Market View 18th Oct, 2024

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

Stocks in the Asia-Pacific region fell in the early hours of trade on Friday, due to divergent signals from Wall Street and changed rate cut expectations in the wake of upbeat US retail sales numbers U.S. stocks opened lower on Monday, the final trading day of the month and quarter, although the month and quarter are expected to close on a high note. Equities fell for the third day in a row and the benchmark Indian indices ended at their lowest since Feb 23 due to poor Q4 earnings reported by blue-chip firms. Slightly positively, the global market continues to be conservative as economic data and company earnings are adjusted.

 

Economic Calendar:

• USD: IMF Meeting on 21st 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:

Brokerage Radar:

INVESTEC ON LTIMINDTREE:

Maintain Sell; hike target price to Rs 5600 from Rs 5370, An inline quarter; expect a weaker H2, Revenue growth was broad based across verticals,  Commentary highlights weaker revenue growth in H2, Note that the stock has seen a meaningful rerating without commensurate outperformance.

MACQUARIE ON AXIS BANK:

Maintain Outperform with target price of Rs 1400, Decent quarter; growth concerns loom, Tax write-backs and treasury gains drive PAT beat,  Contingent buffers strengthen balance 100 sheet; eye on incremental stress accretion,  What could have been better – Loan growth and deposit growth.

INVESTEC ON INFOSYS:

Maintain Sell; cut target price to Rs 1700 from Rs 1720, Delivered best H1FY25 vs peers led by a strong deal back log and relatively lower headwinds on revenue,  See no real catalysts going into H2, that could aid stock performance, EBIT% don’t have any meaningful tailwinds ed in H2FY25.

International Markets:

U.S & Europe:

*As per 18^th October.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

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