Market Commentary
Global markets
US market closed negative on Tuesday as treasury yields rise as Fed’s governor holds rate hike stance amid mixed macro data, dimming US-Iran settlement prospects. Dow Jones closed down by 0.3 pct, and Nasdaq closed red by 0.1 pct.
Asian markets
Asian markets trading positive in the early morning trade. Hang Seng trading up by 0.1 pct. While Nikkei trading green by 1.3 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 51,355 | -0.3 | 6.8 |
| Nasdaq | 26,797 | -0.1 | 15.3 |
| Hang Seng | 24,549 | 0.1 | -4.2 |
| Nikkei | 66,318 | 1.3 | 31.6 |
Commodities
Gold remains steady and currently stood at USD 4,181 amid rate hike expectations. On the other hand, oil prices stood at USD 96.50/bbl.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 4,181 | 0.11 |
| Silver ($) | 61.11 | -0.49 |
| Brent Crude ($) | 96.50 | 0.84 |
Indian Indices
India’s equity benchmark is likely to open muted as Gift Nifty Indicates.Benchmark indices closed negative on Tuesday over persistent FII’s outflows.
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 72,529 | -0.3 | -14.9 |
| Nifty | 22,716 | -0.3 | -13.1 |
| Nifty Bank | 54,259 | -0.4 | -8.9 |
| Nifty Midcap 100 | 59,319 | -1.0 | -1.9 |
| Nifty Smallcap 100 | 19,193 | -0.8 | 8.4 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 23,932 | 57,014 |
| 100 DMA | 23,881 | 56,538 |
| 200 DMA | 24,383 | 57,172 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | -9,980 | -406,547 |
| DII | 6,952 | 642,586 |
Stocks to watch
| Positive Read through | Negative Read through |
| OMCs/Paint – Crude November contract falls overnight, Brent below USD 103/bbl. | ONGC/OIL – Crude November contract falls overnight, Brent below USD 103/bblg. |
| Axis Bank – Apple Pay launches in India with Axis Bank-issued Visa and Mastercard credit cards. | Tyre Cos – DGTR recommends higher ADD on insoluble sulphur imports from China. |
| Auto Cos – Government notifies CAFE, energy consumption standards for M1 category motor vehicles. | Graphite India – US preliminary dumping margin of 12.2 pct has been determined. |
| JSW Cement – Board nod for amalgamation of Shiva Cem with company, share swap ratio of 5:41. | Avalon Tech – Promoter group likely to sell up to 6 pct stake via block deals. |
| STL – STL Networks declared lowest bidder for Rs. 2.5 bn Railtel contract. | Shiva Cem – JSW Cem board approves amalgamation of company with itself, share swap ratio 5:41. |
| Prestige Estates – CPPIB to invest Rs. 30 bn in hospitality arm for 27 pct stake. | |
| Endurance Tech – To acquire remaining 32 pct equity in Stoferle entities for Rs. 1.09 bn. | |
| SRF, Guj Fluoro – DGTR recommends ADD on imports of hydrofluorocarbon R 125 from China. | |
| Axiscades – Abakkus, Kotak Mah MF buyers in block deal. | |
| Smartworks – Signs new leasing engagements worth Rs. 3.05 bn with large corporate clients. | |
| Ramco Cem – Completes de-bottlenecking at Jayanthipuram, capacity enhanced. | |
| Power Mech – Bags Rs. 5.49 bn, 5-year O&M contract. | |
| NLC – Sets up 50:50 joint venture with Nalco for 1,080 MW thermal captive unit. | |
| Ganesh Benzo – To sell liquid storage tank and railway logs business to Cisternina for Rs. 11.54 bn. |
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