Market View 23rd Aug, 2024

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

Asian indices were mixed in early trade on Friday. Japan’s Nikkei was 0.11% higher after the country’s headline inflation was unchanged in July. South Korea’s Kospi and S&P ASX 200 were trading 0.4% lower. In the US, stocks declined and bond yields increased as traders anticipated Jerome Powell’s speech on Friday. There are expectations that he may suggest a potential rate cut, though likely at a slow and steady pace. The benchmark equity indices pared some of their morning gains but still managed to close higher on Thursday, with the NSE Nifty 50 recording its best streak since the six sessions that ended on May 23. Overseas investors turned net buyers of Indian equities on Thursday after three straight sessions of selling. Foreign portfolio investors bought stocks worth Rs 1,371.8 crore, domestic institutional investors stayed net buyers for the 14th session and bought equities worth Rs 2,971.8 crore

Economic Calendar:

• USD: Durable goods order announcement on 26August2024
• IND: FX reserves, USD announcement on 23August2024

IPO Watch:

Brokerage Radar:

Bernstein on Reliance:

Retail focus has been on operational efficiency as capex moderated & stores were rationalized. Oil-to-chemicals earnings growth to remain steady. Expect AGM to focus on potential listing of Jio & Reliance retail. Timelines for commencement of new energy project will be another focus

Citi on DLF:

Maintain Sell; Hike target price to Rs 790 from Rs 702.Increase target due to healthy demand environment and cash flows. Maintain Sell rating due to expensive valuations.

CITI ON PHOENIX MILLS:

Maintain Buy; Hike target price to Rs 4,040 from Rs 3,885.Increase FY25/26 earnings estimates by 2-4%; incorporate recent positive operational trends. Remains levered to consumption growth in its key malls. Continues to execute well on its pipeline of new malls across India.

International Markets:

U.S & Europe:

*As per 23^rd August.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

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