Market View 11th July, 2024

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

Japan’s benchmarks scaled fresh highs with the Nikkei 225 crossing historic 42,000 level, tracking sharp gains on tech stocks globally. The Nikkei 225 rose to a fresh high of 42,426.77, and the Topix hit a new high of 2,946.60. Both the indices were trading 0.94% and 0.67% higher, respectively. The Kospi and S&P ASX 200 were trading 0.83% and 0.82% higher, respectively.

US equities rose for the seventh straight day to hit fresh all-time highs on Wednesday. This is the longest winning run for the equities since November. The S&P 500 Index and Nasdaq Composite rose 1.02% and 1.18%, respectively, as of Wednesday. The Dow Jones Industrial Average rose 1.09%. Brent crude was trading 0.75% higher at $85.72 a barrel. Gold rose 0.12% to $2,374.02 an ounce.

The GIFT Nifty was trading 60 points or 0.26% higher at 24,406 as of 07:49 a.m.

Economic Calendar:

• IND: Bank loan growth 12th July
• IND: CPI June on 12th July
• IND: BUDGET on 23^rd July

Brokerage Radar:

Nomura upgrades Ambuja Cements to buy,

target raised to 19x, from 14x to factor in aggressive capacity expansion, entry into newer markets, above industry volume growth, increased brownfield optionality & cost-optimization measures, lower heat consumption and higher share of green power to result in cost saving.

UBS gives buy call on Havells

Says co announced capacity expansion for cables with an investment outlay of ₹380 cr. This could generate an incremental topline of ₹1,500 cr, the expansion step in right direction given strong demand tailwinds in cables

Jefferies maintain buy Reliance with 3580 target price

Jefferies sees public listing on JIO in CY25 with valuation seen at $112 billion. The report indicates that owner’s stake in the recently spun-off Jio Fin was 45.8% on listing and the strong performance of stock prices of RIL & Jio Fin since the event, as well as the less than majority stake of the owners in Jio Fin, may tilt the owner to adopt the spin-off route for Jio

International Markets:

U.S & Europe:

*As per 11th July.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

Sula Vineyards The company saw the highest-ever first-quarter net revenue and own brand revenue. Net revenue grew 9.7% year-on-year to Rs 130 crore. Wine tourism revenue in the quarter was Rs 11.3 crore, down 2.5% year-on-year. Own brand revenue rose 2.7% to Rs 104.4 crore.

Glenmark Pharmaceuticals Glen Saldanha will sell up to a 7.85% stake via an offer-for-sale at a floor price of Rs 810 per share. OFS will open for non-retail investors on July 11 and for retail investors on July 12.

GE Power India To sell its hydro business undertaking to GE Power Electronics and its gas power business undertaking to GE Renewable Energy Technologies through slump sales.

IRB Infra The company’s gross toll collection was up 35% year-on-year at Rs 517 crore in June.

Asian Paints The company confirmed a price hike across the portfolio by approximately 1%, to be effective July 22.

Source: Moneycontrol, Bloomberg Quint, Investing 

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