Market View 6th Nov, 2024

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

Stock in Asia-Pacific area booted up on Wednesday on Wall Street’s advance, as Americans voted in the presidential election between Kamala Harris and Donald Trump. On Tuesday Wall Street’s main indices started rising with thetoggle as US elections started; all three main indices were higher in the day. During the last couple of hours of trading in India the stock market bounced back to the best levels that have been registered since the September 20. This rally was mainly led by banking direction as reflected by the performance of banking stocks. Stock markets across the world are expecting US polls outcome to have potential impacts at least in the next couple of days. The general market feeling remained positive this week as investors wait for the decision on the voting results. The Asia-Pacific is signaling early signs of optimism, as investors appear to tentatively look forward to the future while uncertainty about the US Presidency may continue.

Economic Calendar:

• USD: Fed Interest Rate Decision on 7th November 2024.
• IND: CPI (YoY) (Oct) on 12^th November 2024.
• USD: CPI Index (Oct) on 13th November 2024.
• IND: WPI Inflation (YoY) (Oct) on 14^th  November 2024.

IPO Watch:

Brokerage Radar:

JEFFERIES ON TITAN:

Maintain Hold; Cut target price to Rs 3400 from Rs 3600, Expectedly Weak Outcome, Impact of custom duty cut benefited jewellery growth, weighed negatively on margins, Adjusted margin also weak due to inferior product mix (lower studded), Overall Q2 while met our muted expectation, was still lower than consensus.

INVESTEC ON PB FINTECH:

Maintain Buy with target price of Rs 1750,  Strong revenue growth continues,  Higher opex impacts PAT; Contribution margin reduces YoY, Growth momentum sustains in Insurance; growth moderates in Credit.

JEFFERIES ON ABB:

Maintain Buy Cut target price to Rs 9050 from Rs 9230,  Q3CY24 EBITDA was 7% lower than expectations, Pricing power and order mix supported margins, Execution deferral to match customer delivery timelines impacted revenue growth and should recover ahead, Order flow outlook remains robust given the 25% rise in order backlog, Retain CY24-26 EPS and believe margins have upside surprise scope potential ahead.

International Markets:

U.S & Europe:

*As per 06^th October.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

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