Market View 24th Oct, 2024

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

Stocks in the Asia-Pacific region began falling on Thursday after Wall Street plunged as market participants reassessed potential US Federal Reserve rate cuts. S&P and Nasdaq both dropped, and the yields on ten-year Treasury notes rose, indicating that traders are no longer confident in big rate cuts in subsequent meetings in the year. The Indian benchmark equity indices fell on Wednesday for a third consecutive day and closed at a low, its lowest level since August 14. During the trading session, the indices rose 0.5%, then fell 0.4%, and finished only a hair lower. This decline was driven by the filing of quarterly reports of earnings, which continues to cause confusion among investors. The overall sentiment therefore remains conservative as market participants react to readings on the economy and earnings, with mixed emotions but largely bearish sentiment across the region.

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:

BOFA ON BAJAJ AUTO:

Maintain Buy; cut target price to Rs 13,000 from Rs 14,000, Multiple levers of growth positions Bajaj well,  Exports taking over at the right time,  Best placed to navigate any growth moderation in domestic 2W given its diversified business mix, New segments scaling up; E- rickshaw to add in soon.

JEFFERIES ON NAVIN FLUORINE:

Maintain Underperform; Cut target price to Rs 2950 from Rs 3000, Q2FY25 Review: Weak; H2 Recovery Priced In, Commissioning of new agro chem plant in Q3FY25 should revive growth in spec chem, Commencement of 2 new contracts in CDMO in Q4FY25 shd jumpstart growth.

JPMORGAN ON COFORGE:

Maintain Overweight; Hike target price to Rs 9600 from Rs 9300,  Resuming growth champion status,  Organic growth momentum to sustain, Organic margins guidance should come through,  Cigniti growth also strong; margins to expand by mid-Nov.

International Markets:

U.S & Europe:

*As per 24^th October.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

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