Market View 10th July, 2024

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

Asia-Pacific markets were trading on a mixed note in early trade, as investors assessed latest comments from the US Federal Reserve Chair Jerome Powell before the Senate Banking committee. The Nikkei 225 was trading flat at 41,578.76, while the KOSPI was 1.06 points or 0.04% lower at 2,866.32. The S&P ASX 200 was trading 36.30 points or 0.46% lower at 7,793.40. Market participants also await the crucial US consumer price index data for June, due to be published on Thursday. US stocks were trading close to their all-time highs, with the S&P 500 rising for a sixth straight day on the back of Nvidia Corp. This comes as traders view Powell’s statement as balanced. This also reinforced the speculation that the Fed will be able to cut rates this year.

India’s equity benchmark indices rebounded sharply to end at a record high on Tuesday as shares of Maruti Suzuki India Ltd. and ICICI Bank Ltd. led gains. The NSE Nifty 50 settled 112.65 points, or 0.46% higher at 24,433.20.  Overseas investors stayed net buyers of Indian equities for the fifth consecutive session on Tuesday.

Economic Calendar:

• USD: Fed Chair Powell Speechon 10th July
• CNY: China CPI on 10th July
• USD: crude oil inventory on 10th July
• IND: Bank loan growth 12th July
• IND: CPI June on 12th July
• IND: BUDGET on 23^rd July

Brokerage Radar:

Incred on Globus Spirits

Maintains Add; Hikes target price to Rs 1,599 from Rs 1,562.Raw material & power costs have normalized. Negative contribution from the IMFL segment is expected to turn positive from FY28.

Macquarie on Maruti

Maintains Neutral with target price of Rs 11,565.UP accounts for 10-11% of car sales in India with Maruti having ~44% market share.Lower taxes will reduce the payback period from 11-years to 5-years.

Jefferies on Supreme Industries

Buy; Hikes target price to Rs 6,700 from Rs 5,390.Pipe Volumes up +27% YoY in Apr-May 2024, despite high base.SKU breadth and distribution depth act as key moats for share gains.

International Markets:

U.S & Europe:

*As per 10th July.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

H.G. Infra Eng Signed a MoU with Ultra Vibrant Solar Energy for acquiring project development activities worth Rs 465 crore.

HAVELLS Planning to expand the manufacturing capacity of cables at the Alwar plant. The company is also planning to make an investment of Rs 375 crore to add 41.2 lakh km of annual capacity by March 2026.

M&M M&M reduced the prices of top-end variants of the XUV700 SUV by almost Rs 1 lakh. The “celebratory” pricing is for four months only.

Waaree Ren Company secures 412.5 MW solar project in Rajasthan

KIMS Executed a Share Purchase agreement to acquire 100% Equity Stake in Chalasani Hospitals

Source: Moneycontrol, Bloomberg Quint, Investing 

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