Market View 24th July, 2024

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

The Nikkei 225 was 20.51 points or 0.1% lower at 39,573.88, and the S&P ASX 200 was 16.30 points or 0.20% lower at 7,954.80.US stocks faced resistance in gaining momentum as traders sifted through a flood of corporate results to gauge the market’s ability to sustain this year’s historic rally. India’s benchmark stock indices extended losses for the third session Tuesday as shares of HDFC Bank Ltd. and Larsen & Toubro Ltd. dragged after India received its final budget for financial year 2025.Overseas investors turned net sellers of Indian equities on Tuesday after six days. Foreign portfolio investors offloaded stocks worth Rs 2,975.3 crore on the budget day, while domestic institutional investors stayed net buyers and mopped up equities worth Rs 1,418.8 crore.

Economic Calendar:

• USD: Crude oil inventory announcement on 24 July
• UDD : Initial jobless claim on 25 July
• IND: Fx reserves USD announcement on 26 July

IPO Watch:

Brokerage Radar:

Jefferies on Torrent Pharma

Buy, TP Rs 3540. 1Q rev in-line with est. while EBITDA/ PAT were +3%/+5% higher as strong India growth (+15% YoY) led to multiyear high gross margins Qtr. impacted by one offs in topline as well as expenses otherwise beat would have been even higher

Bernstein on Bajaj Finance

Market perform with target price of Rs 6,800.A massive credit cost increase presents a grim picture. A sequential rise in the non- interest income was the only saving grace.RoA could have fallen even lower and Roe moving closer to mid-teens.

Investec on Zensar Technologies

Maintains Buy; hikes target price to Rs 885 from Rs 710.Strong potential to significantly outperform on growth. Company hopes to close large deals across verticals. Believe even a single large deal is meaningful on its small revenue base. EBITDA% were impacted by one-offs leading to a 200bps miss on ests.

International Markets:

U.S & Europe:

*As per24^th July.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

Source: Moneycontrol, Bloomberg Quint, Investing 

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