Market Commentary
Global markets
US market tumbled on Friday as led by weakness in chipmaker stocks as a strong jobs report raised rate hike bets. Dow Jones closed down by 1.3 pct. While Nasdaq closed negative by 4.2 pct.
Asian markets
Asian markets trading lower in the early morning trade. Hang Seng trading down by 0.6 pct. While Nikkei trading red by 3.8 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 50,872 | -1.3 | 5.8 |
| Nasdaq | 25,709 | -4.2 | 10.6 |
| Hang Seng | 24,800 | -0.6 | -3.2 |
| Nikkei | 64,040 | -3.8 | 27.1 |
Commodities
Gold prices fell and currently stood at USD 4,307 over Middle East concern. On the other hand, oil prices stood at USD 96.53/bbl.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 4,307 | -0.5 |
| Silver ($) | 67.35 | -0.8 |
| Brent Crude ($) | 96.53 | 4.0 |
Indian Indices
India’s equity benchmarks are likely to open muted as GIFT Nifty indicates. Benchmark Indices closed negative on Friday after RBI rate pause and weakness in metal and IT stocks that dragged market lower.
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 74,243 | -0.2 | -12.9 |
| Nifty | 23,366 | -0.2 | -10.6 |
| Nifty Bank | 54,496 | 0.3 | -8.5 |
| Nifty Midcap 100 | 60,754 | -0.3 | 0.4 |
| Nifty Smallcap 100 | 18,110 | -0.1 | 2.2 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 23,685 | 54,446 |
| 100 DMA | 24,410 | 56,763 |
| 200 DMA | 24,956 | 56,989 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | -8,766 | -329,436 |
| DII | 9,133 | 421,114 |
Stocks to watch
| Positive Read through | Negative Read through |
| Amber Ent – IL JIN sets up 60:40 JV for medical, defence and aerospace electronics | OMCs/Paint Cos – Crude extends gains as US-Iran tensions flare, Brent up 4 pct at USD 97/bbl |
| Divi’s Lab – Eli Lilly’s positive obesity drug trial results seen beneficial for contract manufacturing business | Tata Steel – Fire reported at UK Port Talbot facility, assessing impact |
| Oil/ONGC – Crude extends gains as US-Iran tensions flare, Brent up 4 pct at USD 97/bbl | |
| Aether Ind – Receives final insurance settlement for 2023 fire losses | |
| TVS Motor – HLX sales crossed 5 mn units globally | |
| Hindustan Zinc – Partners with TERI for Rajasthan restoration project | |
| Alembic Pharma – To acquire 45 pct stake in Canadian venture for pharma market expansion | |
| JK Cement – Signs mining lease for Mahan coal block in Madhya Pradesh | |
| EMS – Emerges L1 bidder for Rs. 1.03 bn UP Jal Nigam project in Varanasi | |
| Zee Ent – Board to consider fund raise via equity issue on June 10 | |
| HG Infra – Gets provisional completion certificate for Rs. 49.71 bn project in UP | |
| DEE Development – May order inflow at Rs. 6.32 bn, order book at Rs. 24.34 bn | |
| Sigma Advanced – Wins Rs. 2.08 bn export contract for 40,000 artillery shell bodies | |
| RailTel – Bags order worth Rs. 430 mn from UP Police | |
| Ixigo – Acquires 54.66 pct stake in Brevistay for Rs. 657 mn |
Disclaimer: The views shared in blogs are based on personal opinions and do not reflect the company’s views. Investment involves risk, and it is advisable to consult a financial advisor before making any investment through the app. The decision to invest is solely that of the investor, and the company or its communication cannot be held responsible for it.
