Market Commentary
Global markets
US market closed positive on Friday over cooling oil prices after Irans’s proposal to reopen Strait of Hormuz. Dow Jones closed up by 0.9 pct, and Nasdaq closed green by 0.5 pct.
Asian markets
Asian markets trading positive in the early morning trade. Hang Seng trading up by 0.8 pct. While Nikkei trading flat.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 51,834 | 0.9 | 7.8 |
| Nasdaq | 27,068 | 0.5 | 16.5 |
| Hang Seng | 24,704 | 0.8 | -3.6 |
| Nikkei | 66,333 | 0.0 | 31.6 |
Commodities
Gold prices fell and currently stood at USD 4,202 as oil price rise stokes inflation fears, bolsters Fed rate hike bets. On the other hand, oil prices stood at USD 98.36/bbl.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 4,202 | -1.90 |
| Silver ($) | 62.10 | -3.37 |
| Brent Crude ($) | 98.36 | 0.77 |
Indian Indices
India’s equity benchmark is likely to open muted as Gift Nifty indicates.Benchmark indices closed positive on Friday over value buying, cooling oil prices and rupee strengthening.
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 73,895 | 0.4 | -13.3 |
| Nifty | 23,140 | 0.3 | -11.4 |
| Nifty Bank | 55,580 | 0.3 | -6.7 |
| Nifty Midcap 100 | 60,906 | -0.1 | 0.7 |
| Nifty Smallcap 100 | 19,715 | 0.2 | 11.3 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 23,995 | 57,169 |
| 100 DMA | 23,913 | 56,572 |
| 200 DMA | 24,417 | 57,224 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | -3,693 | -391,214 |
| DII | 2,838 | 630,445 |
Stocks to watch
| Positive Read through | Negative Read through |
| Banks – Bank unions defer 3-day nationwide strike after understandings reached with Indian Banks’ Association. | Prestige Estates – Withdraws DRHP for hospitality arm. |
| Coal India – Southern Coalfields to hire bankers for USD 800 mn IPO. | Clean Max – Augment India likely to sell up to 7.2 pct equity via block deals, floor price at 10 pct discount to current market price. |
| Tata Power – Government extends Section 11 of the Electricity Act till December 31. | Unichem Labs – US FDA issues 5 observations for Goa unit. |
| Godrej Props/Man Infra – Development agreement for a land parcel in South Mumbai, revenue potential Rs. 60 bn | Omaxe – Restricted from securities market for 3 months on non-compliance with minimum public shareholding norms. |
| NMDC – Commissions 2 MTPA pellet plant in Chhattisgarh. | |
| Power Grid – Successful bidder under TBCC for a project with Rs. 4.31 bn annual transmission charges. | |
| Zydus Life – US FDA inspection at US office concludes with 0 observations. | |
| BCCL – Inks MoU to jointly develop two coal blocks in West Bengal with SAIL. | |
| Signature Global – Acquisition and collaboration for 194 acres in Gurugram for project with Rs. 55-60 bn GDV. | |
| Aequs – Preferential issue of warrants to promoters to raise Rs. 6.5 bn, 50 pct up front at Rs. 231.55/share. | |
| AGI Infra – Board approves fund raise of up to Rs. 2.75 bn via QIP. | |
| Borosil – DGTR recommends anti-dumping duty on China imports of table and kitchen glassware | |
| Goodluck – Goodluck Defence raises Rs. 2.76 bn via preferential issue at Rs. 375/share issue price. | |
| SOM Distilleries – Madhya Pradesh High Court directs renewal of all the company’s manufacturing licences. | |
| LCC Projects – Gets 2 letters of commitment from RIL for projects worth Rs. 710 mn. | |
| PVR Inox – Opens new 5-screen multiplex at MyMoon, Kochi, Kerala | |
| PC Jeweller – Debt-free status achieved, outstanding debt of all 14 consortium banks discharged | |
| Sedemac – Commences production at new manufacturing facility |
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