Market View 17th Sept, 2024

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

Asian stocks were mixed in early trading as investors awaited the US Federal Reserve’s crucial rate decision, with expectations leaning towards a potential half-point cut. Japan’s Nikkei 225 fell by 0.49% to 36,393, while Australia’s S&P ASX 200 saw a modest rise of 0.27% to 8,143. Markets in China and South Korea were closed for public holidays.On Wall Street, the S&P 500 edged up by 0.13%, and the Dow Jones Industrial Average closed at a new record, rising by 0.55%. The Nasdaq Composite, however, fell by 0.52%, impacted by mixed performances in major tech stocks such as Apple, Nvidia, and Tesla.West Texas Intermediate at $70.00, up by 0.51%, due to ongoing declines in Libyan exports. In India, both the BSE Sensex and NSE Nifty 50 reached record highs, with the Sensex closing 0.12% higher at 82,988.78 and the Nifty 50 up by 0.11% at 25,383.75, buoyed by gains in ICICI Bank and Larsen & Toubro.

 Economic Calendar:

• USD: Fed Interest Rate Decision 18^th September.
• IND: WPI Inflation (YoY) Aug on 17^th September.

IPO Watch:

Brokerage Radar:

NOMURA ON MACROTECH:

Initiate Buy with target price of Rs 1600, Solid earnings visibility with right capital- allocation strategies, Expect pre-sales growth at 20% CAGR over FY25-26, Ample potential to exceed business development (BD) goals to maintain future growth, Palava on the cusp of infra upgrades, to benefit from both volume and price growth, Visible rerating triggers.

CLSA ON AXIS BANK :

Maintain Outperform with target price of Rs 1400, Focus on granularity and growth of the deposit franchise,  No need for capital and calibrating underwriting in unsecured lending, Axis expe expects to grow loans 3-4 ppts faster than the industry, Has enough equity capital in the N near term.

UBS ON HERO MOTO:

Maintain Sell with target price of Rs 3350,  Honda confident of replacing Hero as  in FY25, Honda dealer inventory on par with Hero Scooterisation + electrification hurting Hero.

International Markets:

U.S & Europe:

*As per 17^th September.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

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