Market Commentary
Global markets – US indices extended gains on Friday on the hope of Santa Claus rally. Dow Jones closed green by 0.4 pct. While Nasdaq closed in positive by 1.3 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 48,134 | 0.4 | 13.1 |
| Nasdaq | 23,307 | 1.3 | 20.7 |
| Hang Seng | 25,735 | 0.2 | 28.3 |
| Nikkei | 50,480 | 2.0 | 26.5 |
Commodities – Gold prices rose and currently stood at USD 4,387 driven by expectations of further US interest rate cuts and escalating geopolitical tensions. On the other hand, oil prices stood at USD 61.06/bbl.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 4,387 | 1.1 |
| Silver ($) | 68.87 | 2.5 |
| Brent Crude ($) | 61.01 | 0.7 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 25,836 | 58,470 |
| 100 DMA | 25,339 | 56,795 |
| 200 DMA | 24,801 | 55,480 |
Asian markets – Asian markets trading higher in the early morning trade. Hang Seng trading up by 0.2 pct. While Nikkei trading in red by 2 pct.
Indian Indices – India’s equity benchmarks are likely to open gap up as GIFT Nifty indicates. Benchmark Indices closed higher on Friday led by buying in Auto, Energy and pharma sectors.
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 84,929 | 0.5 | 8.7 |
| Nifty | 25,966 | 0.6 | 9.8 |
| Nifty Bank | 59,069 | 0.3 | 16.1 |
| Nifty Midcap 100 | 60,310 | 1.2 | 5.4 |
| Nifty Smallcap 100 | 17,390 | 1.3 | -7.3 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | 1831 | -294539 |
| DII | 5723 | 759,714 |
Stocks to watch
Positive Read through
- Varun Bev – To buy beverage player Twizza Proprietary SA for an EV of Rs. 11.19 bn..
- KEC Intl – Delhi High Court allows the company to continue participating in power grid orders.
- Muthoot/Manappuram – Spot gold surpasses October peak to high of USD 4,384 per ounce.
- Hind Zinc – Silver extends record run to hit an all-time high of USD 68 per ounce,
- IHCL – To sell entire 25.52 pct equity in Taj GVK to GVK-Bhupal family at Rs. 370/share and move to management agreement.
- IGL – Enters joint venture pact with Hindustan Waste Treatment for a compressed biogas plant.
- Tata Chem – To acquire sodium bicarbonate maker Novabay for an enterprise value of €25 mn.
- BKT – Completes one line of carbon black production facility at Bhuj ahead of schedule.
- GE Shipping – Contracts to buy a secondhand very large gas carrier of 84,048 cbm.
- Waaree Energies – Invests USD 30 mn in United Solar, US to secure supply chain and confirms 300 MW order.
- Allcargo Terminals – November CFS volumes rise 16 pct YoY and 8 pct MoM.
- IRCTC – Indian Railways hikes prices by up to Rs. 10 and expects Rs. 6 bn revenue gain.
- Fortis – To invest Rs. 8.40 bn to buy a 125-bed hospital and land in Bengaluru and expand it to 300 beds.
- Swiggy – Opens experiential offline store in Gurugram.
- BoB – Receives USD 29 mn from voluntary liquidation of India International Bank Malaysia JV.
- GE T&D – Bags a 2,500 MW HVDC terminal station contract from AESL Projects.
Negative Read through
- Jai Corp – ED conducts search at residences of top management and corporate office.
- Sudeep Pharma – Q2 EBITDA declined 12.35 pct with margin at 34.2 pct Vs 43 pct YoY.
- Granules – US FDA issues Form 483 with five observations for the arm’s unit in Hyderabad.
- Kajaria Ceramics – CFO of bathware arm embezzled Rs. 200 mn over two years.
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