Market View 3rd Sept, 2024

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

Most markets in Asia were trading higher on Tuesday after South Korea’s inflation reading for August declined to over three-year low, which raised expectation of monetary easing in the country. The consumer price index declined to 2% on an annualized basis, from July’s 2.6.US markets were closed on Monday on account of Labor Day. The benchmark stock indices recorded their best closing on Monday, with the NSE Nifty 50 extending gains for the 13th consecutive session—its longest run in decades—and the S&P BSE Sensex rising for the 10th consecutive session. Overseas investors remained net buyers of Indian equities for the third consecutive session on Monday. Foreign portfolio investors mopped up stocks worth Rs 1735.5 crore while domestic institutional investors turned net buyers after one day of selling and offloaded equities worth Rs 356.4 crore.

Economic Calendar:

• USD: Unemployment Rate (Aug)on 6^th September
• IND: Nikkei Services PMI (Aug) 4^th September

IPO Watch:

Brokerage Radar:

Kotak Securities on Kaynes:

Maintain Add; Hike target price to Rs 4950 from Rs 4650.OSAT: A potential game changer for Kaynes. Diversifying into semiconductor value chain with OSAT approval. Ability to scale up margins, return po ratios in line with global peers remains key.

Citi on Tech Mahindra:

Maintain Sell with target price of Rs 1260.Continues to be very focused on the 15% EBIT margin target in year 3 that they had indicated earlier. Comms is doing better than last few quarters but growth is still difficult in the current environment. Manufacturing is similar to last year; Asia Pacific is doing better than expected.

B&K on GMR Power:

Initiate Buy with target price of Rs 184.Govt.’s renewed emphasis on thermal power Positions Company favorably for future growth.Successfully restructured balance sheet through favourable settlements. Gradually moving towards reshaping the business with focus towards energy generation, utility and EV charging.

International Markets:

U.S & Europe:

*As per 3^rd September.
**US market were closed

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

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