Market View 12th Nov, 2024

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

Most indices in the Asia-Pacific region were lower on Monday, as China’s stimulus measures failed to boost investor confidence in reviving demand. In the US, stock markets remained steady after reaching record highs following Donald Trump’s victory, with Wall Street set for its best weekly performance since 2013. In contrast, India’s NSE Nifty 50 and BSE Sensex indices trimmed earlier weekly gains, primarily due to increased market volatility from global political and economic factors. The benchmarks fell for the second consecutive day, led by declines in shares of ICICI Bank Ltd. and Reliance Industries Ltd. As a result, Indian stock markets ended the week on a weaker note, with investors concerned about the potential impact of global developments on the domestic economy.

Economic Calendar:

• USD: CPI Index (Oct) on 13th November 2024.
• IND: CPI (YoY) (Oct) on 12^th November 2024.
• USD: Export and Import Price Index (YoY) (Oct) on 15th November 2024.
• IND: WPI Inflation (YoY) (Oct) on 14^th  November 2024.

IPO Watch:

Brokerage Radar:

NOMURA ON SBI:

Maintain Buy; target price hiked to Rs 1050 vs Rs 980, Sector leading growth, healthy deposit growth, Asset quality performance remain robust, Cost to Income at lowest level since FY18,  Current valuations with core bank at 1.1x FY26 P/B attractive, SBI remains a top pick in the sector.

AXIS CAP ON RELIANCE:

Maintain Buy with target price of Rs 1779, Reliance Retail is India’s largest retailer by reach, scale, revenue, and profitability, RRVL to gain in q-com from assortment/pricing; delivery timeline likely longer, Satcom will directly compete with terrestrial broadband, It is a niche offering and is at a significant premium to traditional offerings.

CLSA ON ASHOK LEYLAND:

Maintain Underperform with target price of Rs 188,  Improvement in gross margin drives the beat, Believe we are in the midst of a CV downcycle, Believe it would be tough for the industry to control discounting for long, Pricing discipline sustenance amid low growth the key, This is also why Starlink’s adoption has been slower globally, especially in Africa, Viacom and Disney to play fair to protect advertisers’ rights.

International Markets:

U.S & Europe:

*As per 12^th October.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

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