Market View 29th Oct, 2024

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

Most of the Asian markets were lower in early Tuesday’s trade following a positive show in the US on Monday where most of the indices advanced. The stocks in the S&P 500 as well as the Dow closed in the green, the Nasdaq composite also going up. India’s NSE Nifty 50 and BSE Sensex snapped a five-day selloff after ICICI Bank and Mahindra & Mahindra posted their best month performance. But initial trading in Asia suggested that the rally had peaked as investors in the region proved cautious after the U.S. advance. Many of the regional indices have recorded a slight dip, it appeared traders were taking a breather indicating they are likely to review their positions. While FIIs showed their faith in Indian Stocks, Asian market hinted at volatility as investors factors in data points and market indicators. Therefore, this combination of performances demonstrates that investors’ view dissimilar across the geographic area in the current economic conditions.

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:

JPMORGAN ON AUTO SALES:

Festive season retail growth for 2W/PV has rebounded to 8%/flat YoY after 25 days until 27 October compared to 5.5%/-3% YoY in the initial two weeks, Normally look at the cumulative volumes of Sep-Nov months to get a holistic sense of festive demand as the auspicious dates keep changing every year.

GOLDMAN SACHS ON SAPPHIRE:

Maintain Buy; Cut target price to Rs 400 from Rs 420, Q2 results: Deterioration in SSSG trend in KFC, no clear sign of pick up, Broad based weakness in urban demand, KFC SSSG unlikely to recover sharply in the December quarter.

UBS ON BEL:

Maintain Neutral with target price of Rs 320, Q2FY25 – Healthy P/L profile; Upside on new orders key to re- rating, Gross margin guidance stands unchanged at 42% and there is no major change in contractual terms on defense projects, Potential upside on new orders limited, positives factored in.

International Markets:

U.S & Europe:

*As per 29^th October.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

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