Market View 16th Aug, 2024

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

Share indices in Asia-Pacific gained on Friday, tracking overnight rise on US stocks after jobless claims and retail sales data pacified worries about recession in the world’s largest economy.

The Indian benchmark indices ended the lackluster session flat on Wednesday. Tata Consultancy Services Ltd. and Infosys Ltd. supported the gains, while ICICI Bank Ltd. and Coal India Ltd. weighed.

Overseas investors remained net sellers for the third consecutive day on Wednesday. The foreign portfolio investors offloaded equities worth Rs 2,595.3 crore, while domestic investors remained net buyers for the ninth consecutive session and mopped up equities worth Rs 2,236.2 crore

Economic Calendar:

• USD :Building Permits (JUL) announcement on 16August2024
• IND: M3 money supply announcement on 21 August 2024

IPO Watch:

Brokerage Radar:

Morgan Stanley on M&M:

Maintain Overweight with target price of Rs 3,304.Thar Five-door Launch – Aiming to Be #1 Brand In >1,250k SUV Segment. Expect the three- and five-door variants to collectively clock 8-9k unit sales/month. See a strong jump in sales in coming months, driven by festive demand

Morgan Stanley on Zomato:

Maintain Overweight with target price of Rs 278.Over the past few weeks, news flow indicates signs of rising competitive intensity in quick commerce business. Also acknowledge that higher competitive intensity could pose a risk of pushing out profitability assumptions.

Jefferies on Hindustan Aeronautics:

Maintain Buy with target price of Rs 5,725.Q1 revenue was above est., but EBITDA was lower as margins contracted. Strong order book with visible pipeline provides confidence in double-digit growth continuing for 3-5 years. Volatile margins should pick up in H2 with revenue delivery

International Markets:

U.S & Europe:

*As per 16^th August.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

Source: Moneycontrol, Bloomberg Quint, Investing 

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