Market View 24th Sept, 2024

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

Tuesday’s gains in Asia-Pacific indices were fueled by a solid showing in US stocks. Investors are carefully expecting a rare briefing from the People’s Bank of China and the Reserve Bank of Australia’s imminent policy decision. Bharti Airtel Ltd. and HDFC Bank Ltd. gains propelled the NSE Nifty 50 and BSE Sensex to their greatest closing levels for the third consecutive day in India. Four days in a row, both indices hit fresh intraday highs. Additionally, for the second day in a row, foreign investors continued to be net buyers of Indian stocks, showing their sustained trust in the market. All things considered, the upward trend indicates that confidence among investors is strong in the area.

Economic Calendar:

• USD: House Price Index (July) on 24^th Sept 2024.
• IND: Foreign Debt (USD) (Q2) on 30^th Sept 2024.
• USD: GDP Growth Rate on 26^th Sept 2024.
• IND: Federal Fiscal Deficit (Aug) on 30^th Sept 2024.

IPO Watch:

Brokerage Radar:

EMKAY ON PAYTM:

Upgrade to Add from Reduce; Hike target price to Rs 750 from Rs 375, Easing regulatory drag, optimizing opex to restore profitability, Management expects the loan distribution business to gradually re-accelerate, Broking and insurance distribution business is gaining scale and has already turned profitably.

MORGAN STANLEY ON ONGC:

Maintain Overweight with target price of Rs 430, Potential reserve accretion in Azerbaijan, Consortium plans to monetise non- associated gross natural gas reserves of 4tcf, International operations have been a drag to returns for ONGC in the past, Seeing improving trends in production and reserve accretion.

EQUIRUS ON ASTEC LIFE:

Downgrade to Short from Long; Cut target price to Rs 970 from 1500, CEO departure at a critical turning point, Enterprise business stagnant, CDMO outlook uncertain, Roy’s exit will severely hurt ASTEC’s growth prospects, His contribution was significant in ND driving the CDMO business.

International Markets:

U.S & Europe:

*As per 24^th September.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

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