Market View 9th Aug, 2024

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

Asian indices opened higher tracking overnight gains in the US market. Japan’s Nikkei rose the most by 1.56%.Australia’s S&P ASX 200 and South Korea’s Kospi were also up more than 1%.US stocks made a strong recovery, and bonds declined after a recent US labor-market report eased concerns about a significant slowdown in the country. All major sectors in the S&P 500 saw gains as it rose 1.95%, with the index on track for its largest increase since February. The Indian benchmark equity indices erased initial gains on Thursday after the RBI monetary policy committee maintained status quo and ended lower as Governor Shaktikanta Das’ commentary was hawkish, while also tracking European markets and some Asian indices that closed with losses.

Economic Calendar:

• USD : FED balance sheet announcement on 9 August
• IND: FX reserves, USD announcement on 9 August

IPO Watch:

Brokerage Radar:

Morgan Stanley on IndusInd Bank:

Maintain Overweight with target price of Rs 1780.Believe the share price will rise relative to the industry over the next 15 days. Stock correction was largely due to weak volume growth and PPoP progression. Asset quality has held up well in Q1.Bank remains confident of meeting its FY25 asset quality guidance

JPMorgan on Eicher:

Maintain Neutral; Hike target price to Rs 4435 from Rs 4230.VECV business should witness gradual improvement during the year. Management expects improvement in flagship models. Margin beat driven by pricing

UBS on Page Industries:

Maintain Buy with target price of Rs 44000.Both revenue growth and margins below estimates. Page to benefit from vast growth potential in the innerwear market. Expect better sales growth in H2FY25.

International Markets:

U.S & Europe:

*As per9^thAug.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

Source: Moneycontrol, Bloomberg Quint, Investing 

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