Market Commentary
Global markets – US indices closed positive on Friday as data keeps Fed rate cut expectations on track. Dow Jones closed green by 0.2 pct. While Nasdaq closed higher by 0.3 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 47,954 | 0.2 | 12.7 |
| Nasdaq | 23,578 | 0.3 | 22.1 |
| Hang Seng | 26,855 | -0.8 | 29.0 |
| Nikkei | 50,473 | 0.1 | 26.5 |
Commodities – Gold prices rose and currently stood at USD 4,206 ahead of Fed meeting. On the other hand, Oil prices stood at USD 63.83/bbl.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 4,206 | 0.2 |
| Silver ($) | 57.78 | -0.9 |
| Brent Crude ($) | 63.83 | -0.1 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 25,632 | 57,699 |
| 100 DMA | 25,257 | 56,567 |
| 200 DMA | 24,647 | 54,976 |
Asian markets – Asian markets trading mixed in the early morning trade. Hang Seng trading down by 0.8 pct. While Nikkei trading positive by 0.1 pct.
Indian Indices – India’s equity benchmarks are likely to open flat as GIFT Nifty indicates. Benchmark Indices extended rally on Friday after RBI lowered key lending rates by 25 basis points and left room for further cuts.
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 85,712 | 0.5 | 9.7 |
| Nifty | 26,186 | 0.6 | 10.8 |
| Nifty Bank | 59,777 | 0.8 | 17.5 |
| Nifty Midcap 100 | 60,594 | 0.5 | 5.9 |
| Nifty Smallcap 100 | 17,507 | -0.6 | -6.7 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | -439 | -285,085 |
| DII | 4189 | 727,467 |
Stocks to watch
Positive Read through
- SPML Infra – JV bags Rs. 2.07 bn order from Jhalawar, Rajasthan to boost state water supply.
- MTAR Tech – Bags order worth Rs. 1.94 bn in the civil nuclear power sector.
- Landmark Cars – Expands BYD partnership and enters Pune with new showroom and workshop.
- Ashoka Buildcon – Bags additional orders worth Rs. 4.47 bn from BMC.
- Biocon – To integrate Biocon Biologics as an arm via share swap valuing it at USD 5.5 bn.
- PG Electro – Clarifies HDFC Sky report, saying observations are factually inaccurate.
- NBCC – Sells 175 residential units at Aspire Leisure Valley, Noida for Rs. 4.85 bn.
- Cochin Shipyard – Bags Rs. 2.5-5 bn order for advanced electric transverse tugs.
- Fino Payments – Receives in-principle RBI nod to convert into a small finance bank.
- Ola Electric – Begins mass deliveries of its 4680 Bharat cell-powered vehicles.
- Info Edge – Gets 6.47 pct equity in PB Fintech on merger of MakeSense Tech with PB Fintech.
- HFCL – Bags Rs. 6.56 bn order from a US client for supply of optical fibre cables.
- Dynamatic Tech – Signs agreement with Dassault Aviation for rear fuselage of Dassault’s business jet Falcon 6X.
- Omaxe – Arm receives PRERA nod for its project in Ludhiana, Punjab.
Negative Read through
- ICICI Lombard – November premium grew 7 pct, April – November market share dropped 48 bps YoY.
- New India – November premium grew 11 pct vs industry average of 22 pct.
- Eternal – Institutional investor to sell up 0.5 pct equity via block deals, floor price at 289.50/share.
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