Market View 10th Jan, 2025

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

Asian stock markets declined as investors awaited upcoming jobs data that could influence the outlook for interest rates set by the Federal Reserve. US markets were closed to honor the passing of former President Jimmy Carter. Meanwhile, oil prices rose slightly, and gold prices remained unchanged. In India, stock markets fell for the second consecutive day, reflecting a shift in investor sentiment as they became more cautious ahead of the third-quarter earnings season. This cautious approach led to lower trading volumes, with many investors reducing their exposure to riskier assets. The market movements suggest that investors are awaiting more information before making major decisions, particularly regarding company earnings and broader economic indicators. Global markets are reflecting uncertainty, as traders remain cautious due to potential interest rate changes and upcoming economic data. This cautious sentiment is likely to continue until clearer trends emerge.

 

Key Today’s Q3 Results

CESC, EMBDL, GNA, JUSTDIAL, PCBL

 

Economic Calendar:

• USD: Unemployment Rate (Dec) on 10th January 2025.
• IND: Foreign Reserves USD on 10^th January 2025.
• USD: Federal Budget Balance (Dec) on 13^th January 2025.
• IND: CPI (YoY) (Dec) on 13^th January 2025.

IPO Watch:

Brokerage Radar:

GOLDMAN SACHS ON INDUSIND BANK:

Downgrade to Neutral from Buy, target price ₹1090 (down 17%),  EPS cut by 5%/16%/18% over FY25/26/27E,  ROAs to remain lower at 1.3% over FY25- 27E,  Balanced risk-reward as revenue growth slows, Rising delinquencies in MSME and CV loans and slower loan growth impacting performance.

MACQUARIE ON IRCTC:

Initiate Outperform, target price ₹900 (20% upside), Monopoly in Indian Railways e-ticketing and catering services, Generates 30% free-cash-flow margin and 30% ROE/ROIC, Key catalysts: railway modernization and faster launch of premium trains, Sees potential for 2x returns.

CLSA ON BAJAJ FINANCE:

Maintain Outperform, target price 9200, PAT growth to rebound in FY26 after downgrades, Top pick in the financials sector, Forecast 25% AUM CAGR and 27% PAT CAGR over FY25-27, Expect stock returns to align with earnings growth and a 20 bps credit cost improvement in FY25.

International Markets:

U.S & Europe:

*As per 10^thJanuary.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

NEWS UPDATES

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