Market View 2nd July, 2024

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

The US bond market experienced a downturn as traders considered the potential economic impact of the upcoming US presidential election in November. The markets were little changed on Monday morning. The Indian benchmark indices recouped losses from last session and closed at all-time highs on Monday, tracking gains in shares of HDFC Bank Ltd. Overseas investors remained net sellers of Indian equities on Monday. Foreign portfolio investors offloaded stocks worth Rs 426 crore, while domestic institutional investors remained net buyers and mopped up equities worth Rs 3,917.4 crore, according to provisional data from the National Stock Exchange. The Indian currency weakened 5 paise to close at 83.44 against the US dollar

Economic Calendar:

• USD: Fed Chair Powell speaks on 2^nd July
• INR : Services PMI on 3^rd July 24
• USD: FOMC minutes on 3^rd July
• INR : Parliament session 24th June, 2024 to 3rd July, 2024.

IPO Watch:

Brokerage Radar:

CLSA ON MARICO

The Key factor driving negative views for Marico is rising competition in urban India for its oil portfolio, believe the company’s headroom for growth is narrower than before.

CITI ON AUTO

Most OEMs reported encouraging volume trends in June, within segments, UVs, tractors & buses witnessed healthy volume growth Disappointed by the continued weakness in truck volumes for TAMO & Ashok Ley

NOMURA ON AUTO

Volumes below our estimate for Ashok Leyland, TVS & Tata Motors, small cars unlikely to see significant revival & SUVs will continue to gain share

International Markets:

U.S & Europe:

*As per 2nd July.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

NMDC The company reported production volume at 3.37 million tonnes down 3.2% YoY and Sales volume at 3.73 million tonnes down 9% YoY for the month of June.

TL Industries The company reported sales volume up 10.8% at 85,674 million tonnes for the end of Q1 FY25.

CSB Bank The company reported gross advances up 17.8% at Rs 25,099 crore YoY while deposits were up 22.2% at Rs 29,920 lakh crore YoY for the end of Q1 FY25

JK Cement Sumnesh Khandelwal resigned as deputy CFO effective July 1.

Ganesha Ecosphere The company’s unit commenced operations of its third production line of rPET chips at its Warangal facility in Telangana.

Source: Moneycontrol, Bloomberg Quint, Investing 

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