.4 | 9.3 |
| Nifty Bank | 51,060 | 0.3 | 5.7 |
| Nifty Midcap 100 | 57,450 | 0.5 | 24.4 |
| Nifty Smallcap 100 | 18,959 | 1.0 | 25.2 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | -1782 | -1782 |
| DII | 1690 | 1690 |
Stocks to watch
Positive Read through
- Ambuja – Gets No Adverse Observation from BSE & ‘No Objection from NSE for SoA with Adani cement.
- Railtel – Bags work order worth Rs. 784 mn from Bharat Coking Coal.
- DCX Sys – Bags order worth approx Rs. 190 mn from Israel-based Elta Systems.
- Tata motors – December sales in-line with estimates, up 1 pct YoY.
- CSB Bank – Q3 deposits grew 22.16 pct, advances rose 17.7 pct YoY.
- MFI Lenders – Microfin institutions network defers cap on lending to April 1.
- Sandur – Gets approval to enhance annual production of iron ore from a mine to 4.36 MTPA.
- VST Tillers – December total sales advance 38.5 pct, at 3,372 units.
- Gravita – Started commercial production of Recycled Aluminum Alloys in Ghana.
- NTPC – Power generation at 32,600 crore units at 3Q-end, grows 3.82 pct YoY.
- Voda Idea – Expected to launch 5G mobile broadband service in March with aggressively priced plans.
- Goa Carbon – Operations at the Company’s Bilaspur unit has resumed.
Negative Read through
- South Indian Bank – Q3 CASA fell 2.24 pct, deposits see a slight QoQ decline.
- HDFC Life – Gets GST demand & interest notice of Rs. 2610 mn.
- NMDC – December sales fell 7 pct, production rose 5 pct.
- Ceramic Stocks – Propane prices hiked by Rs 103 to Rs 609/ton in Morbi region.
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