Market View 16th Oct, 2024

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

Stocks in Asia Pacific zone fell mainly due to weakness in technology stocks in Wall Street. Weak earnings per share forecasts and cutbacks on sales of computer chips due to tighter US rules also caused market trends to decline. However, three of the largest US stock market indexes opened slightly up on Tuesday as key companies’ reports exceeded expectations, enhancing the positive mood on the stock market. But India’s benchmark stock indexes fell for the most part led by a steep drop in Reliance Industries Ltd. as its profits were lower than expected for the September quarter. This is an indication that the fluctuations continue to be witnessed in the global markets as the fear of investors who are still nervous with issues to do with earnings of tech companies and the pressures from the regulators are still there.

Economic Calendar:

• USD: Export and Import Price Index (Sep) on 16th October 2024.
• IND: Bank Loan and Deposit Growth Rate on 18th October 2024.
• USD: Fed’s Balance Sheet on 17th October 2024.
• IND: HSBC Manufacturing PMI on 24th October 2024.

IPO Watch:

Brokerage Radar:

CLSA ON HDFC LIFE:

Maintain Outperform; hike target price to Rs 805 from Rs 700, New products launched; dynamic situation may take another quarter to settle, Ulip and non-par savings driven growth; promoter bank counter share stable, APE and VNB VNB growth outlook positive, Given strong 23% YoY growth in H1, lift FY25 APE growth to 20% but expect VNB growth of 12% only as we have limited clarity on margins.

CITI ON PRUDENT CORPORATE:

Initiate Buy with target price of Rs 3050, Niche, dominant and stable play on Indian MF segment, Focus on non-MF cross-sell to existingchigh- quality clientele underpin our constructive stance, Within capital markets, preferred plays are 360 One, Prudent and Nuvama, Beneficiaries of annuity model, market positionin.

JEFFERIES ON BSE:

Maintain Underperform, hike target price to Rs 3500 from Rs 2850,  Recent run-up is fueled by hopes of market share gains, Valuations factoring large gains for BSE or strong bounce back in mkt vols, Assumption of large mkt share gain may be over-optimistic,  Market not capturing near- and medium-term risks.

International Markets:

U.S & Europe:

*As per 16^th October.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

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