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View on market: Volatility Prevails, Market is searching for better value
Markets in Asia-Pacific logged losses in early trade on Wednesday after an overnight sluggish session on Wall Street, while market participants await Nvdia Corp.’s earnings. Market participants await Nvidia Corp.’s earning, scheduled to be released later on Wednesday, to check if enthusiasm over artificial intelligence is still going to trigger a bull run. The Indian benchmark stock indices ended a lackluster session on Tuesday with little change as gains in Infosys Ltd., and Larsen & Toubro Ltd. supported the indices, while losses in Reliance Industries Ltd. and Hindustan Unilever Ltd. weighed on the indices. Overseas investors stayed net buyers of Indian equities on Tuesday for the fourth consecutive session. Foreign portfolio investors bought stocks worth Rs 1,503.8 crore, while domestic investors turned net sellers after remaining buyers for 16 sessions and offloaded equities worth Rs 604.1 crore.
Economic Calendar:
- USD: Initial jobless claim announcement on 29 August
- IND: GDP Quarterly (YoY) Session on 30th August.
IPO Watch:
Company | Open | Close | Price | View |
Premier Energies | 27 Aug | 29 Aug | 427-450 | Apply |
Baazar Style Retail | 30 Aug | 3 Sep | – | Under review |
Brokerage Radar:
Axis Cap on Indigo:
Downgrade to ADD (from BUY) given the limited upside. Increase target to ₹5,100 (from ₹4,700).Issue is on the supply side; load factors at 80% are already at an optimal level.
UBS on Telecom:
Maintain Neutral on Airtel and Buy on VIL as a play on potential government relief measures. Expect 60-75% of tariff hike to flow through to revenues over three quarters. Churn expected to be lower this time as the incidence of double SIMs has come down substantially. See some downside risk to consensus estimates; maintain Neutral on Airtel and Indus.
Citi on L&T Finance:
Buy, target ₹221.Industry-wide MFI stress incidence expected to dissipate by H2FY25.Confident of no overleveraging risk for its MFI borrowers. Home loan lead generation impact expected to be visible in the next few quarters. Comfortable with credit cost guidance of 2.25%-2.5%.
International Markets:
U.S & Europe:
Particulars | 27thAugust | Chg. | Chg.(%) |
Nasdaq | 17754.82 | 29.05 | 0.16 |
Dow | 41250 | 9.98 | 0.02 |
FTSE | 8345.46 | 17.68 | 0.21 |
CAC | 7565.78 | -24.59 | -0.33 |
DAX | 18681.81 | 64.79 | 0.35 |
Dow Fut.* | 41354 | -2 | 0 |
*As per 28th August.
Asian markets:
Particulars | 28thAugust | Chg. | Chg.(%) |
GIFT Nifty | 25002.5 | 1.5 | 0.01 |
Nikkei | 38199.52 | -89.10 | -0.23 |
Straits Times | 3381.93 | -17.17 | -0.51 |
Hang Seng | 17363.63 | -149.45 | -0.84 |
Shanghai | 2839.78 | -8.95 | -0.34 |
Stocks strong on Chart:
Index | F&O | Cash |
BAJAJ AUTO | ABB | SOLAR IND |
AXIS BANK | ACC | TATA TECH |
BHARTI AIR | TATA POWER | RK FORGE |
HDFC AMC | CHAMBAL | ION EXCH |
ICICI BANK | ICICI PUR | SONA COM |
INFY | JUBL FOOD | GNA AXLES |
Commodities & Currency:
Particulars | Current Price | Chg.(%) |
USD/INR | 83.94 | 0.03 |
Brent | 78.68 | 0.04 |
Gold | 72160 | 0.05 |
Silver | 85692 | 0.04 |
FIIs & DIIs:
Particulars | 27th August | 26th August |
FIIs | 1503.76 | 483.36 |
DIIs | -604.08 | 1870.22 |
News Update:
Company
Aditya Birla Capital | The company made an investment of Rs 300 crore via rights in unit Aditya Birla Housing Finance. |
Jio Financial Services | The company subscribed to an additional 6.8 crore shares of Jio Payments Bank for Rs 68 crore. The company’s holding in payment bank units increased to 82.17% from 78.95%. |
Bank of Baroda | The company announced that it has raised Rs 5,000 crore by issuing long-term infrastructure bonds. It is a 10-year bond issued at a coupon of 7.30%, as per an official statement. |
Trent | Dodona Holdings sold 6.78 lakh shares (0.19%) at Rs 6,925 apiece. On the other hand, Siddhartha Yog bought 6.78 lakh shares (0.19%) at Rs 6925 apiece. |
SBI, SBI Cards | Dinesh Khara retires as chairman today. Khara resigned as director of SBI Card & Payment Services. |
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