Market Commentary
Global markets
US markets closed lower on Wednesday. Dow jones closed 0.1 pct in red and Nasdaq slid 0.3 pct, after stronger than expected jobs data strengthened yield and made federal rate cut difficult.
Asian markets
Asian markets trading negative in early morning session. Hang Seng trading 0.8 pct lower, while Nikkei trading 0.1 pct in red.
| Global Indices | pct Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 50,121 | -0.1 | 4.3 |
| Nasdaq | 23,066 | -0.2 | -0.8 |
| Hang Seng | 27,043 | -0.8 | 5.5 |
| Nikkei | 57,605 | -0.1 | 14.3 |
Commodities
Gold prices fell, trimming previous session gains as expectations for Federal Reserve policy easing reduces, and stood at USD 5,072/oz. On the other hand, oil prices stood at USD 69.65/bbl.
| Commodities pct Change | ||
| Last Close | 1 day | |
| Gold ($) | 5,072 | -0.3 |
| Silver ($) | 83.76 | -0.6 |
| Brent Crude ($) | 69.65 | 0.0 |
Indian Indices
India’s equity benchmarks are likely to open slightly changed, Gift Nifty indicates. Benchmark Indices, Sensex closed 0.1 pct in red and Nifty closed 0.1 pct in green on Wednesday.
Results Today :- Ajax Engineering, Bharat Forge, Coal India, HAL, HUL, Indian Hotels
| Indian Market | pct Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 84,233 | -0.1 | -1.2 |
| Nifty | 25,953 | 0.1 | -0.7 |
| Nifty Bank | 60,745 | 0.2 | 2.0 |
| Nifty Midcap 100 | 60,754 | 0.0 | 0.4 |
| Nifty Smallcap 100 | 17,455 | 0.0 | -1.5 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 25,771 | 60,295 |
| 100 DMA | 25,473 | 59,720 |
| 200 DMA | 25,634 | 59,697 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | 944 | -37,172 |
| DII | -125 | 76,018 |
Stocks to watch
| Positive Read through | Negative Read through |
| IRCON – Profit up 16 pct, EBITDA up 30 pct at Rs 15.8 bn vs Rs 13.2 bn YoY. | BHEL — Govt to exercise greenshoe option; indicative price at Rs. 256/share. |
| Kirloskar Oil Engines – Profit up 56 pct, EBITDA up 31.3 pct at Rs 3.32 bn vs Rs 2.53 bn YoY. | Neogen Chem — EBITDA down 8 pct at Rs. 320 mn vs Rs. 350 mn (YoY). |
| NOCIL – EBITDA up 9 pct, margin at 8.5 pct vs 7.7 pct YoY. | Hindalco — Novelis FRP shipments fall 11 pct due to Oswego fires; adj. EBITDA down 5 pct. |
| Concord Biotech – Sales up 14 pct, EBITDA up 1.1 pct at Rs 9.9 bn vs Rs 9.8 bn YoY. | Max Financial — Q3 results healthy; RBI paper on product mis-selling in focus. |
| Yatra Online – EBITDA up 68 pct, margin at 8.8 pct vs 5.7 pct YoY. | Himatsingka Seide — Profit slips 65 pct; EBITDA down 14.8 pct YoY. |
| Protean eGov Tech – EBITDA at Rs 3.2 bn vs Rs 1.55 bn, margin at 13.9 pct vs 7.7 pct YoY. | Jupiter Wagons — Profit down 35 pct; EBITDA slips 22 pct YoY. |
| Apex Frozen – Strong Q3; EBITDA at Rs 1.34 bn vs Rs 400 mn YoY. | Netweb Tech — Promoters likely to sell up to 3 pct stake via block deals for Rs. 5150 mn. |
| Black Box – Sales up 11 pct, EBITDA up 6 pct at Rs 15.1 bn vs Rs 14.3 bn YoY. | LG Electronics — Earnings below estimates; margin down 300 bps YoY. |
| Borosil Scientific – Profit at Rs 900 mn vs Rs 430 mn, EBITDA up 71 pct at Rs 1.72 bn vs Rs 1.0 bn YoY. | Amara Raja — Earnings lower than estimates; exports a drag. |
| Capacite Infra – Sales up 14 pct, EBITDA up 20 pct at Rs 10.82 bn vs Rs 9.03 bn YoY. | AstraZeneca Pharma — EBITDA drops 42 pct; margin down 1,000 bps YoY. |
| Power Grid – Wins Maharashtra transmission project for Pune region under BOOT model. | |
| Federal Bank – RBI allows ICICI Prudential AMC to acquire up to 9.95 pct stake in bank. | |
| Lenskart – Strong Q3; EBITDA at Rs 4.64 bn vs Rs 2.12 bn YoY. | |
| Carraro – Profit up 87 pct, EBITDA up 71 pct at Rs 5.52 bn vs Rs 3.23 bn YoY. | |
| Orkla – EBITDA up 20 pct, margin at 16.2 pct vs 14 pct YoY. | |
| TBO Tek – Profit up over 7 pct, EBITDA up 82 pct at Rs 10.03 bn vs Rs 5.52 bn YoY. | |
| Garware Technical – Profit up 18 pct, EBITDA up 10.3 pct at Rs 7.1 bn vs Rs 6.44 bn YoY. | |
| Kernex Micro – Bags Rs 4.11 bn order from Banaras Locomotive Works. | |
| Hikal – Sales up over 10 pct, EBITDA up 15 pct at Rs 830 mn vs Rs 720 mn YoY. | |
| Elgi Equipments – Profit up 18 pct, EBITDA up 20.7 pct at Rs 1.44 bn vs Rs 1.19 bn YoY. | |
| Patanjali Foods – Sales up 17 pct; FMCG segment sales up 39 pct. |
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