View on market: Volatility Prevails, Market is searching for better value
Equities across Asia-Pacific markets declined on Wednesday as flu more extensive feeing across global equities after shares in the United States dropped the previous day. NSE Nifty 50 and S&P BSE Sensex logged their two consecutive day fall due to the above said negative sentiment. Nearly all European indices also posted declines which suggested that investors were being risk averse across a number of factors including several different economic and geopolitical attributes. The supply pressure persists as investors are yet again adjusting their operations based on changing market conditions affecting the future stability and success of economies and markets on the edge.
Economic Calendar:
- USD: Fed’s Balance Sheet on 17th October 2024.
- IND: Bank Loan and Deposit Growth Rate on 18th October 2024.
- USD: S&P Global US Manufacturing PMI (Oct) on 24th October 2024.
- IND: HSBC Manufacturing PMI on 24th October 2024.
IPO Watch:
| Company | Open | Close | Price | View |
| Hyundai Motor India Ltd | 15-Oct | 17-Oct | 1865-1960 | Apply |
Brokerage Radar:
UBS ON SRF:
Downgrade to Sell from Buy; Cut target price to Rs 2100 from Rs 2700, Prolonged growth difficulties; negative surprises may be ahead, Weak agro-chemical demand, with China to gain share, Refrigerant gas demand and prices to remain soft, Recovery hopes fading.
IIFL ON INDEGENE:
Initiate Add with target price of Rs 750, A niche play on life sciences digitization story, At the intersection of healthcare and technology, Expect to deliver a 12%/20% USD revenue/EPS Cagr over FY24-27, Subdued growth in the near term driven by large client issues, and a healthy rally post IPO, we see limited potential upside, Risk-reward balanced.
DAM CAPITAL ON RELIANCE:
Initiate Buy with target price of Rs 3042, Building its another pillar of growth in the form of New Energy, Short-term challenges in the retail and O2C business aside, all the businesses are expected to grow over the next couple of years, Expect the company to report an EBITDA 90 growth of 13% p.a.over FY25-27.
International Markets:
U.S & Europe:
| Particulars | 16th Oct | Chg. | Chg.(%) |
| Nasdaq | 18,367.08 | 51.49 | 0.28 |
| Dow | 43,077.70 | 337.28 | 0.79 |
| FTSE | 8,329.07 | 79.79 | 0.96 |
| CAC | 7,492 | -29.97 | -0.40 |
| DAX | 19,432.81 | -53.38 | -0.27 |
| Dow Fut.* | 43,303 | -39 | -0.09 |
*As per 17th October.
Asian markets:
| Particulars | 17th Oct | Chg. | Chg.(%) |
| GIFT Nifty | 25,054.50 | 5.70 | 0.02 |
| Nikkei | 38,997.36 | -182.94 | -0.58 |
| Straits Times | 3,617.18 | 26.56 | 0.75 |
| Hang Seng | 20,580.35 | 293.50 | 1.45 |
| Shanghai | 3,220.62 | 17.67 | 0.55 |
Stocks strong on Chart:
| Index | F&O | Cash |
| BPCL | APOLLO TYR | MAX ESTATE |
| BHARTI AIR | DEEPAK NIT | JIO FINANCE |
| TCS | SIEMENS | JK LAKSHMI |
| SBI | ABB | BAYER CROP |
| HERO MOT | HAL | BLUE STAR |
| GODREJ CONS | CEAT |
Commodities & Currency:
| Particulars | Current Price | Chg.(%) |
| USD/INR | 84.018 | -0.04 |
| Brent | 74.73 | 0.54 |
| Gold | 76,680 | 0.02 |
| Silver | 92,171 | -0.01 |
FIIs & DIIs:
| Particulars | 16th Oct | 15th Oct |
| FIIs | -3,435.94 | -1,748.71 |
| DIIs | 2,256.29 | 1,654.96 |
News Update:
Company
| Reliance Industries: | The oil-to-telecom conglomerate announced Oct. 28 as the record date for the 1:1 bonus issue. |
| GMR Airports Infrastructure: | The company passenger traffic for September grew 9% year-on-year at 1.02 crore. |
| UltraTech Cement: | The company commissioned an additional 1.2 MTPA grinding capacity at the Arakkonam plant in Tamil Nadu. |
| Oberoi Realty: | The company approved the issuance of NCDs of an aggregate amount of up to Rs 1,500 crore. |
| Aditya Birla Fashion and Retail: | The company’s arm made an additional investment of Rs 75 crore in Wrogn, increasing its stake from 17.10% to 32.84%. |
| Ircon International: | The company signed a MoU with Patel Engineering for infrastructure projects in India and overseas. |
| RVNL: | The company emerged as the lowest bidder for a project worth Rs 270 crore from Maharashtra Metro Rail Corp. |