Market View 28th Aug, 2024

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

Markets in Asia-Pacific logged losses in early trade on Wednesday after an overnight sluggish session on Wall Street, while market participants await Nvdia Corp.’s earnings. Market participants await Nvidia Corp.’s earning, scheduled to be released later on Wednesday, to check if enthusiasm over artificial intelligence is still going to trigger a bull run. The Indian benchmark stock indices ended a lackluster session on Tuesday with little change as gains in Infosys Ltd., and Larsen & Toubro Ltd. supported the indices, while losses in Reliance Industries Ltd. and Hindustan Unilever Ltd. weighed on the indices. Overseas investors stayed net buyers of Indian equities on Tuesday for the fourth consecutive session. Foreign portfolio investors bought stocks worth Rs 1,503.8 crore, while domestic investors turned net sellers after remaining buyers for 16 sessions and offloaded equities worth Rs 604.1 crore.

Economic Calendar:

• USD: Initial jobless claim announcement on  29 August
• IND: GDP Quarterly (YoY) Session on 30th August.

IPO Watch:

Brokerage Radar:

Axis Cap on Indigo:

Downgrade to ADD (from BUY) given the limited upside. Increase target to ₹5,100 (from ₹4,700).Issue is on the supply side; load factors at 80% are already at an optimal level.

UBS on Telecom:

Maintain Neutral on Airtel and Buy on VIL as a play on potential government relief measures. Expect 60-75% of tariff hike to flow through to revenues over three quarters. Churn expected to be lower this time as the incidence of double SIMs has come down substantially. See some downside risk to consensus estimates; maintain Neutral on Airtel and Indus.

Citi on L&T Finance:

Buy, target ₹221.Industry-wide MFI stress incidence expected to dissipate by H2FY25.Confident of no overleveraging risk for its MFI borrowers. Home loan lead generation impact expected to be visible in the next few quarters. Comfortable with credit cost guidance of 2.25%-2.5%.

International Markets:

U.S & Europe:

*As per 28^th August.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

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