Market View 23rd July, 2024

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

Asia-Pacific markets were trading higher, tracking overnight gains on Wall Street. The Nikkei 225 was trading 0.27% higher, and the S&P ASX 200 was 0.56% higher.US stocks bounced back following their worst week since April, shifting focus away from Joe Biden’s decision to end his reelection campaign and turning attention to the kickoff of the tech earnings season. The Indian benchmark equity indices closed lower for the second consecutive session on Monday as investors look forward to the Union Budget 2024–25 and more corporate earnings. Overseas investors remained net buyers of Indian equities for the sixth consecutive session on Monday. Foreign portfolio investors mopped up stocks worth Rs 3,444 crore, and domestic institutional investors stayed net sellers for the fifth session and sold equities worth Rs 1,652 crore

Economic Calendar:

• USD: Crude oil inventory announcement on 24 July
• USD : Initial jobless claim on 25 July
• IND: Budget on 23 July

 

IPO Watch:

Brokerage Radar:

Kotak Securities on Federal Bank

Maintains Buy with target price of Rs 190.Appointment of Manian is likely to be a positive development for the bank. Bank has been fairly conservative in its own underwriting. Current leadership will play a important role in profitability.

Citi on GAIL

Maintain Buy; Hike target price to Rs 250 from Rs 230.Increase valuation multiple for gas transmission business. Slightly increase gas transmission volume forecast to 5% CAGR over FY24-27.

Citi on Exide:

Maintain Buy; Hike target price to Rs 630 from Rs 560.Hike in target reflects stronger demand growth expectations. Expect better margins due to improved mix. Raise earnings estimate by 2-10% over FY25-27.
Buy

International Markets:

U.S & Europe:

*As per23rd July.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

Oil India The company signed a contract with Norway’s Dolphin Drilling to hire Dolphin’s drilling unit, Blackford.

MRPL The company appointed Yogish Nayak as CFO effective today.

Lemon Tree Hotels The company signed licensing pacts for a 57-room hotel in Goa and a 44-room hotel in Punjab.

Reliance Industries Reliance New Energy acquired the remaining 12.7% stake in Reliance Lithium for €3.7 million.

Punjab And Sindh Bank The company will be raising up to Rs 800 crore on July 26.

Source: Moneycontrol, Bloomberg Quint, Investing 

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