Market View 21st Nov, 2024

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

Asian stocks come under pressure as tensions UNC Russia Ukraine rises. Last week, Ukraine fired British cruise missiles at Russian military facilities and previously used American-made missiles. This threat has negatively affected world markets since geopolitical risk is now higher than before. Most equities in Asia-Pacific deteriorated on Thursday partly because Nvidia is technology shares gave a poor revenue outlook. Other markets in the U.S. also declined as traders looked to the escalating tensions. In the S&P 500 index it was mostly a standstill with a slight negative divergence meaning it fell by 0.02% while the Nasdaq 100 declined by 0.2% and the Dow Jones hit a 0.1% gain. In India, markets gave a mixed signal. The Nifty 50 rose 0.28% after dragged seven straight sessions lower, while the Sensex advanced 0.31%. On a separate note, both indices retreated and provided most of the losses towards the last part of the day brought by risk-off mood owing to conflict. Potential investors are still sparing little efforts due to the current unsettled geopolitical climate.

Economic Calendar:

• USD: Initial Jobless Claim on 21^St November 2024.
• IND: HSBC India manufacturing PMI (Nov) on 22^nd November 2024.
• USD: House Price Index (YoY) (Sep) on 26th November 2024.
• IND: Federal Fiscal Deficit (Oct) on 29^th November 2024.

IPO Watch:

Brokerage Radar:

GOLDMAN SACHS ON EICHER MOTORS:

Maintain Buy; Hike target price to Rs 5900 from Rs 5400, Pickup in launch momentum offers upside optionality, Expect more product events over the next 12 months across 350/450/650 cc portfolios, Also expect a pickup in export volumes where margin and ASP are superior to the domestic business.

MORGAN STANLEY ON INDIAN HOTELS:

Maintain Overweight with target price of Rs 759, South Asia’s most profitable hotel chain, aims for 2x FY24-30 revenue growth, 20% ROCE and some marquee property additions, Margins will expand in this cycle Rising RoCE will support multiples.

BERNSTEIN ON PAYTM:

Maintain Outperform; Hike target price to Rs 1000 from Rs 750, Discussions on Paytm have shifted from survival risks to a discussion of the bull and bear case scenarios, In a bull case scenario see Paytm lending partly from its own balance sheet, improvement in payment margins etc, See a ~100% upside to our base case EPS estimates.

International Markets:

U.S & Europe:

*As per 21^st October.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

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