Market View 7th Oct, 2024

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

Asian markets started in the green as the S&P 500 and Nasdaq indexes rose the most since Sept 19 as a better-than-expected US jobs report bolstered expectation of a soft landing for the economy. Nevertheless, the key Indian equity indices defined the worst weekly decline in more than two years to escalating tensions in the Middle East. These geopolitical concerns have caused a negative effect on investor sentiment as overseas investors remain net sellers in the fifth straight session. Concentrating on the Asian markets, the trend illustrates the positive movement in the market that is offset by issues faced in Indian equities, pointing to a multifaceted market that both global and regional factors premised on the mechanical structure of the markets.

Economic Calendar:

• USD: Import and Export on 8^th October 2024.
• IND: Interest Rate Decision on 9^th October 2024.
• USD: Reserve Balances with Federal Reserve Bank on 10^th October 2024.
• IND: Foreign Exchange Reserves (USD) on 11^th October 2024.

IPO Watch:

Brokerage Radar:

CITI ON TITAN:

Maintain Neutral with target price of Rs 4110, Q2 Update: Studded Mix Decline; Watch Out For Margin Trajectory, Believe the decline in solitaire sales/studded mix is likely due to uncertainty around store value proposition of diamonds, Increase in gold price vs decline in diamond price; long-term impact of lab grown diamonds.

NOMURA ON MACROTECH:

Maintain Buy with target price of Rs 1600, Q2: Operationally strong quarter,  Pre-sales: the best quarter ever; on track to achieve FY25 guidance, Continue to have a positive outlook on Macrotech.

JEFFERIES ON BANDHAN BANK:

Maintain Buy with target price of Rs 240, Q2 – Steady B/S Growth, but Collection Efficiency Drops QoQ,  Deposits rose by 27% YoY, led by a 58% rise in bulk deposits, LDR fell by 260+bps QoQ to 92%, higher than most peers, and this could be a near-term drag on loan growth.

International Markets:

U.S & Europe:

*As per 7^th October.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

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