Market View 25th July, 2024

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

US stocks plummeted following a disappointing start to the mega-cap earnings season. After driving the rally for most of 2024, big tech pulled the markets down, with the S&P 500 seeing its sharpest decline since the regional-bank crisis. The Nasdaq 100 fared worse, dropping 3%.India’s benchmark equity indices fell for a fourth consecutive session on Wednesday, logging their worst streak since five consecutive sessions of decline till May 30. Today’s fall was due to losses in the shares of financial services stocks. Overseas investors remained net sellers of Indian equities on Wednesday for the second straight day. Foreign portfolio investors offloaded stocks worth Rs 5,130.9 crore post-budget day, while domestic institutional investors stayed net buyers for the third session and mopped up equities worth Rs 3,137.3 crore.

Economic Calendar:

• UDD : Initial jobless claim on 25 July
• IND: Fx reserves USD announcement on 26 July

Brokerage Radar:

Nuvama on Federal Bank:

Maintain Buy, Hike target price to 235.Strong AUM and healthy NIM, but deposits steal the show. Credit cost and slippage rose on a low base, but remain contained. New CEO is confident of deposit growth sustaining at 18-20%.

Investec on IEX:

Buy with target price of Rs 175.Q1FY25 in line; higher opex partly offset by higher other income. Healthy volume growth; Topline revenue growth largely in line with the estimates.

Nomura on Tata Motors :

Buy from Neutral; hikes target price to Rs 1,294 from Rs 1,141.Believe transition from premium to luxury will help JLR stay one level above the high competition segments. Incentives for Land Rover have been well under control despite an increasing trend across rest of the OEMs.

International Markets:

U.S & Europe:

*As per25^th July.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

Source: Moneycontrol, Bloomberg Quint, Investing 

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