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View on market: Volatility Prevails, Market is searching for better value
Asian indices were mixed in early trade on Friday. Japan’s Nikkei was 0.11% higher after the country’s headline inflation was unchanged in July. South Korea’s Kospi and S&P ASX 200 were trading 0.4% lower. In the US, stocks declined and bond yields increased as traders anticipated Jerome Powell’s speech on Friday. There are expectations that he may suggest a potential rate cut, though likely at a slow and steady pace. The benchmark equity indices pared some of their morning gains but still managed to close higher on Thursday, with the NSE Nifty 50 recording its best streak since the six sessions that ended on May 23. Overseas investors turned net buyers of Indian equities on Thursday after three straight sessions of selling. Foreign portfolio investors bought stocks worth Rs 1,371.8 crore, domestic institutional investors stayed net buyers for the 14th session and bought equities worth Rs 2,971.8 crore
Economic Calendar:
- USD: Durable goods order announcement on 26August2024
- IND: FX reserves, USD announcement on 23August2024
IPO Watch:
Company | Open | Close | Price | View |
Premier Energy | 27 Aug | 29 Aug | 427-450 | Under review |
Orient technology | 21 Aug | 23 Aug | 195-206 | Listing gain |
Brokerage Radar:
Bernstein on Reliance:
Retail focus has been on operational efficiency as capex moderated & stores were rationalized. Oil-to-chemicals earnings growth to remain steady. Expect AGM to focus on potential listing of Jio & Reliance retail. Timelines for commencement of new energy project will be another focus
Citi on DLF:
Maintain Sell; Hike target price to Rs 790 from Rs 702.Increase target due to healthy demand environment and cash flows. Maintain Sell rating due to expensive valuations.
CITI ON PHOENIX MILLS:
Maintain Buy; Hike target price to Rs 4,040 from Rs 3,885.Increase FY25/26 earnings estimates by 2-4%; incorporate recent positive operational trends. Remains levered to consumption growth in its key malls. Continues to execute well on its pipeline of new malls across India.
International Markets:
U.S & Europe:
Particulars | 22ndAugust | Chg. | Chg.(%) |
Nasdaq | 17,619.35 | -299.63 | -1.67 |
Dow | 40712.78 | -177.71 | 0.43 |
FTSE | 8,288.00 | 4.57 | 0.06 |
CAC | 7,524.11 | -0.61 | -0.01 |
DAX | 18,493.39 | 44.44 | 0.24 |
Dow Fut.* | 40887 | 58 | 0.14 |
*As per 23rd August.
Asian markets:
Particulars | 23rdAugust | Chg. | Chg.(%) |
GIFT Nifty | 24842.50 | 2.20 | 0 |
Nikkei | 38,117.44 | -93.57 | -0.24 |
Straits Times | 3,372.84 | -1.51 | -0.04 |
Hang Seng | 17,517.55 | -99.64 | -0.57 |
Shanghai | 2,843.86 | -4.91 | -0.17 |
Stocks strong on Chart:
Index | F&O | Cash |
ICICI BANK | INDIGO | NCC |
HDFC | UNITED SPIRIT | HBL POWER |
ASIAN PAINT | ACC | K FINTECH |
BHARTI | BOSCH | TANLA |
RELIANCE | EXIDE | ORIENT CEMENT |
L &T | HAL |
Commodities & Currency:
Particulars | Current Price | Chg.(%) |
USD/INR | 83.91 | -0.02 |
Brent | 77.05 | -0.23 |
Gold | 71,185 | -0.01 |
Silver | 83,640 | -0.11 |
FIIs & DIIs:
Particulars | 22nd August | 21stAugust |
FIIs | 1,371.79 | -799.74 |
DIIs | 2,971.80 | 3097.45 |
News Update:
Company
Zomato | The company would be shutting down its Zomato Legends, as it was unable to find product market fit. |
Adani Power | NCLT has approved company’s resolution plan to buy Lanco Amarkantak Power for Rs 4,101 crore |
Shriram Finance | The company has approved the sale of its entire stake in Shriram Housing Finance to Mango Crest Investment, an affiliate of Warburg Pincus. |
Bharat Forge | The company will invest an additional Rs 105 crore in unit Kalyani Power Train via share subscription. |
Power Mech Projects | The company will issue bonus shares in the ratio of 1:1. It has set Sept. 28 as the record date for determining the eligible shareholders |
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