Market View 30th Oct, 2024

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

Asian stocks displayed a mixed performance on Wednesday as investors responded to the uncertain US presidential election and anticipated the Federal Reserve’s upcoming rate decision. On Tuesday, all three major Wall Street indices opened lower, reflecting a cautious outlook among traders. In India, the benchmark equity indices extended their recovery for a second consecutive session, driven primarily by gains in the banking sector. However, the performance of automobile stocks capped overall gains, limiting the market’s upside. The prevailing uncertainty surrounding the US election results, combined with the potential impact of the Fed’s monetary policy, is influencing market sentiment across Asia. Investors are closely watching these developments, as they could significantly affect market trends in the coming days. Overall, the mixed performance in Asian markets highlights the delicate balance of optimism and caution in the face of important economic and political events.

 

Economic Calendar:

• USD: Mortgage Market Index on 30th October 2024.
• IND: Bank Loan Growth Rate on 1st November 2024.
• USD: S&P Global Services PMI (Oct) on 5th November 2024.
• IND: RBI Monetary and Credit Information Review on 31st October 2024.

IPO Watch:

Brokerage Radar:

INVESTEC ON MARUTI:

Maintain Hold; Cut target price to Rs 12385 from Rs 14030, Operational miss, subdued outlook, Operational miss driven by margins,  Mid-single digit volume growth for FY25,  Entry car segment demand continues to be subdued due to change in consumer So behaviour towards premium vehicles.

JPMORGAN ON CONTAINER CORP:

Maintain Neutral with target price of Rs 1000,  Q2 – growth remains sluggish, costs surprise positively, Moderation in railway charges, staff costs, land license fees in Q2 helped boost margins despite the soft uptick in revenues,  Clarity on costs would also be important as railway charges had been going up in recent quarters.

UBS ON CIPLA:

Maintain Buy; Cut target price to Rs 1960 from Rs 2060,  Q2 results in-line but India growth was weak, Lanreotide shortage would impact near term performance, Timings maintained for gAdvair but Abraxane launch dependent on Goa clearance,  Cut FY26/FY27 EPS estimates by 4/7%.

International Markets:

U.S & Europe:

*As per 30^th October.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

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