Market View 20th Sept, 2024

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

Stocks in the Asia-Pacific region rose, buoyed by hopes of a US soft landing ahead of the Bank of Japan’s interest rate decision. Japanese stocks led the gains, with equity futures for Japan, Australia, and Hong Kong all climbing. The Kospi index increased by 1.02% to 2,607. The Bank of Japan is expected to hold rates steady but hint at potential cuts later this year, with inflation data also forthcoming. Positive sentiment followed US jobs data showing weekly jobless claims fell to 219,000, below estimates. Meanwhile, the Bank of England decided against immediate policy easing. In India, the Nifty and Sensex reached fresh closing highs as domestic institutional investors continued net buying.

Economic Calendar:

• USD: House Price Index (July) on 24^th Sept 2024.
• IND: HSBC Manufacturing PMI Flash (Sept) on 23^rd Sept 2024.
• USD: GDP Growth Rate on 26^th Sept 2024.
• IND: Federal Fiscal Deficit (Aug) on 30^th Sept 2024.

IPO Watch:

Brokerage Radar:

BOFA ON INDUS TOWERS:

Maintain Buy; Cut target price to Rs 450 from Rs 490, AGR decision: Not direct but derivative impact on Indus, No impact on expected on tenancy growth, 90th Multiple de-rating likely, Low possibility of lump-sum payment & any special dividend now.

INCRED ON ZYDUS LIFE AND LUPIN:

Lupin – Maintain Add with target price of Rs 2329, Zydus Life – Maintain Add; Cut target price to Rs 1330 from Rs 1434, Potential outcome varies from allowing to sell at-risk to the damages limited to profit, Despite the ongoing litigation, we do not foresee any immediate risks to our earnings estimates.

INVESTEC ON MANKIND PHARMA:

Initiate Buy with target price of Rs 3300, Strong (ubiquitous) execution & brand equity marries BSV’s super-specialty, Believe BSV has the potential to drive growth for longer periods, BSV’s Specialty strengths (R&D and sourcing as moats) would further Polah Mankind’s vision.

International Markets:

U.S & Europe:

*As per 20^th September.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

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