Market View 9th Oct, 2024

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

Wednesday’s trading most markets in the Asia-Pacific sought the green light from Wall Street and a 50 basis point cut mandated by New Zealand’s central bank. The stock market edged up and opened after having dropped by 1% in the U.S. indices on the Tuesday. India’s benchmark indices snapped their six-session losing streak, thanks largely to HDFC Bank, Infosys and Reliance Industries among others though global shares were down. Currently, investors in India hold their breath, waiting for the monetary policy committee meeting to reveal further economic opportunities. In general, participants’ attitude towards market is rather constructive as they discuss recent changes of monetary policy and company revenues.

Economic Calendar:

• USD: Reserve Balances with Federal Reserve Bank on 10^th October 2024
• IND: RBI Monetary Policy on 9^th October 2024.
• USD: Core PPI (MoM) (Sep) on 11^th October 2024.
• IND: Foreign Exchange Reserves (USD) on 11^th October 2024.

IPO Watch:

Brokerage Radar:

CITI ON IGL:

Maintain Buy with target price of Rs 620, Building Blocks For Volume Growth Revival Falling Into Place, Vehicle scrapping policy to incentivise CNG vehicles, Inter-state bus segment could see accelerated CNG conversions.

NOMURA ON AMCS:

HDFC AMC – Initiate Buy with target price of Rs 5000, Nippon Life – Initiate Buy with target price of Rs 785, UTI AMC – Initiate Neutral with target price of Rs 1300, Long runway to grow, Strong play on financialization of savings Led, AMC industry’s AUM to record a strong 18% CAGR over FY24-30F,  Growth of ETFs will continue to be driven by institutional flows.

NOMURA ON SBI:

Maintain Buy with target price of ₹980, Time to get back onboard, SBI should continue to deliver well on asset quality, Relatively well-placed amid both tougher deposit conditions and potential rate cuts Inad 40. SBI is well-placed on potential tighter draft regulations, Attractive valuations at 1x FY26F P/BV; SBI stays top banking sector pick.

International Markets:

U.S & Europe:

*As per 9^th October.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

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