Market View 21th Aug, 2024

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

US stocks faced challenges in gaining further ground after a vigorous rally brought the market close to its all-time highs. On Tuesday, a decline in equities broke what would have been the S&P 500’s ninth consecutive session of gains, its longest winning streak in two decades. This drop marked a sharp reversal from the negative momentum observed during the panic selling of early August. The NSE Nifty 50 extended its gains for a fourth consecutive session and the S&P BSE Sensex continued its rally after a one-day blip to record their highest closing since Aug. 2, as shares of finance and IT companies led the gains. Overseas investors stayed net sellers of Indian equities on Tuesday for the second consecutive day. Foreign portfolio investors offloaded stocks worth approximately Rs 1,458 crore, while domestic investors stayed net buyers for the 12th successive session and bought equities worth Rs 2,252.1 crore,

Economic Calendar:

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

IPO Watch:

Brokerage Radar:

JPMorgan on Cyient:

Maintain Overweight with target price of Rs 2,100.Cyient to divest 14.5% stake in DLM. Proceeds to be used for semiconductor investments and repay debt. M&A could be in semiconductors or also in Auto.

BofA SEC ON VARUN BEV:

Maintain buy with target 1840.Business Fundamentals Remain Strong.   Pullback After Results Is An Enhanced Buying Opportunity. See Upside from Distribution Expansion, New Products (Dairy Beverages, Energy/Sports Drinks)

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

International Markets:

U.S & Europe:

*As per 21^th August.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

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