Market Commentary
Global markets – U.S. stock indexes fell from Wednesday’s record highs as traders reviewed labor market data ahead of the November jobs report.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 44,765 | -0.6 | 18.8 |
| Nasdaq | 19,700 | -0.2 | 31.2 |
| Hang Seng | 19,560 | 0.0 | 14.7 |
| Nikkei | 39,395 | 0.0 | 17.7 |
Commodities – Gold edges up in early Asian trade ahead of the U.S. nonfarm payrolls report, while OPEC+ delays its oil output hike to April 2025 and allows the UAE to increase production by 300,000 bpd.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 2,631 | -0.67 |
| Silver ($) | 31.29 | +1.3 |
| Brent Crude ($) | 72.14 | -0.43 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 24548 | 51,837 |
| 100 DMA | 24,707 | 51,663 |
| 200 DMA | 23,719 | 50,195 |
Asian markets – Asian markets delivered mixed sentiments on Thursday caused by political unrest in South Korea and rising tensions between the US and China, which fuelled risk aversion.
Indian Indices – Nifty ended an extremely volatile weekly expiry session with a percent of gain after travelling close to 6% during the whole session. Indian shares are set to open higher on Friday, ahead of the RBI’s monetary policy decision, with investors anticipating some form of policy easing after a sharp slowdown in economic growth.
Indian ADRs: Infosys (+1.51%), ICICI Bank (+3.30%) and Dr Reddy’s (+1.90%).
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 81,756 | 1.0 | 13.2 |
| Nifty | 24,708 | 1.0 | 13.7 |
| Nifty Bank | 53,603 | 0.6 | 11.0 |
| Nifty Midcap 100 | 58,441 | 0.6 | 26.5 |
| Nifty Smallcap 100 | 19,333 | 0.8 | 27.7 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | 8539 | -270,513 |
| DII | -2303 | 498,601 |
Stocks to watch
Positive Read through
- Harsha Engineers: Signs a long-term agreement with a multinational bearing company for the supply of bearing cages.
- Ceigall India: Awarded Rs. 5.43 bn in arbitration related to the Greater Mohali Area Development Authority case.
- Afcons: Completes the longest tunneling drive for DMRC as part of Delhi Metro Phase-4.
- Ramco Systems: Partners with Korea-based Hanjin Info & Teleco for digital transformation initiatives.
- Zaggle: Secures 3 orders in 2 days, including a 2-year agreement with Blink and a 1-year pact with Hitachi India.
- Edelweiss Financial: Alternate asset subsidiary files DRHP for Rs. 150 bn OFS via IPO.
- Canara Bank: Receives RBI approval to divest stakes in Canara Robeco AMC and its insurance arm via IPO.
- Torrent Power: Raises Rs. 350 bn through QIP, with 50 pct of the total shares issued to SBI MF.
- Rites: Secures a Rs. 14.83 bn management contract for the IM Raipur Phase II campus.
Negative Read through
- Angel One: November’s average daily orders dropped 6.5 pct, while gross client acquisition declined 14.6 pct MoM.
- Spandana: CRA changes outlook to negative from stable.
- Ola Electric: CCA requests additional documents and information related to the previous response submitted by the company.
- Nykaa: Vykaa Fashion CEO Nihir Parikh resigns.
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