Market Commentary
Global markets
US market fell on Friday as robust jobs data fuels hawkish bets. Dow jones closed down by 0.5 pct while Nasdaq closed lower by 0.3 pct.
Asian markets
Asian markets trading mixed in the early morning trade. Hang Seng trading down by 0.5 pct. While Nikkei trading green by 0.1 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 53,419 | -0.5 | 11.1 |
| Nasdaq | 26,506 | -0.3 | 14.0 |
| Hang Seng | 25,290 | -0.5 | -1.3 |
| Nikkei | 66,444 | 0.1 | 31.8 |
Commodities
Gold remains steady and currently stood at USD 4,424 amid rate hike fears. On the other hand, oil prices stood at USD 97.35/bbl.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 4,424 | -0.1 |
| Silver ($) | 66.65 | 0.7 |
| Brent Crude ($) | 97.35 | 0.1 |
Indian Indices
India’s equity benchmarks likely to open muted as GIFT Nifty indicates. Benchmark indices closed lower on Monday led by IT stocks over rising expectations of rate hikes while higher oil prices kept sentiments muted.
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 76,132 | -0.5 | -10.7 |
| Nifty | 23,779 | -0.5 | -9.0 |
| Nifty Bank | 57,088 | -0.5 | -4.2 |
| Nifty Midcap 100 | 62,786 | -0.4 | 3.8 |
| Nifty Smallcap 100 | 20,100 | 0.0 | 13.5 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 24,200 | 57,571 |
| 100 DMA | 24,023 | 56,537 |
| 200 DMA | 24,595 | 57,422 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | 280 | -370,033 |
| DII | 566 | 596,965 |
Stocks to watch
| Positive Read through | Negative Read through |
| Vishnu Chem – JV with France-based DCX Chrome to set up 6,000 t/annum manufacturing | Hitachi Energy / Siemens Energy – GE Vernova declared lowest bidder for Power Grid project. |
| Aarti Ind – Commissions Phase I of Zone IV project at Jhagadia, Gujarat, unlocking capacity. | Canara HSBC Life – Weak growth on a strong base in August, total APE down 4 pct YoY. |
| Defence Cos – DAC nod for 98 pct of Rs. 1.1 trillion defence acquisition from domestic players. | Axis Max Life – Weak growth on a moderate base in Aug, total APE up 9 pct YoY. |
| Swiggy – Sells B2B arm to Udaan for 3.2 pct stake in Rs. 5 bn share swap. | |
| GE Vernova – Declared lowest bidder for Power Grid project of 6,000 MW terminal stations. | |
| SBI Life – Strong growth on a favourable base in August, total APE up 16 pct YoY. | |
| HDFC Life – Strong growth on a favourable base in August, total APE rose 18 pct YoY. | |
| ICICI Pru – Good growth on a favourable base in August, new business premium grew 10 pct YoY. | |
| LIC – Strong growth on a favourable base in August, new business premium jumped 45 pct YoY. | |
| Symphony – To enter AC, air purifier & BLDC fan segments without getting into production. | |
| Shiprocket – Q1 sales up 34 pct, core business EBIT climbed 28 pct YoY. | |
| Neuland Lab – Approves Rs. 1.26 bn capex for 134 acres land at Kakinada, Andhra Pradesh | |
| Adani Power – CoC approves company’s resolution plan for GVK Energy, gets LOI. | |
| Behari Lal – EBITDA up 24 pct, margin at 18.4 pct vs 17.5 pct YoY. | |
| HLE Glascoat – Received a contract worth €20.5 mn from FLC Portals Group. | |
| Garuda Construction – MoU with Dream City Builders for project, sales potential of ~Rs. 18 bn. |
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