Market View 22nd Aug, 2024

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

Asia-Pacific markets rose on overnight gains in US stocks on Thursday. Investors in the region are awaiting the Bank of Korea’s policy decision.US stocks gained after minutes of the Federal Reserve’s July policy meeting showed that some of the decision maker acknowledged the need to cut rates. On Wednesday, the S&P 500 and Dow Jones Industrial average ended 0.42% and 0.14% higher, respectively. The Nasdaq Composite index settled 0.53% higher. Indian benchmark stock indices ended Wednesday’s choppy session on a positive note, with the NSE Nifty 50 recording a five-day winning streak as ITC Ltd. and Bharti Airtel Ltd. gained. Overseas investors stayed net sellers of Indian equities on Wednesday for the third straight day. Foreign portfolio investors offloaded stocks worth Rs 799.9 crore, while domestic investors stayed net buyers for the 13th session and bought equities worth Rs 3,097.5 crore

Economic Calendar:

• USD: Durable goods order announcement on 26August2024
• IND: Nikkei services PMI announcement on 22 August 2024

IPO Watch:

Brokerage Radar:

JEFFERIES ON ZOMATO:

Maintain Buy; Hike target price to Rs 335 from Rs 275.Valuation looks compelling in the context of growth forecast and ultimate margins. Like food delivery, low capital intensity promises high return ratio in the steady state. Will probably focus on market share, with even the potential to claim leadership, which may entail investments.

Jefferies on Indigo:

Upgrade to Buy from Hold; Hike target price to Rs 5,225 from Rs 4,400.IndiGo has kept surprising in last 12-18 months. Long runway and Indigo consistently flying ahead including new avenues.FY24 spreads may not repeat, but should sustain at healthy levels. Indigo remains in the driver’s seat, with new avenues of growth.

UBS ON SHYAM METALICS:

Initiate Buy with target price of Rs 1,200.On a high growth and transformation journey. Moving up the value chain while driving efficiency at every level. Believe market is not fully appreciating its integrated operations

International Markets:

U.S & Europe:

*As per 22^nd August.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

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