Market Commentary
Global markets – US equity indices ended Friday lower amid declines in certain mega-cap stocks. Consumer discretionary saw biggest drop among sectors. Dow closed red by 0.8 pct while Nasdaq fell 1.5 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 42,992 | -0.8 | 14.1 |
| Nasdaq | 19,722 | -1.5 | 31.4 |
| Hang Seng | 20,007 | -0.4 | 17.4 |
| Nikkei | 39,979 | -0.7 | 19.5 |
Commodities – Gold remains steady, faces pressure from rising US bond yields. On the other hand, Brent crude trading flat as traders awaited economic data from China and the U.S. to gauge growth in the top oil-consuming nations.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 2,624 | 0.1 |
| Silver ($) | 29.39 | 0.1 |
| Brent Crude ($) | 73.77 | 0.1 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 24,199 | 51,890 |
| 100 DMA | 24,638 | 51,717 |
| 200 DMA | 23,868 | 50,582 |
Asian markets – Asian markets trading lower in the early morning session. Hang Seng trading lower at 0.4 pct amid Holiday week. While Nikkei slipped by 0.7 pct on.
Indian Indices – India’s equity benchmarks are expected to be open muted as GIFT Nifty indicates. Benchmark Indices closed green on Friday led by rally in Auto sector and pharma.
Indian ADRs: Infosys (-0.7%), ICICI Bank (-0.2%) and Dr Reddy’s (1.9%).
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 78,699 | 0.3 | 8.9 |
| Nifty | 23,813 | 0.3 | 9.6 |
| Nifty Bank | 51,311 | 0.3 | 6.3 |
| Nifty Midcap 100 | 56,979 | -0.3 | 23.4 |
| Nifty Smallcap 100 | 18,755 | 0.1 | 23.9 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | -1323 | -294,712 |
| DII | 2544 | 525,942 |
Stocks to watch
Positive Read through
- Hero – Extends partnership with Harley-Davidson for new variants of X440 & a new motorcycle.
- Voda – DoT waives BG’s worth Rs. 248 bn, in touch with DoT on partial shortfall for 2015 auction.
- Reliance – Cancer diagnosis company Karkinos becomes arm as per resolution plan, invests at Rs. 3.65 bn.
- JSW Energy – Acquires 4.7 GW of 02 Power’s RE platform for an EV of Rs. 124.68 bn.
- Narayana – Gets registration to offer health insurance in Cayman Islands.
- M&M – Incorporates arm Ultrogen Hybren for sale of power & electricity generation business.
- IT Stocks – President-elect Donald Trump backs Elon Musk’s support for H-1B visas.
- Guj Alkali – 25-year power consumption agreement between company & AB Renewables SPV.
- Adani Green – Commissions wind-solar hybrid & solar projects in Khavda, Gujarat.
- Greenply – Manufacturing operations resume at MDF plant in Vadodara, Gujarat.
- Star Cement – UltraTech acquires 8.3 pct stake for Rs. 7.66 bn.
- IL&FS Engg – Bags project worth Rs. 3.03 bn for Bhubaneswar Metro Phase-I from Ceigall.
- Newgen – Bags 6-year contract worth Rs. 240 mn from Aye Financial.
- Suprajit – Incorporates arm Suprajit Chuhatsu Control System for automotive cables business.
Negative Read through
- Guj Flouro – 4 people have lost their lives in an incident at company’s CMS-1 plant in Dahej.
- Ola Elec – CMO Anshul Khandelwal & CTO Suvonil Chatterjee have resigned.
- STL – Praveen Cherian, CEO-global services business and Amit Deshpande, AVP-general Counsel resigns.
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