Market View 30th Sept, 2024

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

Asian indices opened with mixed outcomes, with Japan’s Nikkei seeing the biggest drop after Shigeru Ishiba was elected as party the head. Increased hostilities in West Asia had a detrimental effect on market mood as well. The majority of US equity indices closed lower as predictions for rate cuts grew. After two days of advances, the NSE Nifty 50 lost its six-session winning run, while the S&P BSE Sensex also dropped. For the third week in a row, Indian benchmarks ended the week higher, nevertheless. While domestic institutional investors continued to be active buys, acquiring sizeable shares for five days in a row, foreign portfolio investors were net sellers, selling stocks worth over a thousand crore.

 

Economic Calendar:

• USD: S&P Global US Manufacturing PMI (Sept) on 1^st October 2024.
• IND: Federal Fiscal Deficit (Aug) on 30^th Sept 2024.
• USD: Fed Chair Powell Speaks on 30^th Sept 2024.
• IND: HSBC India Manufacturing PMI (Sept) on 1^st October 2024.

IPO Watch:

Brokerage Radar:

MORGAN STANLEY ON BERGER PAINTS:

Maintain underweight target price at Rs 497, Raise FY25 EBIDTA margin assumption to 16.2% from 15.5%, Lower commodity costs, FY25 earnings expected to be higher by 7%.

MORGAN STANLEY ON ASIAN PAINTS:

Maintain underweight target price at Rs 2522, Raise FY25 EBIDTA margin assumption to 19% from 18.4%, Lower commodity costs, FY25 earnings expected to be higher by 4%.

GOLDMAN SACHS ON NEULAND LABS:

Reiterate Buy, target price 12,975 from Rs 11,400, FDA approval for Cobenfy is a key event, FY26 Xanomile estimates to be up 55-60%, CDMO business multiple raised to 40x from 37x.

International Markets:

U.S & Europe:

*As per 30^th September.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

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