Market View 24th Dec, 2024

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

Stocks in Asia saw limited movement, with trading volumes lower due to the holiday season. The rally of major tech companies in the US helped boost market sentiment, contributing to a positive start for US stock indices at the beginning of the Christmas-shortened trading week. Following the trend in US and Asian markets, benchmark stock indices in India also closed higher on the first day of the week. Prior to this, both indices had faced losses in the previous week. Despite the earlier decline, the markets showed resilience, with significant gains as traders remained cautious but optimistic. The trading environment remained relatively quiet, with investors taking a cautious approach amid the festive season and waiting for further developments in the global economy. Overall, the markets ended the session on a positive note, reflecting recovery from the earlier downturn.

Economic Calendar:

• USD: Initial Jobless Claims on 26th December 2024.
• IND: Federal Fiscal Deficit (Nov) on 31^st December 2024.
• USD: Goods Trade Balance (Nov) on 27th December 2024.
• IND: HSBC India Manufacturing PMI (Dec) on 2^nd January 2025.

 

IPO Watch:

Brokerage Radar:

MORGAN STANLEY ON SBI CARDS:

Maintain Equal-weight with target price of Rs 650,  SBI Card’s November spending market share fell MoM to 14.9% vs. 15.8% in October 2024, Spending fell 20% YoY industry +5% YoY, reflecting ongoing impact (starting February) of RBI notification on corporate card spending.

ELARA SECURITIES ON DEFENCE:

Expect fireworks in Q4 as indigenization up,  Contract awarding to jump multifold in the next 2-3 years, India’s defence imports drop by 1,100 bps to 28% in FY24, Hindustan Aeronautics – Maintain Buy target price at Rs 5465, BEL – Maintain Buy target price at Rs 345, Bharat Dynamics – Downgrade to Accumulate from Buy; Hike target price at Rs 1300 from Rs 1230.

JEFFERIES ON TELECOM:

Impact of tariff hike normalizes, In October 2024, the sector’s active subscriber base jumped sharply by 6.8 million MoM, Bharti/ Jio/BSNL/MTNL gaining share, 4G/5G subscriber base fell in Oct, led by Jio, suggesting Jio weeding out inactive 4G customers.

International Markets:

U.S & Europe:

*As per 24^th December.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

NEWS UPDATES

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