Market View 23rd Oct, 2024

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

Asian stocks were mostly lower on Wednesday after the weak earnings outlook and as equally decreased US Treasury yields. Traders are currently waiting for the Federal Reserve to start hiking instead of cutting its interest rates. Indian indices: NSE Nifty 50 also the BSE Sensex shuts at the nadir of over two months on Tuesday. Although it was supported byedn’s like Reliance Industries and HDFC Bank that underperformed in the market. Along with overall weakness in US stocks, it was the doubts over the pace at which the US will shift its monetary policy where both Asian and European markets were impacted, thus the similar slump in Indian shares. Such are the currents entrepreneurs are having to swim through amid such dynamic economies.

Economic Calendar:

• USD: S&P Global US Manufacturing PMI (Oct) on 24th October 2024.
• IND: HSBC Manufacturing PMI on 24th October 2024.
• USD: House Price Index (YoY) (Aug) on 29th October 2024.
• IND: Foreign Exchange Reserves (USD) on 25th October 2024.

IPO Watch:

Brokerage Radar:

JEFFERIES ON SUPREME INDUSTRIES:

Maintain Buy; Cut target price to Rs 6450 from Rs 6520, Expect Recovery in H2; Buy the Weakness,  Beyond near-term hiccups, medium term drivers stay intact,  Despite volatile raw material, margins stayed robust at sales 14%, with VAS at 40% of sales View Supreme as holistic play on housing, capex, agriculture.

MACQUARIE ON ZOMATO:

Maintain Underperform with target price of Rs 100, Strong momentum & no meaningful margin dilution at Blinkit  Food delivery margin expansion lags consensus’ expectations,  QIP raises our concerns on overall Q- Com industry unit economics in face of sharp increase in competitive intensity.

CITI ON VARUN BEVERAGES:

Maintain Buy with target price of Rs 800, Gearing Up For New Growth Levers: Category + Territory, India: Impacted by heavy rains; strong EBITDA growth, Absolute multiples are rich, these are likely warranted given robust business prospects.

International Markets:

U.S & Europe:

*As per 23^rd October.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

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