Market Commentary
Global markets – US equity indices saw harsh start of the year with benchmark indices closed red weighed down by a sell-off in Tesla. Dow closed lower by 0.4 pct while Nasdaq fell 0.2 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 42,392 | -0.4 | -0.4 |
| Nasdaq | 19,280 | -0.2 | -0.2 |
| Hang Seng | 19,776 | 0.8 | -1.4 |
| Nikkei | 39,894 | -1.0 | 0.0 |
Commodities – Gold gain above USD 2,660 led by Asian demand. On the other hand, Brent crude grew 0.2 pct on hopes governments around the world would increase policy support to boost economic growth and fuel demand.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 2,662 | 0.2 |
| Silver ($) | 29.62 | 0.2 |
| Brent Crude ($) | 76.07 | 0.2 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 24,140 | 51,836 |
| 100 DMA | 24,629 | 51,761 |
| 200 DMA | 23,889 | 50,652 |
Asian markets – Asian markets opened marginally higher. Hang Seng rose 0.8 pct, with gains across most sectors. While Nikkei closed red 1 pct.
Indian Indices – India’s equity benchmarks are expected to open lower as GIFT Nifty indicates. Benchmark Indices jumped on Thursday led by financials and autos on expectations of a pickup in corporate earnings.
Indian ADRs: Infosys (3.2%), ICICI Bank (-0.2%) and Dr Reddy’s (-0.8%).
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 79,943 | 1.8 | 2.3 |
| Nifty | 24,188 | 1.9 | 2.3 |
| Nifty Bank | 51,605 | 1.1 | 1.5 |
| Nifty Midcap 100 | 58,108 | 1.1 | 1.6 |
| Nifty Smallcap 100 | 19,080 | 0.6 | 1.7 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | 1506 | -276 |
| DII | 22 | 1713 |
Stocks to watch
Positive Read through
- Capital SFB – Deposits up 7.8 pct, CASA ratio at 39.1 pct vs 37.1 pct QoQ.
- Bharti Airtel – To acquire 26 pct stake in AMP Energy Green SPV for Rs. 379 mn.
- Dmart – Q3 standalone sales grew 17 pct YoY, 10 stores added during the quarter.
- ONGC/Oil – Crude prices surge 2 pct overnight, Brent above USD 76/bbl.
- Rites – Bags 3-yr order worth Rs. 700 mn from SAIL-Bhilai Steel Plant for locomotive repairs.
- Bank of Mah – Q3 advances grew 5.1 pct, deposits rose 1 pct QoQ.
- V2 Retail – Q3 sales jumped 58 pct, same-store-sales growth at ~25 pct YoY.
- Wockhardt – CDSCO approves new gen oral antibiotic Nafithromycin used to treat pneumonia.
- V-Mart – Q3 sales rose 16 pct, same-store-sales growth at 10 pct+.
- CE Info – Indrones Solutions will no longer be an associate company.
- NHPC – Receives 2nd round of payment of Rs. 2.50 bn from insurer following flash flood.
- Moil – Q3 manganese ore sales up 13 pct with best-ever Mn ore production.
- IRFC – Signs MoU with RITES JV REMC to finance renewable energy projects.
- Pricol – To divest wiping business division to Auto Ignition for Rs. 200 bn.
Negative Read through
- Axiscades – MD & CEO Arun Krishnamurthi resigns citing personal reasons.
- Hind Zinc – Q3 mined metal production slipped 2 pct, silver production fell 18 pct YoY.
- Hero Moto – Total sales fell 18 pct in December vs Estimates of 5 pct fall, domestic sales fell 22 pct YoY.
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