Market View 6th Aug, 2024

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

A selloff in riskier market sectors intensified as US stocks plunged amid growing concerns about a slowdown in the economy, raising doubts about whether this year’s equity rally had become overstretch. Markets from New York to London and Tokyo were battered. Nearly 90% of S&P 500 stocks were affected, with the index heading towards its largest decline in nearly two years. The tech sector was hit hardest, with the Nasdaq 100 on track for its worst start to a month since 2008.

The Indian benchmark indices ended at over a month low on Monday as Reliance Industries Ltd. and HDFC Bank Ltd. declined. The NSE Nifty 50 ended 662.10 points or 2.68%, lower at 24,055.60, the lowest since June 28. The S&P BSE Sensex ended 2,222.55 points or 2.74%, down at 78,759.40, the lowest level since June 26.Overseas investors sold the highest amount of stocks since June 4, 2024, when they offloaded Rs 12,436 crore of equities

Economic Calendar:

• USD Exports(Jun)announcement on 6 August
• IND: Monetary Policy announcement on 8 August

IPO Watch:

Brokerage Radar:

JPMorgan on Indigo:

Maintain Overweight with target price of Rs 4950.Expanding international business with new, innovative routes. Spreading wings into business class; Building customer loyalty and stickiness. Believe these initiatives should help Indigo maintain its dominant market share and profit leadership

UBS on Airtel:

Maintain Neutral with target price of Rs 1530.Muted quarter although all eyes on impact on tariff hikes in coming quarters. Update on enterprise business which has been below expectations in past few quarters important to track.

Goldman Sachs on Marico:

Maintain Buy; Hike target price to Rs 715 from Rs 660.Improving volume growth despite correction in distributor inventory. Foods and digital-first personal care businesses deliver very strong growth. Bangladesh business a concern in the near term.

International Markets:

U.S & Europe:

*As per6^thAug.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

Source: Moneycontrol, Bloomberg Quint, Investing 

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