Market View 20th Aug, 2024

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

Share indices in Asia-Pacific region were trading higher in early trade on Tuesday as market participants await China’s loan prime rate, and the Reserve Bank of Australia’s August policy minutes .US stocks rose for the eighth consecutive session, marking the longest winning streak of 2024, as investors anticipate that the Federal Reserve may soon signal a shift towards reducing interest rates. The Indian benchmark indices ended mixed on Monday as the NSE Nifty 50 closed 31.50 points or 0.13%, higher at 24,572.65, and the S&P BSE Sensex settled 12.16 points or 0.02%, lower at     80,424.68.Overseas investors turned sellers of Indian equities on Monday after a session of buying. Foreign portfolio investors offloaded stocks worth Rs 2,667.5 crore, while domestic investors stayed net buyers for the 11th consecutive session and bought equities worth Rs 1802.9 crores.

Economic Calendar:

• USD: Crude oil inventory announcement on 21August2024
• IND: M3 money supply announcement on 21 August 2024

IPO Watch:

Brokerage Radar:

Macquarie on TCS:

Maintain Outperform; hike target price to Rs 5,740 from Rs 4,750.Served to remind us that although TCS still spends only 1-1.2% of its revenue/ year on R&D, it is now a large figure. See Al making legacy modernization possible with much greater accuracy and at lower cost. See potential for a pickup in demand medium-term from a wave of legacy modernization programs

CITI ON RIL:

Downgrade to Neutral from Buy; Hike target price to ₹ 2910 from ₹2600.In-line Q3 – O2C Softer, Oil & Gas Stronger.O2C below; oil & gas ahead; Jio & retail in- line. Downgrade to Neutral on Balanced Risk/Reward.

Nomura on IndusInd Bank:

Maintain Neutral with target price of Rs 1580.Receives RBI approval to set up AMC subsidiary. Can now generate revenue as a ‘manufacturer’ of mutual funds. Positive development at the margin, but scale will take time. Remains to be seen if this sets a precedent for the rest of the sector.

International Markets:

U.S & Europe:

*As per 20^th August.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

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