Market Commentary
Global markets – US indices closed positive on Wednesday as a Jobs data adds to rate cut optimism. Dow Jones closed green by 0.9 pct. While Nasdaq closed higher by 0.2 pct.
| Global Indices | % Change | ||
| Last Close | 1 day | YTD | |
| Dow Jones | 47,882 | 0.9 | 12.5 |
| Nasdaq | 23,454 | 0.2 | 21.5 |
| Hang Seng | 25,800 | 0.2 | 28.6 |
| Nikkei | 50,596 | 1.5 | 26.8 |
Commodities – Gold prices fell and currently stood at USD 4,194 over profit booking. On the other hand, Oil prices stood at USD 62.96/bbl.
| Commodities % Change | ||
| Last Close | 1 day | |
| Gold ($) | 4,194 | 0.2 |
| Silver ($) | 58.37 | 0.3 |
| Brent Crude ($) | 62.96 | 0.3 |
| Moving Averages | ||
| Nifty 50 | Nifty Bank | |
| 50 DMA | 25,595 | 57,534 |
| 100 DMA | 25,240 | 56,513 |
| 200 DMA | 24,616 | 54,875 |
Asian markets – Asian markets trading higher in the early morning trade. Hang Seng trading up by 0.2 pct. While Nikkei trading positive by 1.5 pct.
Indian Indices – India’s equity benchmarks are likely to open red as GIFT Nifty indicates. Benchmark Indices extended losses on Wednesday as delay in the trade deal with the United States and the rupee’s slide to a record low dented sentiment.
| Indian Market | % Change | ||
| Last Close | 1 day | YTD | |
| Sensex | 85,106 | -0.0 | 8.9 |
| Nifty | 25,986 | -0.2 | 9.9 |
| Nifty Bank | 59,348 | 0.1 | 16.7 |
| Nifty Midcap 100 | 60,315 | -1.0 | 5.4 |
| Nifty Smallcap 100 | 17,649 | -0.7 | -6.0 |
| Institutional Activity | Rs crore | |
| Cash | YTD | |
| FII | -3206 | -282,702 |
| DII | 4730 | 719,617 |
Stocks to watch
Positive Read through
- Defence Cos – Putin’s India visit begins today; multiple defence deals likely.
- JSW Steel – JFE deal EV at around Rs. 531 bn in line with estimates, and the company’s net debt reduces 46 pct.
- Biocon – Board to meet on December 6 to mull investment in Biocon Biologics and fund raise.
- Pine Labs – Sales up 18 pct YoY but profitability remains muted.
- Transrail – NCLT dismisses Goodrich petition against the company regarding outstanding dues.
- RVNL – Bags Rs. 1.45 bn, 540-day order from Southern Railway.
- Vedanta – Gets NCLT nod to acquire Incab Industries for Rs. 5.45 bn under IBC.
- Lemon Tree – Signed licence agreement for a 124-room hotel in Jaipur.
- Pace Digitek – Bags Rs. 1 bn order from Advait Greenergy for BESS.
- Newgen Software – Bags Rs. 140 mn contract for loan management system from Mercedes Benz Financial.
- Petronet LNG – Signed agreement worth Rs. 50 bn with ONGC to store 600 KTPA of ethane for 15 years at Dahej.
- Godawari Power – Environment board grants consent to operate additional 2 MTPA iron ore pellet plant.
- Best Agro – Board approves stock split in 1:10 ratio and a 1:2 bonus issue.
- JK Cement – Expands Panna unit clinker capacity from 3.3 MTPA to 6.6 MTPA.
Negative Read through
- IT Stocks – Us administration announces enhanced screening norms for H-1B visa applicants.
- Indigo – Cancels 1,232 flights in November due to crew and FDTL issues; airline adjusts schedules.
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