Market View 14th Aug, 2024

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

US stocks climbed and bond yields decreased following the latest US inflation data, which bolstered speculation that the Federal Reserve might implement the widely anticipated interest-rate cut in September. The Indian benchmark equity indices ended lower for the second consecutive day to log their worst session since Aug. 5 as shares of banks weighed on them. The NSE Nifty 50 closed 208 points or 0.85%, down at 24,139.0 and the S&P BSE Sensex ended 692.89 points or 0.87%, lower at 78,956.03.Overseas investors remained net sellers on Tuesday for the second consecutive day. The FPIs offloaded equities worth Rs 2,107.2 crore, while domestic investors remained net buyers for the eighth consecutive session and mopped up equities worth Rs 1,239.96 crore

Economic Calendar:

• USD : CPI( MoM) (July)announcement on 14 August.2024
• IND: WPI inflation (YoY) announcement in 14 August 2024

IPO Watch

Brokerage Radar:

JPMorgan on Hindalco

Maintain Overweight with target price of Rs 725.EBITDA beat in India business; three upstream projects on the anvil. Believe these expansions will not come at the cost of balance sheet health.

Investec on Max Estates

Initiate Buy with target price of Rs 700.NCR region witnessing strong demand for luxury housing by branded developers. Partnership with New York Life should help unlock value in the commercial business. Deployment of capital into the fast- growing residential segment.

Investec on Nykaa

Maintain Buy; Hike target price to Rs 205 from Rs 203.Believe Nykaa’s performance is trending in the right direction though margin nром 3900 improvement. Expect revenue and EBITDA growth trends to accelerate from the current quarter. Focus on driving new customer growth; improving metrics in Fashion

International Markets:

U.S & Europe:

*As per 14^th August.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Source: Moneycontrol, Bloomberg Quint, Investing 

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