Market View 25th Feb, 2025

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

Stocks in the Asia Pacific region declined as investor sentiment weakened following US measures to limit Chinese investments in key sectors like technology and energy. The drop in US markets on Monday further pressured global equities. South Korea and Australia saw declines, while Japanese markets opened lower after a holiday. In the US, the S&P 500 and Nasdaq fell, though the Dow Jones managed a small gain. Nvidia’s stock dropped ahead of its earnings report, reflecting concerns in the tech sector. In India, markets fell for the fifth straight session, reaching their lowest levels in months, with losses led by technology and metal stocks. The ongoing decline marks the longest losing streak in decades for Indian benchmarks. Overall, uncertainty surrounding US policies and global economic conditions continues to weigh on markets, leading to cautious investor sentiment and a broad-based decline in equities across different regions.

Key Today’s Q3 Results

ENKEIWHEL, RAIN, SPICEJET, VUENOW.

Economic Calendar:

• USD: GDP Price Index on 27^th February 2025.
• IND: GDP Quarterly on 28^th February 2025.
• USD: House Price Index (Dec) 25^th February 2025.
• IND: Federal Fiscal Deficit (Jan) on 28^th February 2025.

Brokerage Radar:

MORGAN STANLEY ON SBI CARDS:

Maintain Equal Weight, target price ₹685, January spend market share at 15.7% vs. 15% MoM, January spend grew 2.7% MoM vs. a 2.1% decline for the industry, Market share in the number of credit cards in force at 18.8% in Jan (+7bps MoM), Volume of transactions at +1.2% vs. -0.6% for the industry in January.

GOLDMAN SACHS ON INTERGLOBE AVIATION:

Maintain Buy, target price ₹5,050, Jan/Feb PLFs between 90-93% vs. Q4 last year at 87%, QTD domestic traffic up 13% YoY, Yields for Jan/Feb up 5% YoY, Domestic passenger growth likely to be 20%+ on a QTD basisod, Capacity expansion should not be a constraint in the medium to long term.

GOLDMAN SACHS ON TELECOM:

Bharti Airtel – Maintain Buy, target price ₹1,780 (+5%), Indus Towers – Maintain Sell, target price ₹330 (-6%), FY25-28 revenue and EBITDA estimates for Bharti India business 8%/11% higher, largely due to the consolidation of Indus Towers, Bharti has started new disclosure on EBITDA after leases, FY25 net income expected to be 42% higher due to an exceptional gain from the Indus Towers business combination, FY26-28 PAT estimates for Bharti Airtel lowered by 7-16% due to lease interest expense disclosures.

International Markets:

U.S & Europe:

*As per 25^thFebruary.

 Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

NEWS UPDATES

Source: Moneycontrol, Bloomberg Quint, Investing 

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