View on market: Volatility persists, eagerly searching for growth

In Asia, markets had a mixed start. Japan and Australia saw declines, while South Korea’s market moved higher. Meanwhile, futures in Hong Kong pointed to gains, showing varied investor mood across the region. In the U.S., stock markets ended mostly flat on Friday. Losses in technology and energy shares balanced out gains in other areas. Still, the S&P 500 managed to finish its third positive week out of the last four, helped by stronger consumer confidence. The Nasdaq saw a small dip after reaching record highs the previous day, and the Dow ended slightly lower. India’s stock markets fell for the third day in a row, mainly because banking and financial stocks dropped. Investors were cautious ahead of earnings results from big companies like Reliance, HDFC Bank, and ICICI Bank. The Nifty index slipped below an important level, hitting its lowest point in almost a month. This shows that the market was weak overall, with many sectors under pressure.

Key Quarterly Results for Today:

ACL, AGI, BANSALWIRE, BITS, CHOICEIN, CIEINDIA, CRISIL, DCMSHRIRAM, DHANBANK, ESARIND, ETERNAL, GANESHHOUC, GLOBECIVIL, HAVELLS, IDBI, JULIEN, KRRAIL, LATENTVIEW, OBEROIRLTY, PARAGMILK, PNBHOUSING, SHRAAITECH, UCOBANK, ULTRACEMCO, VBDESAI, WENDT.

Economic Calendar:

• USD: Initial and Continuing Jobless Claims Data on 24^th July 2025.
• IND: Infrastructure Output (YoY) (June) on 21^st July 2025.
• USD: S&P Global Manufacturing PMI (July) on 24^th July 2025.
• IND: S&P Global Services and Manufacturing PMI (July) on 24^th July 2025.

IPO Watch:

Brokerage Radar:

MORGAN STANLEY ON RELIANCE INDUSTRIES:

Maintain Overweight with target price of Rs 1,617, Misses in both retail revenue growth and fuel refining, The guidance was optimistic, with a plan to double earnings by 2029, New energy, telecom, and the balance sheet were bright spots.

JEFFERIES ON ICICI BANK:

Maintain Buy; Hike TP to Rs 1760 from Rs 1710, Q1: Better Profitability; Growth to improve, Softer growth with better NIMs & asset quality, Mgt expects growth to improve, Asset quality continues to hold up well.

BERNSTEIN ON HDFC BANK:

Maintain Outperform with target price of Rs 2,300, Q1 – Steady improvement, Borrowings run-down and loan mix shift limit NIM decline, Floating and contingent provisions offset gains from higher NOI, Improvement in EPS growth continues.

CITI ON JSW STEEL:

Maintain Sell; Hike target price to Rs 880 from Rs 760, Strong Q1 pricing; Q2 cost decline to partly help price contraction, China: gradual ASP and margin recovery as supply cuts take place H2CY25, Too much optimism priced.

International Markets:

U.S & Europe:

*As per 21^st July.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Updates:

Source: Moneycontrol, Bloomberg Quint, Investing

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