Market View 11th Sept, 2024

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

On Wednesday, Asia-Pacific markets fell ahead of the US CPI data release, which investors will use to gauge potential Federal Reserve rate cuts. The Nikkei 225 dropped 0.59% to 35,944.92, and the Kospi decreased 0.08% to 2,521.33. US stocks had mixed results with the S&P 500 and Nasdaq up by 0.45% and 0.84%, respectively, while the Dow Jones fell 0.23%. Brent crude oil fell below $70 a barrel due to oversupply concerns, trading at $69.57, while gold remained steady at $2,516.46 an ounce. Indian indices continued their rally, with the NSE Nifty 50 rising 0.42% to 25,041.10 and the S&P BSE Sensex up 0.44% to 81,921.29, driven by gains in the IT sector.

Economic Calendar:

• USD: Core (YoY) session on 11^th September.
• IND: CPI (YoY) on 12^th September

 

IPO Watch:

Brokerage Radar:

CLSA ON SHRIRAM FINANCE:

Maintain Outperform with target price of Rs 3350, Company well placed on loan growth, margins and asset quality,  Guiding to mid-teens loan growth driven by higher cross-sell of existing products across more branches, Also plans to open 100-120 branches per year, Emphasis on improving fee income while ou keeping opex steady.

CLSA ON DIXON TECH:

Maintain Hold; hike target price to Rs 12,100 from Rs 11,400, Dixon outlined a strong near and medium term growth outlook, New customer acquisition and gaining wallet share in mobile phones is likely to drive growth in the near term. Over the medium term, the focus is on raising backward integration through components manufacturing and ramping up new segments.

BofA On NBFCs:

Rate cut cycle to aid NIM expansion, valuation re-rating as growth sustains, NIMs to expand; Deep rate cuts provide upside risk, NIM driven earnings cuts behind, Growth tailwinds sustaining for NBFCs; prefer Bajaj Finance and Shriram Finance.

International Markets:

U.S & Europe:

*As per 11^th September.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

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