Market View 16th Sept, 2024

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

On Monday, Australian markets rose, with the S&P ASX 200 up 0.50% at 8,139.40. Markets in Japan, South Korea, and Mainland China were closed. China’s economic data for August showed greater-than-expected slowdowns in factory output, consumption, and investment, and a six-month high in unemployment. Traders are awaiting the Federal Reserve’s policy decision this week, with expectations of a 25 basis-point rate cut. The S&P 500 and Nasdaq Composite increased by 0.54% and 0.65%, respectively, while the Dow Jones rose 0.72% on Friday. Indian indices, the NSE Nifty 50 and S&P BSE Sensex, ended lower on Friday due to declines in Reliance Industries Ltd. and ITC Ltd., but recorded their largest weekly gains since late June.

 Economic Calendar:

• USD: Fed Interest Rate Decision 18^th September.
• IND: WPI Inflation on 16^th September.

 

IPO Watch:

Brokerage Radar:

KOTAK SECURITIES ON CONCORD BIOTECH:

Downgrade to Reduce from Add; Hike target price to Rs 1950 from Rs 1650, Pick-up in API growth is critical, CDMO to be a negligible contributor over the medium term for Concord, Topline growth led by low-margin formulations segment – not the Pideal mix.

KOTAK SECURITIES ON GLENMARK LIFE :

Downgrade to Reduce from Buy; Hike target price to Rs 1265 from Rs 950, Growth outlook priced in, 30% gain in past one month, possibly led by euphoria around the US Biosecure

B&K ON NAZARA TECH:

Upgrade to Buy from Hold; Hike target price to Rs 1370 from Rs 808, Well placed to capitalise the burgeoning Indian gaming ecosystem,  Announced largest foray into real money gaming via PokerBaazi acquisition. Believe this aquisition could be substantial value generator, Beleive there have been multiple right steps in Nazara.

International Markets:

U.S & Europe:

*As per 16^th September.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

Source: Moneycontrol, Bloomberg Quint, Investing 
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