Market View 30th July, 2024

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

US stocks rose on Monday ahead of central bank decisions, crucial economic data, and earnings reports from four major tech giants with a combined valuation of nearly $10 trillion. Large tech stocks rebounded, while small caps, which had surged up to 10% in July, experienced a decline season. Federal Reserve officials are expected to signal a potential rate cut in the coming months. The Indian benchmark stock indices erased most gains to end a volatile session with marginal gains on Monday as Bharti Airtel Ltd. and HDFC Bank Ltd. dragged. Overseas investors turned net sellers on Monday after a day of buying on Friday last week. Foreign portfolio investors offloaded shares worth Rs 2,474.5 crore.

Economic Calendar:

• INR :RBI monetary and credit information announcement on 31 July
• USD : Nonfarm employment change announcement on 31 July
• USD: FOMC meeting outcome

IPO Watch:

Brokerage Radar:

Jefferies on NTPC:

Maintains Buy; hikes target price to Rs 485 from Rs 445.Earnings visibility improves with thermal; 9.6 GW is under construction and 15.2 GW to be awarded. Regulated ROE in place at 15.5% for FY25E-29E; re-rating to continue with execution ramp up.

Jefferies on Finolex Industries:

Maintain Buy; Hike Target Price to Rs 380 from Rs 320.Finolex targets to raise its margin- accretive Plumbing mix to 50% over medium-term vs ~36%.Est +13% Pipes volume CAGR in FY24-26.

Goldman Sachs on Colgate:

Maintains Sell; hikes target price to Rs 2,750 from Rs 2,150.Toothpaste volume growth at high single digits, tooth brush also sees a turnaround. Current competitive environment in oral care allowing for price driven margins increases.

International Markets:

U.S & Europe:

*As per30^th July.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

Source: Moneycontrol, Bloomberg Quint, Investing 

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