Market View 29th Nov, 2024

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

Stocks in the Asia-Pacific area declined in the initial session on Friday because of escalating tensions in geopolitics. The warning concerns possible new launches of ballistic missile strikes aimed at Kyiv after the recent Russian attacks on Ukraine’s energy facilities. This uncertainty led to fluctuations in the markets throughout the regional area. Markets in the US were closed on Thursday for thanksgiving however on Wednesday the S&P 500 was down by 0.38%, the NASDAQ composite was lowered by 0.60% while the industrial average, the DOW was lowered by 0.31%. Indian index NSE Nifty 50 fell down along with BSE Sensex, touching the lowest level at November 22. Especially it was influenced by Infosys and HDFC Bank’s slump that dragged down other important shares on the market. Furthermore, Indian benchmarks posted the sharpest intraday dip in more than three weeks on geopolitical tension worrying investors about the financial markets and the economy as a result.

Economic Calendar:

• USD: S&P Global US Manufacturing PMI (Nov) on 2^nd December 2024.
• IND: Federal Fiscal Deficit (Oct) on 29^th November 2024.
• USD: Initial Jobless Claims on 5th December 2024.
• IND: HSBC India Manufacturing PMI (Nov) on 2^nd December 2024.

Brokerage Radar:

GOLDMAN SACHS ON CREDITACCESS GRAMEEN:

Downgrade to Sell from Buy; Cut target price to Rs 564 from Rs 1426, Earnings visibility clouded amid asset quality concerns, De-rating structural in nature, Expect a further build-up of stress due to over- leveraging in the industry (link) and in the company’s portfolio.

CITI ON DIVIS LAB:

Maintain Buy with target price of Rs 6850, Entresto API sales can increase rather than street expectations of a decline, DIVI’s expanding pipeline of contrast media, DIVI remains our Top Pick in Indian Pharma, Company is is well positioned from a tactical as well as a structural point of view.

BOFA ON PB FINTECH:

Maintain Neutral with target price of Rs 1850, Core momentum strong, Downside risks for PB health low; offers upside optionality, The focus of PB’s health-care foray is to solve claims & improve insurance penetration, Given limited investment of <$100 mn from PB Fintech.

International Markets:

U.S & Europe:

*As per 29^th November.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

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