Market View 30th Aug, 2024

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

U.S. equities saw an overall rise on Thursday, with the S&P 500 and Nasdaq 100 increasing 0.85% and 1.05%, respectively, on the back of solid economic statistics that showed how resilient consumers can be. Nvidia Corp. had a 4% decline as a result of a lower-than-expected outlook, although the equity market as a whole kept rising. Bonds declined while commodities gained, with gold climbing 0.87% and Brent crude jumping 1.20%. In India, international portfolio investors became net buyers, acquiring stocks valued at Rs 3,259.6 crore, while domestic investors continued to be net buys, acquiring stocks valued at Rs 2,690.9 crore.

Economic Calendar:

• USD: PCE price index announcement  on 30th August
• IND: GDP Quarterly (YoY) Session  on 30th August.

IPO Watch:

Brokerage Radar:

MACQUARIE ON AUTO:

2W growth remains on a fast track; they continue to believe that 2W will lead FY25E growth. Rural demand recovery and rising EV penetration should drive low-teens 2W industry volume growth tuin FY25E.TVS’ diversified segment exposure, new E2W launches, and margin upside pose an upside earnings risk. TVS remains our top pick in 2Ws; Eicher Motors is the least preferred.

Macquarie on RIL:

Maintain Neutral with target price of Rs 2750.AGM: New Energy the new growth engine, Al, Disney+, bonus shares. New Energy business called out as the group’s “most ambitious engine for growth and value creation. Other comments on progress in 5G, home broadband, media, retail, O2C were largely a reiteration. Target to double business in Jio and Retail in next 3-4 years is in line with consensus.

JPMorgan on Emcure:

Initiate Neutral with target price of Rs 1470.India business expected to grow in line with industry avg. Exports performance is healthy; new launches and inorganic initiatives to drive growth. Margin levers in place; Healthy financials; full valuations cap upside.

International Markets:

U.S & Europe:

*As per 30^th August.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

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