Market Commentary
Global markets
US market closed lower on Wednesday as PCE data shows inflation is still elevated. Dow jones closed down by 0.2 pct and Nasdaq fell 0.1 pct.
Asian markets
Asian markets trading negative in the early morning trade. Hang Seng trading lower by 0.5 pct. While Nikkei trading down by 0.1 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 53,469 | -0.2 | 11.2 |
| Nasdaq | 26,130 | -0.1 | 12.4 |
| Hang Seng | 25,511 | -0.5 | -0.5 |
| Nikkei | 66,163 | -0.1 | 31.3 |
Commodities
Gold prices remain steady and currently stood at USD 4,633 as investors awaits FED chair comments. On the other hand, oil prices stood at USD 86.28/bbl.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 4,633 | -0.1 |
| Silver ($) | 69.38 | 0.7 |
| Brent Crude ($) | 86.28 | -0.5 |
Indian Indices
India’s equity benchmarks likely to open muted as GIFT Nifty indicates. Benchmark indices closed negative on Wednesday pressured by IT and Reliance which offsets gains from financials and metals.
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 77,472 | -0.2 | -9.1 |
| Nifty | 24,207 | -0.5 | -7.4 |
| Nifty Bank | 57,783 | 0.5 | -3.0 |
| Nifty Midcap 100 | 64,101 | -0.1 | 6.0 |
| Nifty Smallcap 100 | 20,067 | 0.8 | 13.3 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 24,203 | 57,620 |
| 100 DMA | 23,976 | 56,232 |
| 200 DMA | 24,672 | 57,453 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | 502 | -359,363 |
| DII | 6425 | 563,080 |
Stocks to watch
| Positive Read through | Negative Read through |
| Hindustan Copper – OFS retail portion subscribed 7-times | Tata Power – Singapore court rules against company in USD 490 mn arbitration case |
| Juniper Green Energy – Q1 sales jumped 80 pct, margin at 89.6 pct vs 85.7 pct | Aye Finance – Alpha Wave to sell nearly 8 pct equity, floor price at 5 pct discount to CMP |
| BEL – Bags orders worth Rs. 7.30 bn since last disclosure. | Foseco India – Morganite Crucible & Morgan Terrassen may sell 15 pct equity via block deals |
| Vedanta Group Cos – Vedanta Resources denies reports of share sale in group companies | HDFC Bank – Investor files lawsuit in US court in MSRDC case, company calls it without merit. |
| Rail Cos – Indian Railways to quadruple capacity across 11,000-km key routes | Max Health – Gets tax demand of Rs. 1.66 including penalty of Rs. 1.11 bn |
| Gk Energy – Bags order of Rs. 4.55 bn, execution within 60 days from issuance of the order | ICICI Pru AMC – Prudential Corp to sell 2 pct equity, offer price at 7 pct discount to CMP |
| Welspun Corp – Euro Pacific Growth Fund, New World Fund amongst buyers in block deals | |
| Fino Payments Bank – RBI approves extension of Ketan Merchant’s tenure as interim CEO for 3 months | |
| Physicswallah – ICICI Pru MF, Goldman Sachs Fund, Tata AIA Life key buyers in block deals | |
| Avenue Supermart – Growth Fund of America sells its entire 1 pct stake |
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