Market View 15th Oct, 2024

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

Asian-Pacific shares rose on Tuesday following Wall Street’s closing record high. The S&P 500 and Nasdaq Composite opened higher as they extended gains from the previous week after financial industry giants reported better-than-expected earnings. IIFL’s India trading volumes reached an over one-week high, helped by a restocking rally in Infosys and HDFC Bank Ltd. Investors look forward to Q2 numbers from Reliance Industries Ltd. and HCL Technologies Ltd. The mood however stays bullish as traders await more companies to release their earnings thus looking for direction. Since the market expects these main outcomes, the strong performance in Asia is in line with expectations of continuous economic and corporate profit recovery.

Economic Calendar:

• USD: Export and Import Price Index (Sep) on 16th October 2024.
• IND: Import and Export (USD) on 15th October 2024.
• USD: Fed’s Balance Sheet on 17th October 2024.
• IND: Bank Loan and Deposit Growth Rate on 18th October 2024.

IPO Watch:

Brokerage Radar:

JEFFERIES ON HDFC BANK:

Maintain Buy with target price of Rs 1890,  HDFC Bank is aiming to lower LDR to 85-90% in 3yrs, It may achieve with deposit Cagr of 15% & slowing loan Cagr to 11%,  Branch ramp-up will help to gain share in deposits,  Loan growth will stay below/at sector level,  Scope to lower funding cost can lift NIM.

NUVAMA ON HCL TECH:

Maintain Buy; hike target price to Rs 2125 vs Rs 2020, HCL Tech (HCLT) reported a strong Q2FY25 – beating estimates,  Delivered strong broad-based growth across verticals, Upgrades revenue guidance; maintains margins guidance, Valuation premium to sustain – higher growth and capital allocation.

SYSTEMATIX ON RIL:

Maintain Buy; Hike target price to Rs 3145 from Rs 3050, Weaker O2C and Retail dragged EBITDA,  Retail business is witnessing a downward trend owing to slower net addition of stores and lower contribution from digital and new commerce, Slowdown in Retail continues; expect revival in O2C and Retail in H2FY2,  Digital Services: ARPU to keep rising for the next 2-3 quarters.

International Markets:

U.S & Europe:

*As per 15^th October.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

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