Market Commentary
Global markets – US indices closed higher on Friday as market eyes Fed rate cut. Dow Jones closed green by 0.6 pct. While Nasdaq closed higher by 0.7 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 47,716 | 0.6 | 12.2 |
| Nasdaq | 23,365 | 0.7 | 21.0 |
| Hang Seng | 26,063 | 0.8 | 31.3 |
| Nikkei | 49,407 | -2.0 | 23.7 |
Commodities – Gold prices rose and currently stood at USD 4,237 driven by rising expectations of a US interest rate cut later this month. On the other hand, Oil prices stood at USD 63.34/bbl.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 4,237 | 0.4 |
| Silver ($) | 56.93 | 1.1 |
| Brent Crude ($) | 63.34 | 1.7 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 25,553 | 57,302 |
| 100 DMA | 25,223 | 56,444 |
| 200 DMA | 24,578 | 54,736 |
Asian markets – Asian markets trading mixed in the early morning trade. Hang Seng trading higher by 0.8 pct. While Nikkei trading negative by 2.0 pct.
Indian Indices – India’s equity benchmarks are likely to open gap up as GIFT Nifty indicates. Benchmark Indices closed flat on Friday ahead of GDP print.
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 85,706 | -0.0 | 9.6 |
| Nifty | 26,202 | -0.0 | 10.8 |
| Nifty Bank | 59,752 | 0.0 | 17.5 |
| Nifty Midcap 100 | 61,043 | -0.1 | 6.7 |
| Nifty Smallcap 100 | 17,829 | -0.3 | -0.5 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | -3795 | -274,682 |
| DII | 4148 | 707,682 |
Stocks to watch
Positive Read through
- Tejas Networks – Gets first tranche of Rs. 850 mn PLI amount from DoT.
- Lenskart – EBITDA jumped 45 pct, H1 same-store sales growth at 15.3 pct YoY.
- NTPC – NCLT approves resolution plan by NTPC and Mahagenco JV for Sinnar thermal power.
- Defence Stocks – India plans to pitch arms deal with Russia during Putin visit (as per BBG).
- Brigade Ent – Signs joint development agreement for 0.5 msf residential project in Hyderabad, GDV Rs. 8 bn.
- Godrej Props – Highest bidder for 5-acre land in Kokapet, Hyderabad; estimated sales potential Rs. 41.5 bn.
- Lupin – Gets US FDA nod for biosimilar Armulupeg; annual US sales USD 1,295 mn.
- Sterling & Wilson Re – Bags 5-year agreement worth Rs. 13.81 bn from Adani green energy.
- Waaree Energies – Bags order for 140 mw of solar modules from undisclosed domestic customer.
- HG Infra – Arm in 300 mw/600 mWh battery energy storage purchase agreement with GUVNL.
- Refex Ind – Bags contract worth Rs. 329 mn to supply pond ash to NHAI projects.
- Neogen Chem – Announces 80:20 JV with Morita group for lithium-ion battery business; Mil to invest USD 20 mn.
- Arvind Smart – Acquires residential project in Ahmedabad with Rs. 4 bn sales potential.
- Maha Seamless – Bags order worth Rs. 2.17 bn from ONGC for supply of seamless pipes.
Negative Read through
- Sugar Stocks – UP government raised sugarcane SAP by Rs. 30/quintal for 2025-26 season.
- Tobacco Cos – Government to introduce cess on tobacco in excise amendment bill to replace GST cess.
- Airlines – ATF price hiked by Rs. 5134/kl to Rs. 99,676/kl in Delhi.
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