Market View 11th Oct, 2024

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

Increased commodity and energy costs also contributed to the advance of most Asia-Pacific stocks in early trade on Friday, regardless of higher than expected US inflation and clues towards relying employment market. US stocks were down on Thursday owing to higher than expected inflation as reflected by the rise in consumer price index for September and a steep rise in the initial claims for unemployment benefits. Meanwhile, benchmark equity indices also climbed a bit higher as market participants looks forward to earnings from Infosys Ltd., while US inflation figures due post the closing bell also attracted their attention. However, driven by the positive feeling in the overall market, FIIs remained net seller of Indian shares for the ninth straight session show concerns over the market. This trend among the FPIs is consistent with a sentiment marked by prudence as they change tact due to oscillating indicators and emerging global and regional factors influencing the economy.

Economic Calendar:

• USD: Core PPI (MoM) (Sep) on 11th October 2024.
• IND: Foreign Exchange Reserves (USD) on 11th October 2024.
• USD: Export and Import Price Index (Sep) on 16th October 2024.
• IND: WPI Inflation (YoY) (Sept) on 14th October 2024.

IPO Watch:

Brokerage Radar:

UBS ON KOTAK MAHINDRA BANK:

Maintain Neutral; Hike target price to Rs 1950 from Rs 1800, Cyclical headwinds for NIM, CASA while credit costs rise, NIM sensitivity to rate cuts is relatively high among covered banks, Stability in core business key for re-rating.

CITI ON CIPLA:

Maintain Buy with target price of Rs 1870, China-based Pharma company has received approval of Paclitaxel, generic of BMS’ Abraxane,  China’s product is the 1st interchangeable version that can garner a, significant market share as well as can od result in decline in the prices.

JPMORGAN ON TCS:

Maintain Overweight; Cut target price to Rs 5100 from Rs 5200, Revenues down 0.4% CC QQ – weakest since Covid, All growth led by its sharply margin dilutive BSNL contract, Over H2 expect growth to broadly recover from FS and Tech, BSNL contract unwinding to help margins head back to traditional levels, Cut margins and EPS by 50 bps and 2% for FY25, Would use any sharp correction to add.

International Markets:

U.S & Europe:

*As per 11^th October.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

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