Market View 15th July, 2024

View on market: Volatility Prevails, Market is searching for better value

US stocks closed the week positively following encouraging economic data that strengthens expectations for a Federal Reserve rate cut in September. However, banks faced challenges at the start of the earnings season, as results from Wells Fargo & Co., JPMorgan Chase & Co., and Citigroup Inc. did not provide significant momentum for the sector. The Indian benchmark indices recovered from a two-day decline to end sharply higher on Friday as information technology stocks soared after Tata Consultancy Services Ltd. surprised the market with its quarterly earnings. The NSE Nifty 50 closed 186.20 points or 0.77%, higher at 24,502.15 and the S&P BSE Sensex ended 622.00 points or 0.78%, up at 80,519.34. On a weekly basis, the benchmarks have recorded the best stretch of gains in seven months.

Economic Calendar:

• USD: Retail sales announcement on 16 July
• INR : Budget on 23 July

Brokerage Radar:

Nomura on HCL Tech:

Maintain Buy; Hike target price to Rs 1720 from Rs 1700.On track to achieve FY25F revenue growth guidance.Q1FY25, results have beaten the estimate

Citi on HCL Tech:

Maintain Neutral; Hike target price to Rs 1545 from Rs 1495.EBIT In Line; ER&D & TCV slightly weaker than expected.TCV of $1.96b slightly lower than expectation.

Nomura on Fortis Health:

Maintain Buy; Hike target price to Rs 547 from Rs 475.Improvement in the hospital business can narrow gap with peers. Diagnostic operations are likely to remain week in near term.

International Markets:

U.S & Europe:

*As per 15th July.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

Alembic Pharmaceuticals The pharmaceutical company received tentative US FDA approval for Selexipag injection

Sunteck Realty The real estate company in its first quarter reported pre-sales at Rs 502 crore, up 30% year-on-year

GTPL The aerospace and defence company received the I&B Ministry’s nod for providing headend-in-the-sky (HITS) services

Central Bank of IndiaThe bank is in a co-lending partnership with Shriram Housing Finance to offer MSME loans and a co-lending partnership with Arka Fincap to offer MSME loans.

Piramal PharmaThe US FDA pre-approval was inspected at the Ahmedabad facility and closed with zero observations.

GE T&D GE T&D India bags order worth ₹490 crore order from Power Grid

Source: Moneycontrol, Bloomberg Quint, Investing 

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