Market View 27th Sept, 2024

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

Friday saw a surge in global markets driven by the United States’ strong economic data and China’s resolve to fix its real estate sector. During the session, the S&P 500 increased by 0.40% and hit a record high of 5,767.37. The Dow Jones Industrial Average and Nasdaq Composite both ended higher, up by 0.60% and 0.62%, respectively. Asia’s markets, which show optimism, continued to rise in South Korea, Australia, and Japan. The NSE Nifty 50 and BSE Sensex in India saw advances for the sixth consecutive day, led by notable outcomes from Mahindra & Mahindra Ltd. and Maruti Suzuki India Ltd. Both benchmarks have continuously reached new highs since September 19, indicating persistent positive momentum in the Indian market.

Economic Calendar:

• USD: PCE Price Index (YoY) (Aug) on 27^th Sept 2024.
• IND: Federal Fiscal Deficit (Aug) on 30^th Sept 2024.
• USD: Fed Chair Powell Speaks on 30^th Sept 2024.
• IND: HSBC India Manufacturing PMI (Sept) on 1^st October 2024.

IPO Watch:

Brokerage Radar:

MACQURIE ON UNITED SPIRITS:

Maintain Underperform with target price of Rs 1100, Flattish demand trends in Q2; Muted volume growth likely in Q2, Expect 5% sales growth and 6% Ebitda growth in Q2, Prestige volumes would be flattish YoY, continued strength in luxury end should aid realisations.

MORGAN STANLEY ON PB FINTECH:

Maintain Equal-weight with TP of Rs 1375, Recent news flow on entry into healthcare sector,  Key concern of investors is if this changes the asset light nature of the business,  It is premature to make any assessment on the potential financial impact, Investor sentiment will be guided by 11000 seo magnitude of capital outlay.

MACQUARIE ON HDFC BANK:

Maintain Outperform with target price of Rs 1900,  Reported profits to be weak YoY but NII growth good at ~14% YoY, NIMs to expand 5bps QoQ to 3.52%,  Deposit growth: To see around Rs800bn QoQ increase in deposits, Loan growth: To remain weak ~8% YoY due to sell-downs and base effect.

International Markets:

U.S & Europe:

*As per 27^th September.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

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