Market View 22nd Nov, 2024

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

Asian stocks advanced in the final trading day of the week buoyed by optimistic tone from Wall Street although concerns centered on cues from Nvidia Inc. and political tensions were making the rounds. It was the ‘Trump Trade’ rather than Nvidia’s disappointing guidance which captured the attention of investors. But global trading mood soured after Ukraine said Russia launched an intercontinental ballistic missile during an overnight strike. The Nifty and Sensex declined in India and hit the lowest in several months. Thursday was a good day for the USA markets with the S&P 500, Dow Jones and Nasdaq having opened on the higher side. It went up on the S&P 500, the Dow was up by over 100 points and the Nasdaq also scale the ladder upward. While the trading began on a positive note in the US markets, the Indian markets ended lower; the Nifty 50 slipping to its lowest level in over five months, as did the Sensex. The decline in India was blamed on factors such as global concerns and missile and domestic market issues.

Economic Calendar:

• USD: House Price Index (YoY) (Sep) on 26th November 2024.
• IND: HSBC India manufacturing PMI (Nov) on 22^nd November 2024.
• USD: GDP Price Index (QoQ) (Q3) on 27^St November 2024.
• IND: Federal Fiscal Deficit (Oct) on 29^th November 2024.

IPO Watch:

Brokerage Radar:

JPMORGAN ON RELIANCE:

Maintain Overweight; Cut target price to Rs 1468 from Rs 1562.5,  One of the two drivers of RIL’s recent underperformance – weak refining margin – has reversed, The other – poor retail top-line growth is difficult to anticipate, but expectations have compressed.

JEFFERIES ON SBI:

Maintain Buy with target price of Rs 1030, Focus on improving deposit growth even as LDR has room to rise, Asset quality holding up, even in unsecured loans,  Rate cuts may be gradual; higher share of MCLR will aid aid margins.

UBS ON L&T:

Maintain Neutral with target price of Rs 4000, Low incremental appetite for Korean E&C to take larger orders in Middle East, Lower risk for ME hydrocarbon capex; near-term pipeline at $10- 12bn, Competition in infra is higher than hydrocarbons; some challenges to note, Domestic infra spend and ME execution are key.

International Markets:

U.S & Europe:

*As per 22^nd October.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

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