Market Commentary
Global markets
US market closed negative on Tuesday as tech sell off deepens on AI and chip stocks weakness. Dow Jones closed down by 1.3 pct. While Nasdaq closed lower by 2.2 pct.
Asian markets
Asian markets trading mixed in the early morning trade. Hang Seng trading up by 0.2 pct. While Nikkei trading red by 0.4 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 51,672 | -0.1 | 7.5 |
| Nasdaq | 25,587 | -2.2 | 10.1 |
| Hang Seng | 23,376 | 0.2 | -8.8 |
| Nikkei | 69,523 | -0.4 | 37.9 |
Commodities
Gold prices fell and currently stood at USD 4,057 amid weak sentiments. On the other hand, oil prices stood at USD 75.86/bbl.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 4,057 | -1.4 |
| Silver ($) | 61.15 | -0.8 |
| Brent Crude ($) | 75.86 | -1.3 |
Indian Indices
India’s equity benchmarks likely to open muted as GIFT Nifty indicates. Benchmark indices closed lower on Tuesday pressured by heavyweights IT and metal stocks while monsoon related concern triggered profit-booking in the broader market.
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 76,200 | -1.4 | -10.6 |
| Nifty | 23,824 | -1.4 | -8.8 |
| Nifty Bank | 57,183 | -1.4 | -4.0 |
| Nifty Midcap 100 | 62,070 | -1.3 | 2.6 |
| Nifty Smallcap 100 | 18,805 | -0.5 | 6.2 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 23,847 | 55,377 |
| 100 DMA | 24,185 | 56,420 |
| 200 DMA | 24,891 | 57,081 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | 17 | -348,002 |
| DII | 680 | 459,911 |
Stocks to watch
| Positive Read through | Negative Read through |
| Garden Reach – Lowest bidder for an order worth Rs. 400 mn. | Solar Cos – WTO body agrees to examine Indian solar tariffs, according to an official. |
| Tata Power – Government extends Section 11 of the Electricity Act for Mundra unit | IRFC – Government launches OFS for 2 pct equity with a floor price of Rs. 91 per share. |
| Steel Cos – Government initiates anti-dumping probe against imports of electrical steel from China and three other nations. | |
| Rashi Peripherals – To acquire 67 pct stake in VDA Infosolutions for Rs. 3.68 bn to strengthen enterprise technology solutions. | |
| Solara Active – CRISIL upgrades long-term rating to BBB+/Stable from BBB/Stable. | |
| City Union Bank – Board approves Rs. 5 bn fund raise via QIP. | |
| Go Fashion – Promoter releases pledge on 4.68 mn shares (70 pct of pledged shares). | |
| Atul Ltd – Government initiates anti-dumping duty investigation on resorcinol imports from China PR and Japan. | |
| Infosys – Expanded collaboration with GlobalFoundries, a semiconductor manufacturer. | |
| Honasa – To acquire 58 pct stake in Fluence Pharma at an EV of Rs. 1.35 bn to enter the nutraceuticals business. | |
| SIS Ltd – Board meeting on June 29 to consider buyback. | |
| NLC India – Signs MoU with IOC for large-scale renewable energy projects. |
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