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View on market: Volatility Prevails, Market is searching for better value
A selloff in major global companies led to a decline in the US stock markets as traders awaited key earnings reports from tech giants and central bank decisions. Although most S&P 500 shares rose, tech sector weakness, notably a 6.5% drop in Nvidia Corp., impacted the index. Following a $2.3 trillion loss in the Nasdaq 100, investors are focused on Microsoft Corp.’s upcoming results, which could influence other major reports this week. India’s benchmark stock indices continued their gains for the third consecutive session to end at fresh record closing highs on Tuesday, led by gains in HDFC Bank Ltd., Tata Motors Ltd., and NTPC Ltd. Overseas investors stayed net sellers of Indian equities on Tuesday for the second straight day. Foreign portfolio investors offloaded stocks worth Rs 5,598.6 crore, while domestic institutional investors stayed net buyers for the sixth session and bought equities worth Rs 5,565.1 crore.
Economic Calendar:
- USD :FED interest rate decision on 31 July
- IND: RBI monetary and credit review on 31 July
IPO Watch:
Company | Open | Close | Price | View |
Akums Drugs & Pharma | 30thJuly | 1st Aug | 646-749 | Long term only |
Ola Electric | 2nd Aug | 6th Aug | 72-76 | Risky |
Ceiall India | 1st Aug | 5th Aug | 380-401 | Under review |
Brokerage Radar:
Investec on Angel One:
Maintains Buy; cuts target price to Rs 2,500 from Rs 3,000.Expect it to hike prices to Rs25 per order from Rs20 per order. Anticipate 30% drop in number of derivatives orders per client for Angel One
Jefferies on Macrotech:
Maintains Buy with target price of Rs 1,500.Tracking well against guidance. .Palava launches awaited.Q1: Steady Start to FY25; Results above their estimates. Project adds drives debt higher Qol, gearing comfortable.
Goldman Sachs on Tata Consumer:
Maintain Neutral with target price of Rs 1,086.Q1: Muted domestic business offset by strong international margins. Domestic tea and ready to drink beverages delivered weak growth. Capital Foods delivered weaker than expected revenues.
International Markets:
U.S & Europe:
Particulars | 30thJuly | Chg. | Chg.(%) |
Nasdaq | 17147.42 | -222.78 | -1.28 |
Dow | 40743.33 | 203.40 | 0.5 |
FTSE | 8274.41 | -17.94 | -0.22 |
CAC | 7474.94 | 31.10 | 0.42 |
DAX | 18411.18 | 90.51 | 0.49 |
Dow Fut.* | 40860 | -99 | -0.24 |
*As per31stJuly.
Asian markets:
Particulars | 31st July | Chg. | Chg.(%) |
GIFT Nifty | 24940 | 15 | 0.06 |
Nikkei | 38369.54 | -156.41 | -0.41 |
Straits Times | 3444.91 | 3.14 | 0.11 |
Hang Seng | 17232.21 | 229.4 | 1.25 |
Shanghai | 2903.32 | 26.15 | 0.91 |
Stocks strong on Chart:
Index | F&O | Cash |
TATA MTR | HPCL | TCI EXP |
NTPC | BGL | DHUNS VENT |
ASIAN PAINT | JK CEMENT | NH |
COAL | POLYCAB | NCC |
ADANI ENT | IOC | SOLAR IND |
LT | GNFC | EPACK |
Commodities & Currency:
Particulars | Current Price | Chg.(%) |
USD/INR | 83.72 | -0.01 |
Brent | 78.90 | 1.06 |
Gold | 68587 | -0.03 |
Silver | 82620 | -0.05 |
FIIs & DIIs:
Particulars | 30th July | 29th July |
FIIs | -5598.64 | -2974.54 |
DIIs | 5565.10 | 5665.54 |
News Update:
Company
Hindustan Zinc | The company received an income tax demand worth Rs 1,170 crore for AY 2021 |
Vedanta | Vedanta gets nod from 75% secured creditors for demerger scheme filing |
Adani Energy | The company opened QIP at a floor price of Rs 1,027.1 per share. |
Dhanuka Agritech | The company will consider fundraising on August 2. |
SouthIndia Bank | The board approved raising up to Rs 750 crore through QIP or other means. |
Source: Moneycontrol, Bloomberg Quint, Investing
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