Market View 31st Oct, 2024

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

Markets in Asia–Pacific declined in Thursday morning, tracking overnight losses on the Wall Street. Market participants are awaiting the outcome of the Bank of Japan’s policy decision, due later today. Stocks declined on Wall Street after data showed that US economy expanded at a robust pace, which propelled the traders to trim their bets on rate cuts by the US Federal Reserve. Further, technology companies’ stock weighed on US stock after disappointing numbers from mega companies. The Dow Jones Industrial Average and S&P 500 ended 0.22% and 0.33% down, respectively. The Nasdaq Composite ended 0.56% down on Wednesday.

Economic Calendar:

• USD: S&P Global Services PMI (Oct) on 5th November 2024.
• IND: Bank Loan Growth Rate on 1st November 2024.
• USD: Fed Interest Rate Decision on 7th November 2024.
• IND: RBI Monetary and Credit Information Review on 31st October 2024.

IPO Watch:

Brokerage Radar:

NUVAMA ON SAREGAMA:

Initiate Buy with target price of Rs 635.Growth tune: Digitization, investments in new contents .Multi-verse composition: Diversified revenue streams. Expect FY25-27 revenue/EBITDA/PAT would increase at a CAGR of 21%/25%/22%.Plans to invest Rs 1000 cr in content over FY25-27.

UBS ON L&T:

Maintain Neutral with target price of Rs 4000.Q2FY25 – Middle East drives core results beat; domestic continues to lag. Energy and hi-tech segment saw decline in profitability limiting core margin improvement for Q2/H1.L&T could target higher conversion and market share in domestic orders given current pipeline.

GOLDMAN SACHS ON DABUR:

Maintain Neutral with target price of Rs 580.Sharp decline in Q2 EBITDA driven by channel destocking. Even adjusted for the inventory reduction, growth was weak due to sharp decline in beverages. Weak quarter for India beverages as fruit based beverages lose share to aerated drinks category. Management expects mid to high single digit growth in H2, but contingent on strong winters.

International Markets:

U.S & Europe:

*As per 31^st October.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

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