Market View 27th June, 2024

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

Asia-Pacific markets fell on opening note taking cues from caution on the Wall Street ahead of US GDP data for January-March quarter, scheduled for releases later on Thursday but recovered later and trading in green. The Japanese yen slumped to160.9 against the US dollar, marking the lowest level since 1986, Bloomberg reported. This fuelled bets among traders that Japan’s authority may step in to safeguard the currency.

US stocks faced challenges in the last phase of a successful quarter, where a select few high-performing technology stocks dominated. All large-cap companies, excluding Nvidia Corp., experienced an increase in their stock prices as the major chipmaker conducted its yearly shareholder meeting.

India’s benchmark equity indices extended their record run for the second consecutive day on Wednesday, ahead of the expiry of their monthly derivative contracts. The Nifty Bank, whose monthly contracts also expired in the day, recorded its highest close as well.

Economic Calendar:

• INR: Bank loan and Deposit growth on 28^th June
• INR : manufacturing PMI on 1^st July 24
• INR :  Parliament session 24th June, 2024 to 3rd July, 2024.

IPO Watch:

Brokerage Radar:

Jefferies maintains a buy call on PI Industries.

Says offer for acquisition of an AIM-listed biologics co is in-line with its stated growth focus

Jefferies maintains a buy call on Polycab India.

Says FY24 saw further market share gains in organized C&W to 25-26%, up 2-3% YoY

Jefferies downgrades Bharti Hexacom to a hold call.

Says the company has unexpectedly acquired spectrum worth ₹1,000 cr in current auctions, adding that the unexpected acquisition should help to augment its data services

International Markets:

U.S & Europe:

*As per 27th June.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

SBI SBI raises ₹10,000 crore through 5th Infrastructure Bond issuance at 7.36% coupon

Titagarh Rail Titagarh Rail eyes ₹8,500 crore revenue from new coach capacity (800-850 coaches/y, each 10 cr)

BSEIndia’s equity market adds over $1 trillion in 6 months, beats all other markets except the US

IIFLSECSebi investigating role of Sanjiv Bhasin, formerly with IIFL Securities, in alleged market manipulation

INDIA CEM India Cements will be excluded from F&O segment after August series

JSW ENERGY Arm JSW Neo Energy signs Power Purchase Agreements (PPAs) for wind & solar projects with a cumulative capacity of 1,325 MW

TELECOM Bharti Airtel acquires 97 MHz spectrum, Reliance Jio acquires 14.4 MHz Spectrum & Vodafone Idea acquires 30 MHz spectrum

Source: Moneycontrol, Bloomberg Quint, Investing 

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