Market View 19th Nov, 2024

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

Stocks in the Asia-Pacific region rose on Tuesday, following positive gains in the US stock market on Monday. Investors were looking ahead to Nvidia Inc.’s earnings report and the new US President-elect Donald Trump’s administration. On Monday, the US stock market ended higher, driven by a strong performance in technology stocks, especially Tesla Inc., which jumped 5.6% after news of a favorable policy from Trump’s team. This policy focuses on advancing self-driving vehicle regulations through the Transportation Department. In India, however, the stock market continued its decline, with the Nifty index facing its longest losing streak since February 2023, falling for eight consecutive sessions. The Sensex also dropped for the fourth session in a row. Investors remained cautious as they awaited further developments in the US and global markets.

Economic Calendar:

• USD: Mortgage Market Index on 20th November 2024.
• IND: HSBC India manufacturing PMI (Nov) on 22^nd November 2024.
• USD: Initial Jobless Claim on 21^St November 2024.
• IND: Federal Fiscal Deficit (Oct) on 29^th November 2024.

IPO Watch:

Brokerage Radar:

GOLDMAN SACHS ON INDIGO:

Maintain Buy with target price of Rs 4800, October/November air traffic growth at 10%/11%, IndiGo PLF at 90% Vs 85.6% last year, While yields are down YoY, given improved domestic traffic growth, and higher PLFs believe there could be upside to guidance.

UBS ON RK FORGINGS:

Maintain Buy with target price of Rs 1500, Outperforms peers in an otherwise challenging quarter, Visible growth drivers; earnings upgrades ahead, Believe market needs to adapt a bottom-up strategy to appreciate RK Forging’s capability and performance track record.

CLSA ON M&M:

Maintain Outperform with target price of Rs 3440, After moving from a 35% to a mix in domestic vs in the pa55% SUV years, key value growth is likely to be found in the transition from entry level SUVs to mid and premium models, Consumers are ready to pay 10% extra for features in PVs and not just focus on mileage.

International Markets:

U.S & Europe:

*As per 19^th October.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

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