Market View 1st Aug, 2024

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

Most markets in Asia-Pacific were trading higher on Thursday morning after the US Federal Reserve Chair Jerome Powell’s comments in press conference affirmed hopes of a rate cuts as soon as September. In case the balance of risks is consistent with confidence in inflation easing, and maintaining a solid labor market, a cut in the policy rates could be as soon as in September, Powell told reporters in a press conference, Bloomberg reported. India’s benchmark stock indices continued their gains for the fourth consecutive session to end at fresh record closing highs on Wednesday, ahead of the Federal Open Market Committee’s meeting later in the day. Overseas investors stayed net sellers of Indian equities on Wednesday.

Economic Calendar:

• USD :Initial job claims announcement on 1 August
• IND: Fx reserves, USD announcement on 2 August

IPO Watch:

Brokerage Radar:

Investec on M&M

Maintain Buy; Hike target price to Rs 3220 from Rs 3100.Strong growth momentum to continue. Think M&M’s valuation is supportive led by EBITDA CAGR of 20%, EPS upgrade cycle, EV preparedness and strong ROIC.

Macquarie on Crompton Consumer

Maintain Outperform with target price of Rs 511.Q1: Good quarter with healthy revenue beat. Lighting segment seeing some recovery in volumes; price decline seen in the past few quarters has stabilized now.

Jefferies on Godrej Properties

Maintain Buy; Hike target price to Rs 3725 from Rs 3175.Very strong pre-sales performance puts it in contention for guidance beat. 33% of annual guidance already achieved and launch pipeline strong.

International Markets:

U.S & Europe:

*As per1^stAug.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

Source: Moneycontrol, Bloomberg Quint, Investing 

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