Market View 25th Sept, 2024

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

As Chinese authorities enacted policies to encourage economic growth, including as lowering the reserve requirement ratio and outstanding mortgage rates, Asia-Pacific stock markets increased. The Kospi in South Korea increased by 0.83% to 2,653. The NSE Nifty 50 for a moment reached 26,000 before closing at its highest level for the third straight session. In contrast, leading equity indices in India ended the day flat. Despite a significant decrease in consumer confidence in three years, stocks in the US hit new highs, with the S&P 500 recording its 41st record finish of the year. This decline was attributed to job market concerns. Multiple Federal Reserve governors indicated confidence about likely easing in upcoming meetings, which helped to sustain market optimism.

Economic Calendar:

• USD: PCE Price Index (YoY) (Aug) on 27^th Sept 2024.
• IND: Federal Fiscal Deficit (Aug) on 30^th Sept 2024.
• USD: GDP Growth Rate on 26^th Sept 2024.
• IND: HSBC India Manufacturing PMI (Sept) on 1^st October 2024.

IPO Watch:

Brokerage Radar:

UBS ON DABUR:

Downgrade to Neutral from Buy; Hike target price to Rs 700 from Rs 650, Key concerns-rich valuation and possible risk to beverage sales growth, Rising cola drink and coconut oil Body competition poses risk to sales, Remain optimistic on sales growth over next five years.

GOLDMAN SACHS ON POWER GRID:

Maintain Buy with target price of Rs 370,  Government upgrades transmission capex estimate to $110 bn,  8%+ transformation capacity CAGR estimated; GH2, PSPs’ integration also factored, Expect Power Grid to be largest beneficiary of $500bn+ grid TAM estimate between FY24-50.

MACQUARIE ON BEL:

Maintain Outperform with target price of Rs 350, On track for FY25E guidance; all eyes on H2 order inflow, Order Inflows YTD Lagging So Far – But Not a Cause of Concern, Backlog to Support Growth Trends; Supply Chains Remain a Monitorable, 70-80% of BEL’s FY25 pipeline orders are single tender orders given specific R&D efforts undertaken for these projects by BEL over the past 7-8 years.

International Markets:

U.S & Europe:

*As per 25^th September.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

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