Market View 6th Dec, 2024

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

Asian stock markets dipped in response to declines in US equities, as investors awaited key jobs data expected to influence the Federal Reserve’s upcoming policy decisions. Despite a volatile final hour of trading, Indian markets closed at their highest levels in over a month, driven by optimism from US market records and strong sectoral performance.  Both Nifty 50 and BSE Sensex indices ended the day with notable gains, supported by buying interest across various sectors. This reflects investor confidence, even amidst global uncertainties, as market participants closely monitor economic indicators and policy signals from the US Federal Reserve.  The day’s performance underscores the interconnected nature of global markets, where developments in the US economy and stock performance continue to shape trends in Asian and Indian equities.

Economic Calendar:

• USD: CPI Index (MoM) (Nov) on 11th December 2024.
• IND: Monetary Policy on 6^th December 2024.
• USD: PPI (MoM) (NoV) on 12th December 2024.
• IND: WPI Inflation (YoY) (Nov) on 13^th December 2024.

 

Brokerage Radar:

UBS ON BAJAJ AUTO:

Maintain Sell with target price of Rs 7900, Price cut impact minimal, Nov’24 Freedom 125 wholesales much lower than expectations, Majority of Freedom 125 sales happening for top variant.

JEFFERIES ON NEWGEN SOFTWARE:

Maintain Buy with target price of Rs 1500, Strong growth outlook reiterated, Strong traction in India and midle-east markets, Continuous order inflow and new client addition to support growth, Prioritizing growth over margins.

AXIS CAPITAL ON CITY UNION BANK:

Initiate Buy with target price of Rs 220, Sustainable RoA to drive re-rating, Conservative lending strategy and balance sheet granularity gives comfort, Asset quality back to pre-Covid levels, investments leading to higher C/I ratio, Expect loans/NII/PPOP/PAT CAGRs of ~14/12/13/10% over FY24-27.

International Markets:

U.S & Europe:

*As per 6^th December.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

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