Market Commentary
Global markets – US equity indices ended last trading day of CY2024 in red dragged by Consumer discretionary, materials, and health sectors. Dow closed lower by 1 pct while Nasdaq slipped 1.2 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 42,573 | -1.0 | 13.0 |
| Nasdaq | 19,486 | -1.2 | 29.4 |
| Hang Seng | 20,175 | 0.5 | 18.3 |
| Nikkei | 39,979 | -0.7 | 19.5 |
Commodities – Gold remains flat, Stabilizes Toward Year-End. On the other hand, Brent crude rose after data showed China’s manufacturing activity expanded in December.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 2,606 | 0.0 |
| Silver ($) | 28.85 | -0.2 |
| Brent Crude ($) | 74.30 | 0.3 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 24,197 | 51,871 |
| 100 DMA | 24,638 | 51,725 |
| 200 DMA | 23,867 | 50,596 |
Asian markets – Asian markets trading mix early morning session. Hang Seng trading higher at 0.5 pct, swinging from a weak session the prior day. While Nikkei closed red 0.7 pct.
Indian Indices – India’s equity benchmarks are expected to open gap down as GIFT Nifty indicates. Benchmark Indices closed lower on Monday due to decline in banking stocks and rising US treasury yields triggered foreign outflow.
Indian ADRs: Infosys (-1.7%), ICICI Bank (-1.1%) and Dr Reddy’s (-0.9%).
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 78,248 | -0.6 | 8.3 |
| Nifty | 23,644 | -0.7 | 8.8 |
| Nifty Bank | 50,952 | -0.7 | 5.5 |
| Nifty Midcap 100 | 57,189 | 0.4 | 23.8 |
| Nifty Smallcap 100 | 18,639 | -0.6 | 23.1 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | -1323 | -294,712 |
| DII | 2544 | 525,942 |
Stocks to watch
Positive Read through
- ITC – ITC Hotels to get TM licences, operating assets & Rs. 15 bn cash for capex with zero debt.
- Mazagon Dock – Signs contract worth Rs. 19.90 bn with Defence Ministry for submarine tech.
- ONGC/OIL – Crude rises, Brent back above USD 74/bbl
- RVNL – Bags Rs. 1.37 bn contract from Central Railway for Bhusaval-Khandwa project.
- Hindalco – Government allocates Meenakshi coal mine with 12 mtpa peak capacity in Odisha.
- CESC – Arm Noida Power awards 300 MW project to another subsidiary post competitive bidding.
- Lupin – Acquires anti-diabetic medicine Huminsulin in India from Eli Lilly.
- Shriram Props – Monetises 3.9-acre retail land parcel in Chennai, to focus on residential.
- Clean Science – Clean Fino-Chem Limited, has begun commercial production of 2, 5-Dihydroxy-1, 4-Dithiane.
- KEC International – Company wins orders of Rs 10.73 bn.
- Prima Plastics – announces a 25 pct capacity increase at its Cameroon joint venture, Prima Dee-Lite Plastics SARL.
Negative Read through
- Ease My Trip – Promoter Nishant Pitti to sell 14 pct stake in company via block deals.
- Banks – Area of concern is the sharp rise in write-offs, As per RBI report.
- Prataap Snacks – Fire at J&K unit causes loss of inventory, operation suspended.
Financial planning platform where you can plan all your goals, cash flows, expenses management, etc., which provides you advisory on the go. Unbiased and with uttermost data security, create your Financial Planning at Rs. 2499/-
Disclaimer: The views shared in blogs are based on personal opinions and do not endorse the company’s views. Investment is a subject matter of solicitation and one should consult a Financial Adviser before making any investment using the app. Making an investment using the app is the investor’s sole decision, and the company or its communication cannot be held responsible for it.
