Market Commentary
Global markets – On Wednesday, the Dow Jones Industrial Average was, for the first time, above the mark of 45,000 points, with the S&P 500 and Nasdaq Composite logged more record highs as markets digested the latest statements from Federal Reserve Chair Jerome Powell. Dow Jones grew 0.7 pct and Nasdaq jumped 1.3 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 45,014 | 0.7 | 19.4 |
| Nasdaq | 19,735 | 1.3 | 31.5 |
| Hang Seng | 19,554 | -1.0 | 14.7 |
| Nikkei | 39,488 | 0.5 | 18.0 |
Commodities – Gold edges higher in early Asian trade. Brent crude oil futures remained over USD 72 a barrel while as market awaited news of the OPEC+ meeting later in the day for production policy decisions.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 2,647 | -0.1 |
| Silver ($) | 31.17 | -0.2 |
| Brent Crude ($) | 72.27 | -0.25 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 24,598 | 51,855 |
| 100 DMA | 24,702 | 51,607 |
| 200 DMA | 23,691 | 50,119 |
Asian markets – Asian equities opened mixed due to the effect of Political turmoil in South Korea and France while Hang Seng tumbled 1 pct, Nikkei rose 0.5 pct tracking gains of Wall Street
Indian Indices – Indian equities are poised for a modestly positive opening as market participants remain focused on RBI’s upcoming rate decision scheduled for Friday. Indian indices edged higher on Wednesday as gains in banking and IT companies were offset by select heavyweight stocks.
Indian ADRs: Infosys (+1.8%), ICICI Bank (-0.1%) and Dr Reddy’s (-0.7%).
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 80,956 | 0.1 | 12.1 |
| Nifty | 24,467 | 0.0 | 12.6 |
| Nifty Bank | 53,266 | 1.1 | 10.3 |
| Nifty Midcap 100 | 58,112 | 1.0 | 25.8 |
| Nifty Smallcap 100 | 19,173 | 0.9 | 26.6 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | 1797 | -279,053 |
| DII | -900 | 500,905 |
Stocks to watch
Positive Read through
- Hero Moto – Launches electric scooter Vida V2 starting at sub- Rs 0.1 mn.
- Bajaj Auto – Repriced only base variant of freedom bike, no change in top-end variant’s price.
- Bharat Forge – To raise up to 16.50 bn via QIP, November NA Class 8 truck orders up 18 pct MoM.
- Torrent Ph – Agreement with Boehringer Ingelheim to acquire 3 anti-diabetes brands.
- Lemon Tree – Gets LoA from Meghalaya government for re-development, O&M of Orchid Hotel, Shillong.
- Tril – In SPA to acquire cold-rolled grain- oriented steel manufacturing unit Posco Poggenamp.
- Bondada – Bags order worth Rs. 1.09 bn from Bihar Renewable Energy Development Agency.
- Fusion Fin – Board nod to raise Rs. 8 bn via rights issue of partly paid shares, 20 pct preference issue.
- Metropolis – Board meet on December 9 tο consider preference issue of shares.
- Voda Idea – To mull fund raise of up tο Rs. 20 bn via preferential issue on December 9 board meet.
- Indus Tower – Vodafone Plc to sell balance 3 pct stake, offer price at Rs. 343- 358/share.
- Sonata Soft – Achieves Amazon Web Services generative artificial intelligence competency.
- IGL – To consider its 1st bonus issue on December 10.
- Unicommerce – Partners with Denmark based Hummel for its e- commerce operations.
Negative Read through
- ICICI Bank – Maharashtra GST authorities-initiated search at three officials of the bank.
- PG Electro – Launches of Rs. 5 bn, expected issue price at Rs. 690-699/ share.
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.
