Market Commentary
Global markets
US market closed negative on Wednesday as strong PMI data lifts rate hike bets. Dow Jones closed down by 0.7 pct, while Nasdaq closed red by 1.1 pct.
Asian markets
Asian markets trading mixed in the early morning trade. Hang Seng trading down by 0.2 pct. While Nikkei trading green by 1.3 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 51,517 | -0.7 | 7.2 |
| Nasdaq | 26,936 | -1.1 | 15.9 |
| Hang Seng | 24,776 | -0.2 | -3.3 |
| Nikkei | 65,883 | 1.3 | 30.7 |
Commodities
Gold remains steady and currently stood at USD 4,292 as oil and strong US data lift fed hike bets. On the other hand, oil prices stood at USD 97.34/bbl.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 4,292 | 0.12 |
| Silver ($) | 64.10 | -0.53 |
| Brent Crude ($) | 97.34 | -5.77 |
Indian Indices
India’s equity benchmark is likely to open muted as Gift Nifty indicates.Benchmark indices rebounded on Wednesday led by lower crude prices along with boosted sentiments over US-Iran talks.
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 74,828 | 0.4 | -12.2 |
| Nifty | 23,446 | 0.5 | -10.3 |
| Nifty Bank | 56,548 | 0.6 | -5.1 |
| Nifty Midcap 100 | 62,396 | 0.7 | 3.2 |
| Nifty Smallcap 100 | 19,991 | 0.9 | 12.9 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 24,033 | 57,256 |
| 100 DMA | 23,932 | 56,556 |
| 200 DMA | 24,446 | 57,262 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | 1,617 | -382,494 |
| DII | 2,341 | 623,306 |
Stocks to watch
| Positive Read through | Negative Read through |
| UltraTech – Commissions 4.6 MTPA cement capacity. | OMCs/Paint – Crude snaps 5-day losing streak, Brent back above USD 102/bbl. |
| GMR Airports – Arm GHL wins F&B bid for Terminal 3, to pay dial license fees. | PB Fintech, Turtlemint – IRDAI proposes major commission cuts across insurance segments. |
| BDL – Defence ministry signs Rs. 8.11 bn contract for 160 satellite smart anti-airfield weapons. | HDFC Life & Max – IRDAI proposes big commission cuts for insurance-distributing banks. |
| Ola Electric – Board approves proposed rights issue of equity shares. | SBI Life & LIC – Relatively insulated from IRDAI proposals as companies have already lower commissions. |
| Waaree Energies – Board approves Indosolar merger. | Axis Bank, HDFC Bank, Indusind Bank, IDFC Bank – Higher exposure to banca commission. |
| Welspun Living – Fidelity, Quant MF buyers in block deal, Welspun Group Master Trust seller. | ICICI Lomb, New India – Motor TP and insurance for new vehicles should have lower commissions. |
| Meesho – Singapore government, Societe Generale, MS Asia amongst buyers in block deals. | Swiggy – FSSAI initiates penal action against Instamart over misleading food claims. |
| AWL Agri, Patanjali – Government reduces basic customs duty on edible oils. | Bluestone – Accel India III, 360 One WAM funds likely to sell up to 5.6 pct equity via block deals. |
| Vikran Engg – Bags Rs. 1.54 bn order from Power Grid. | Borosil – Production from third double-wall line at arm’s manufacturing unit delayed on supply constraints. |
| Hind Copper – BBG reports, Indian copper producers seek tax cut to navigate record rally. | Nephrocare – Investcorp, Edoras, others likely to sell up to 8.9 pct equity via block deals. |
| Websol – West Bengal government allots land for greenfield 4 GW solar cell and module facility. | |
| CarTrade – Landmark Cars and OLX India partner to build phygital pre-owned car platform. | |
| Hikal – Shareholders approve appointment of Sameer Hiremath as CMD for 5 years. | |
| Quality Power – Board approves fund raise of up to Rs. 7 bn via QIP. | |
| Max Estates – Inks JDA for Ghaziabad project with Rs. 2.5-3 bn GDV. | |
| Avantel – Bags order worth Rs. 1.77 bn from Zetwerk Manufacturing. | |
| Apollo Micro – CCI nod not applicable with regard to acquisition of Premier Explosives shares. |
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