Market Commentary
Global markets – US indices extended gains on Wednesday led by AI related stocks. Dow Jones closed green by 0.7 pct. While Nasdaq closed higher by 0.8 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 47,427 | 0.7 | 11.5 |
| Nasdaq | 23,214 | 0.8 | 20.2 |
| Hang Seng | 25,938 | 0.0 | 29.3 |
| Nikkei | 50,203 | 1.3 | 25.8 |
Commodities – Gold prices fell and currently stood at USD 4,116 over profit booking. On the other hand, Oil prices stood at USD 62.19/bbl.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 4,116 | -0.3 |
| Silver ($) | 52.73 | -1.1 |
| Brent Crude ($) | 62.19 | -0.4 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 25,511 | 57,113 |
| 100 DMA | 25,207 | 56,388 |
| 200 DMA | 24,553 | 54,642 |
Asian markets – Asian markets trading higher in the early morning trade. Hang Seng trading flat. While Nikkei trading positive by 1.3 pct.
Indian Indices – India’s equity benchmarks are likely to open flat as GIFT Nifty indicates. Benchmark Indices rebounded on Wednesday buoyed by growing conviction in a December U.S. rate cut and strength in domestic rate-sensitives ahead of a possible RBI easing next week.
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 85,609 | 1.2 | 9.6 |
| Nifty | 26,205 | 1.2 | 10.8 |
| Nifty Bank | 59,528 | 1.2 | 17.0 |
| Nifty Midcap 100 | 61,061 | 1.3 | 6.8 |
| Nifty Smallcap 100 | 17,971 | 1.4 | -4.3 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | 4,778 | -269,631 |
| DII | 6,247 | 699,592 |
Stocks to watch
Positive Read through
- M&M – Launches BE 6 formula E edition electric SUV priced at Rs. 2.37 mn.
- Paytm – RBI grants arm PPSL certificate of authorisation to operate as payment aggregator.
- Patel Engg – Wins Rs. 7.98 bn orders for coal project in Chhattisgarh.
- Studds – Profit up 18 pct, margin expanded to 19.2 pct vs 18.1 pct YoY.
- Havells – To acquire 26 pct stake in Kundan Solar for Rs. 56.3 mn.
- Oberoi Realty – Signs pact to redevelop 1.2-acre land on Nepean Sea Road, Mumbai.
- J&K Bank – Board approves fund raise up to Rs. 12.5 bn via QIP and tier-2 bonds.
- Pidilite – Arm invests in MagicDecor to expand premium home décor presence.
- India Glycols – To raise Rs. 4.67 bn via preferential allotment of 5.1 mn shares.
- Asian Paints – Subsidiary to set up second UAE unit for Rs. 3.40 bn.
- Wipro – Partners with IISc to advance innovation in frontier technologies.
- Leela Palaces – Invests in Sofitel The Palm FZE, owner of Dubai beachfront hospitality assets.
- LG Balakrishnan – MoU with Tamil Nadu government for infra support and incentives.
- Brigade Ent – Signs 90-year lease for 4.86 acres in Thiruvananthapuram, Kerala.
Negative Read through
- Whirlpool – Promoter may sell 7.5 pct equity floor price at 14 pct discount to CMP.
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