Market View 12th Aug, 2024

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

Markets in Asia-Pacific region rose on Monday as traders await key data points from US to assess the health of the world’s largest economy. Market participants also await India’s CPI data due to be published later on Monday. On Friday, stocks on Wall Street ended higher, bouncing back from Monday’s steep sell off as US Federal Reserve official expressed confidence in inflation slow down. The S&P 500 and Dow Jones Industrial Average ended 0.47% and 0.13% higher, respectively. The Nasdaq Composite ended up 0.51%.India’s benchmark equity indices closed higher on Friday but logged a second consecutive weekly loss, weighed by various global and Indian macro cues, including the yen carry trade, US recession fears, and the RBI governor’s hawkish commentary during policy. Overseas investors turned net buyers after five straight days of net selling equities.

Economic Calendar:

• USD : Federal budget balance announcement on 12 August
• IND: CPI (YOY) July announcement on 12 August

IPO Watch:

Brokerage Radar:

Goldman Sachs on Info Edge:

Maintain Sell; hike target price to Rs 5,700 from Rs 5,470.Q1 in line; see elevated investments as positive for long-term growth. Improving trends though still limited near-term visibility. Forecast revenue CAGR of 15% during FY24-26

Investec on Aurobindo Pharma:

Maintain Buy with target price of Rs 1,400.EBITDA margin remains healthy @21.4%; dipped QoQ due to the new Pen-G plant. Key to watch on concall – comments on US biz/macro, update on Pen-G plant ramp-up and update on Biologics CDMO.

Citi on Jubilant Food:

Maintain Buy; hike target price to Rs 715 from Rs 663.Q1: Outperformance journey has just started. Operational performance continued to improve despite no improvement in consumer sentiment.

International Markets:

U.S & Europe:

*As per 12^thAugust.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Source: Moneycontrol, Bloomberg Quint, Investing 

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