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View on market: Volatility Prevails, Market is searching for better value
Most markets in Asia-Pacific region were trading higher on Monday, taking cues from the last week gains on Wall Street as the US Federal Reserve Chair Jerome Powell’s remarks assured traders of monetary easing from next month. Stocks went up and bond yields dropped after Powell suggested that the central bank is likely to cut interest rates in September. He also hinted that there might be more rate cuts in the future, according to Bloomberg.
On Friday, the NSE Nifty 50 and BSE Sensex ended the muted session little changed, and posted a two-week winning streak. Market participants awaited Powell’s speech at the Jackson Hole gathering, Wyoming.
Economic Calendar:
- USD: Durable goods order announcement on 26August2024
- IND: GDP Quarterly (YoY) Session on 30th August
IPO Watch:
Company | Open | Close | Price | View |
Premier energy | 27 Aug | 29 Aug | 427-450 | Apply |
Baazar Style Retail | 30 Aug | 3 SEP | – | Under Review |
Brokerage Radar:
HSBC INDIA STRATEGY:
Indian equities are hot; however, after 13 out of 15 years of gains and trading at lofty valuations, Stay overweight as, India has the strongest growth story in emerging markets, identify 10 risks; on their own, none pose an immediate threat, but in sou aggregate they could derail the rally, Stress for banks is increasing, Banks are struggling to grow deposits.
BERNSTEIN ON RELIANCE:
Retail focus has been on operational efficiency as capex moderated & stores were rationalized, Oil-to-chemicals earnings growth to remain steady, Expect AGM to focus on potential listing of Jio & Reliance retail, Timelines for commencement of new energy project will be another focus.
MORGAN STANLEY ON OIL:
Crude oil markets remain in deficit, but are likely as tight as they will be for some time, By Q4, the balance will likely return to equilibrium, and estimate a surplus in 2025, In the short term, Brent prices so appear oversold, but stick to estimate of Brent in the mid-$70s this time next year.
International Markets:
U.S & Europe:
Particulars | 23ndAugust | Chg. | Chg.(%) |
Nasdaq | 17,877.79 | 258.44 | 1.47 |
Dow | 41175.08 | 462.30 | 1.14 |
FTSE | 8,327.78 | 39.78 | 0.48 |
CAC | 7,577.04 | 52.93 | 52.93 |
DAX | 18,633.10 | 139.71 | 0.75 |
Dow Fut.* | 41267 | -3 | -0.01 |
*As per 26th August.
Asian markets:
Particulars | 26thAugust | Chg. | Chg.(%) |
GIFT Nifty | 24,904.50 | 50.50 | 0.20 |
Nikkei | 37,909.95 | -454.32 | -1.18 |
Straits Times | 3,392.95 | 4.96 | 0.15 |
Hang Seng | 17,812.33 | 200.23 | 1.14 |
Shanghai | 2,851.97 | -2.40 | -0.08 |
Stocks strong on Chart:
Index | F&O | Cash |
BAJAJ AUTO | HAL | SOLAR IND |
HUL | NALCO | TATA TECH |
HDFC LIFE | INDIGO | RK FORGE |
ICICI BANK | BOSCH | ION EXCH |
ULTRATECH | INDIAN HOT | SONA COM |
BAJAJ FINSER | SAMVARDHAN | GNA AXLES |
Commodities & Currency:
Particulars | Current Price | Chg.(%) |
USD/INR | 83.815 | 00 |
Brent | 78.62 | 0.60 |
Gold | 71,770.00 | -0.01 |
Silver | 85,175.00 | -0.04 |
FIIs & DIIs:
Particulars | 23nd August | 22st August |
FIIs | 1,944.48 | 1,371.79 |
DIIs | 2,896.02 | 2,971.80 |
News Update:
Company
KEC International: | The company received a new order worth Rs 1,079 crore in transmission, distribution and cable businesses. |
Dr. Reddy’s Laboratories: | The US FDA concluded a product-specific pre-approval inspection at a manufacturing facility in Andhra Pradesh and issued a Form 483 with three observations. |
Uno Minda: | JV Tokai Rika Minda announced the opening of a new manufacturing plant in Rajasthan. The plant will have an annual production capacity of 3.84 lakh units per month. |
Symphony: | The company’s arm has incorporated a China-based unit, Dongguan GSK Appliances. |
Karur Vysya Bank: | SBI Mutual Fund received RBI approval to acquire a 9.99% stake in the bank |
IDFC: | The company received an income tax refund of Rs 203 crore. |
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