Market View 8th Aug, 2024

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

Markets in Japan fell on Thursday as investors reviewed trade data. Other benchmarks in the Asia-Pacific region were also trading lower, following overnight losses on Wall Street. Traders awaited the Reserve Bank of India’s interest rate decision. Indian benchmark stock indices ended a three-day losing streak on Wednesday. HDFC Bank Ltd. and Infosys Ltd. led the gains. Foreign portfolio investors remained net sellers for the fourth consecutive session on Wednesday, offloading equities worth Rs 3,314.8 crore. Domestic investors were net buyers for the fourth consecutive session, purchasing equities worth Rs 3,801.2 crore.

Economic Calendar:

• USD : Jobless claim announcement on 8 August
• IND: Monetary Policy announcement on 8 August

IPO Watch:

Brokerage Radar:

JPMORGAN ON PIDILITE:

Maintain Overweight with target price of Rs 3300.Company optimistic on the demand environment on the back of healthy monsoon and the ensuing festive season. Margin delivery was better than expected, supported by gross margin strength.

Morgan Stanley on Apollo Tires:

Maintain Equal-weight with target price of Rs 472.EBITDA margin declined 180 bps QoQ; Peers CEAT and JK Tyre saw 120bps and 50bpsQoQ declines. See modest cut to next 12-month consensus EPS

JEFFERIES ON HINDALCO:

Maintain Buy with target price of Rs 825.Net debt rose 6% QoQ on working capital outflow and ongoing capacity expansion ep spend. Maintained its mid-term EBITDA guidance of $525.Novelis Q1: Good Growth but EBITDA Miss.

International Markets:

U.S & Europe:

*As per8^thAug.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

Source: Moneycontrol, Bloomberg Quint, Investing 

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