Market View 28th Nov, 2024

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

Asia-Pacific shares end mixed on Thursday after tracking Wall Street’s performance. U.S. stock markets were down, especially, the tech-heavy ones: such stocks were sold off. This decline was partly in response to new economic data which suggests that while the fed will continue to gradually cut interest rates, this – influenced market sentiment. The Dow Jones climbed 0.34% but the S&P 500 and Nasdaq Composite went down. After a slight decline on Wednesday however, the stock markets were again slowly on the stir in India. Indian stocks were supported by good shows by HDFC Bank and the Adani Group factors that boosted the gain. NSE Nifty 50 and BSE Sensex, both gained on the close, which is the first time they have touched these levels since early November. While global markets were bearish, India’s continued to show green depicting higher investors’ optimism in sectors of their choice.

Economic Calendar:

• USD: S&P Global US Manufacturing PMI (Nov) on 2^nd December 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:

GOLDMAN SACHS ON MARICO:

Maintain Buy with target price of Rs 720, Marico well-placed to navigate the current tough environment, Parachute gaining market share in the inflationary input cost cycle, Saffola foods and digital first brands showing consistent high growth with improving profitability, Price led growth for Saffola edible oils.

UBS ON PAYTM:

Maintain Neutral; Hike target price to Rs 1000 from Rs 490, Significant improvement priced in, Next leg of business improvement has to be driven by revenue, as large part of its cost optimisation has already occurred Expect FY26 neda revenue to be at FY24 level, Adjusted EBITDA break-even is likely as of Q4FY25.

JEFFERIES ON COLGATE:

Maintain Buy with target price of Rs 3570, CEO focus was firmly on growth as the aim is to grow ahead of the category and FMCG peers, Last year margin was outlier, which should now be range-bound as brand investments will go up, Segments beyond oral are also a focus, with plans to bring products from parent’s stable.

International Markets:

U.S & Europe:

*As per 28^th November.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

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