Market View 13th Aug, 2024

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

Indices in Asia-Pacific region rose in early trade tracking gains in the Japanese benchmark on weaker yen, while investors await US CPI data, due late Wednesday. The Indian benchmark indices erased some losses to end Monday on a muted note as Infosys Ltd. and HDFC Bank led the gains. The NSE Nifty 50 ended 20.50 points or 0.08%, lower at 24,347, while the S&P BSE Sensex closed 56.99 points or 0.07%, lower at 79,648.92.Overseas investors turned net sellers on Monday. The FPIs offloaded equities worth Rs 4,680.5 crore, while domestic investors remained net buyers for the seventh consecutive session and mopped up equities worth Rs 4,477.7 crore.

Economic Calendar:

• USD : PPI(MoM) July announcement on 13 August.,2024

• IND:  WPI Food(YoY) July announcement on 14 August,2024

IPO Watch

Brokerage Radar:

Citi on ONGC:

Maintain Buy with target price of Rs 350. ONGC’s blended APM gas price realizations could rise from $6.5/mmbtu in FY24 to $7.5/mmbtu in FY27.Premium Price for Incremental APM Gas Production Notified. This would apply for 10% of ONGC’s current gas production, rising to 20- 25% of production in 2-3 years

Citi on Aavas Financiers:

Maintain Buy with target price of Rs 2170.CVC Capital Partners to acquire 26.47% stake; triggers open offers at Rs 1767/share. Financial / strategic investment was being anticipated for quite a while. Settles the long persisting overhang of promoter stake sale/dilution after recent sale of 12.6% in Mar❜24 in open market

Goldman Sachs on Honasa:

Initiate Buy with target price of Rs 570.Combined revenue of five leading new beauty companies, including Honasa and Minimalist grew exponentially 28x over FY19-23.See two major levers to fuel the 2.5xail revenue growth and doubling of EBITDA margins over FY24-30.See scaling up of the portfolio of brands under the derma skin care stable.

International Markets:

U.S & Europe:

*As per 13^thAugust.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

Source: Moneycontrol, Bloomberg Quint, Investing 

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