Market View 27th Nov, 2024

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

Stocks in the Asia-Pacific region were mixed on Wednesday after Israel reach a ceasefire deal with Hezbollah, and Wall Street seemed to pay little attention to Donald Trump’s threat of tariffs. There was little change in oil prices in this period. The Dow Jones Industrial Average was compelled to open lower on Tuesday following Trump’s tweet suggesting measures to levies 25% tax on imports from Mexico and Canada. The Dow closed slightly lower on the day. In India The Nifty 50 and BSE Sensex closed in the red with the Nifty 50 falling a few points and the Sensex losing a few points. However, global markets appeared less sensitive to Trump’s tariff proposals even as crude prices were swiftly trending lower after hitting their own peaks. What had increasingly surfaced in this period was geopolitical content like the Israel – Hezbollah ceasefire. In general, reactions in the markets were moderate, which is explained by the fact that worries regarding the trade policies and geopolitical events are leveled with the opposite sentiment.

Economic Calendar:

• USD: GDP Price Index (QoQ) (Q3) on 27^St November 2024.
• IND: Federal Fiscal Deficit (Oct) on 29^th November 2024.
• USD: Initial Jobless Claims on 5th December 2024.
• IND: HSBC India Manufacturing PMI (Nov) on 2^nd December 2024.

Brokerage Radar:

MS ON HYUNDAI INDIA:

Initiate overweight target: 2,418, New Capacity Addition, Market Revival & Product Action To Drive FY26/27 Growth, With Support From Its Parent, Co Is Also Well Placed In SUVs & EVs, With FY27 P/E Of 19x Against An India OEM (Ex-Tata) Average Of 22x, Valuation Is Attractive.

MS ON COAL INDIA:

Initiate overweight target: 525, Strong Power Demand Outlook Should Support Volumes & Earnings Growth Over Next Few Yrs, Healthy Operating Cashflows Mean Limited Risks To Medium- term Dividends/Capex, Valuations Are Attractive At 2.1x F26 P/B And 6.8x FY26 P/E.

PMORGAN ON DEFENCE:

BEL – Initiate Overweight with target price of Rs 340, Hindustan Aeronautics – Initiate Overweight with target price of Rs 5135, Mazagon Dock – Initiate Neutral with target price of Rs 4248, Long Runway of Structural Growth, Recent Stock Price Correction is an Opportunity.

International Markets:

U.S & Europe:

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

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