Market View 24th June, 2024

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

Most Asia-Pacific markets declined on Monday as investors await inflation figures from Japan and Australia, scheduled to be published this week. The Nikkei 225 was 142.05 points or 0.37% higher at 38,738.52 and the S&P ASX 200 was 46.30 points or 0.59% lower at 7,749.70. The significant expiration of options on Wall Street not only caused US stocks to grapple for a definitive trend but also subjected Nvidia, a frontrunner of the bull market on a roller coaster ride. The S&P 500 Index and Nasdaq Composite fell 0.16% and 0.18%, respectively as on Friday. Dow Jones Industrial Average rose 0.04%.  Brent crude was trading 0.42% lower at $84.88 a barrel. Gold rose 0.06% to $2,323.4100 an ounce.  India’s benchmark stock indices closed lower on Friday as investors booked profits. However, on a weekly basis, the indices ended higher for the third time, posting a record-high weekly close.

Securities in ban period: BALRAMPUR, CHAMBAL, GNFC, GRANULES, HAL, INDUSTOWER, HINDCOPPER, PEL

Economic Calendar:

• INR: Bank loan and Deposit growth on 28^th June
• INR : manufacturing PMI on 1^st July 24
• INR :  24th June, 2024 to 3rd July, 2024.

Brokerage Radar:

MOSL ON ICICI BANK

Buy, TP Rs 1350

Fee growth steady; operating leverage emerging as a key lever with focus on “Return on Effort”

Asset quality remains robust; credit cost to normalize gradually

CITI ON MGL

Buy, TP Rs 1550

Management meet takeaways

1) Optimistic of higher vol growth (6- 7% CAGR vs 5-6% historically)

2) EBITDA margins to sustain at Rs11+/scm near-term & Rs10+/scm medium-term

3) +ve policy moves such as gas under GST & lower excise on CNG possible

International Markets:

U.S & Europe:

Asian markets:

ADR Watch:

Commodities & Currency:

FIIs & DIIs:

News Update:

Garden Reach ship has bagged an international contract worth around $54 million to construct & deliver four multi-purpose vessels of 7,500

Ujjivan Small Finance Bank: The lender has lowered its fiscal 2025 loan growth guidance by 500 basis points as it sees stress building up in some pockets of its business.

Prestige Estates Projects: The board approved raising up to Rs 5,000 crore via QIP.

IREDA: The company has successfully raised Rs 1,500 crore today through the issuance of bonds.

S.P. Apparels: The company completed the acquisition of Young Brand Apparel for Rs 167 crore.

Cipla: Blackrock raised its stake in the company to over 5%. USFDA inspection at its manufacturing facility in Goa ended with 6 observations.

TVS Motor: The company signed a pact with CSC Grameen eSTORES for a commercial vehicle range.
The market regulator SEBI conducted search and seizure operations on Sandeep Tandon-owned Quant Mutual Fund, suspecting front-running activities

Source: Moneycontrol, Bloomberg Quint, Investing 

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