Market View 25th Oct, 2024

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

Early on Friday, stocks in the Asia-Pacific region were mixed—after the American stocks rose the night before being boosted by Tesla Inc. The U.S. markets were higher to counter a sequence of declines, with two out of three major stock market indices opening higher on Thursday. Nevertheless, in India, the NSE Nifty 50 and BSE Sensex ended higher than more than two months low for the third successive session. This decline was due to poor performers’ reports, which did not infuse confidence within the investors. Further, lower performance on Asian indices and share losses on Wall Street piled on the pressure on Indian benchmarks. Still, while American shares have finally received some upward impetus, Asian investors were understandably more cautious due to the signal confusion and the credit crunch situation.

Economic Calendar:

• USD: House Price Index (YoY) (Aug) on 29th October 2024.
• IND: Foreign Exchange Reserves (USD) on 25th October 2024.
• USD: Mortgage Market Index on 30th October 2024.
• IND: RBI Monetary and Credit Information Review on 31st October 2024.

IPO Watch:

Brokerage Radar:

GOLDMAN SACHS ON ITC:

Maintain Buy; Hike target price to Rs 525 from Rs 515, Q2: Steady quarter in a tough consumption environment, Good growth in cigarette business, FMCG business margins under pressure from rising input costs, Agri business has a strong quarter, paper further weakens, hotels remains healthy.

GOLDMAN SACHS ON GODREJ CONSUMER:

Maintain Buy; Cut target price to Rs 1500 from Rs 1525, Q2: Industry beating volume growth continues,  Green shoots in the HI business after launch of new molecule,  Remains confident on its soap business despite the formulation change from HU, India EBITDA margin to remain under pressure for 2 quarters due to palm oil inflation,  International business is on strong growth trajectory.

UBS ON L&T:

Downgrade to Neutral from Buy; Cut target price to Rs 4000 from Rs 4330,  Weaker near-term outlook,  Managing returns/cash flow key amid low appetite to grow orders,  Supportive core earnings, but new order growth likely to weaken, Competitive scenario favourable in the Middle East; is it sustainable? Market always rewards orders over core earnings for L&T.

International Markets:

U.S & Europe:

*As per 25^th October.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

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