Market View 28th Oct, 2024

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

Asian indices opened higher with Japan indices rising the most following the election outcome. On Friday, all three major Wall Street indices opened higher, as investors aimed to finish a week of volatility on a positive note. In contrast, Indian benchmark equity indices fell for the fourth week in a row, marking their longest losing streak since the five-week period ending earlier this year. On a daily basis, these indices declined for the fifth consecutive session. Overseas investors continued to sell Indian equities, marking the 20th straight session of net selling. However, domestic institutional investors remained active buyers, maintaining a streak of 24 consecutive sessions of net buying. This divergence highlights contrasting sentiments in the Indian market, with foreign investors pulling back while local institutions continue to support equities. Overall, the market is experiencing significant fluctuations as various factors influence investor behavior.

Economic Calendar:

• USD: House Price Index (YoY) (Aug) on 29th October 2024.
• IND: Bank Loan Growth Rate on 1st November 2024.
• USD: Mortgage Market Index on 30th October 2024.
• IND: RBI Monetary and Credit Information Review on 31st October 2024.

IPO Watch:

Brokerage Radar:

UBS ON HPCL:

Maintain Buy with target price of Rs 445, All-round focus on investments to support growth and profitability over time, Strong integrated margins offset by under-recoveries and inventory, Improving physical performance with key projects reaching/ near completion.

INVESTEC ON ICICI BANK:

Maintain Buy; Hike target price to Rs 1450 from Rs 1350, Outperforming peers on all counts, Positive surprise on credit costs leads to RoA beat, Credit/deposits growth continues to remain strong,  NIMs decline on higher incremental cost of funds.

HSBC ON SHRIRAM FINANCE:

Maintain Buy; Hike target price to Rs 3725 from Rs 3600,  Q2 performance reinforced our view that Shriram is in its most convincing operating period since 2010,  Delivery on all parameters was strong, guidance was re-iterated and there were no misses in asset quality or growth,  Hike target to reflect strengthening competitiveness.

NUVAMA ON IDFC FIRST BANK:

Maintain Hold, Cut target price to Rs 60 vs Rs 72, Management raised the full-year credit cost guidance to 2.25% from 1.85%, PAT slid 77% YoY/74% QoQ due to a spike in credit cost to 3.15% from 1.9% QoQ, MFI asset quality deteriorated,  SMA in other segments-including PL and CC-is tracking better than industry, Strong loan-deposit growth, lower opex and higher trading gains.

International Markets:

U.S & Europe:

*As per 28^th October.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

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