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

Asia-Pacific markets rose on Thursday mirroring similar overnight moves on the Wall Street as US economic data and Federal Reserve’s June policy meeting minutes supported traders’ rate cuts hopes.US stocks rose on Wednesday in a truncated session ahead of holiday with the Nasdaq composite scaling a fresh high. The Nasdaq Composite settled 0.88% higher. The S&P 500 ended 0.51% higher, while Dow Jones Industrial Average closed 0.06% lower. Indian benchmarks settled at fresh closing highs on Wednesday, tracking sharp gains in heavyweight HDFC Bank Ltd. and ICICI bank. The Indian currency weakened 3 paise to close at Rs 83.53 against the US dollar.

Economic Calendar:

  • INR: Foreign exchange reserve 5th July
  • INR :  Parliament Session (24th June, 2024 to 3rd July, 2024).

IPO Watch:

Company Open Close Price View
Bansal Wire 3rd July 5th July 243-256 Apply
Emcure Pharma 3rd July 5th July 960-1008 Apply

Brokerage Radar:

Morgan Stanley on HUL

Maintain Underweight with Target Price of Rs 1876.believe that share price will fall relative to country index over next 30 days.

UBS on L&T Finance

Maintain Buy with Target Price of Rs 230.microfinance and urban retail distributments were strong but SME was weak.

JP Morgan on Bajaj Finance

Maintain Overweight with Target Price of Rs 8500. Has seen growth post lifting of rbi ban.

International Markets:

U.S & Europe:

Particulars 3rd July Chg. Chg.(%)
Nasdaq 18188.30 159.54 0.88
Dow 39308 -23.85 -0.06
FTSE 8171.12 49.92 0.61
CAC 7632.08 93.79 1.23
DAX 18374.53 210.47 1.15
Dow Fut.* 39633 -3 -0.01

*As per 4th July.

Asian markets:

Particulars 4th July Chg. Chg.(%)
GIFT Nifty 24452.50 87.50 0.36
Nikkei 40666.78 86.02 0.21
Straits Times 3439.12 23.89 0.70
Hang Seng 18018.01 39.44 0.22
Shanghai 2978.82 -3.56 -0.12

Stocks strong on Chart:

Index F&O Cash
TATA CONS BHEL KFINTECH
HDFC BANK BEL EPACK
BAJAJ FINSER ICICI LIFEHAL SOLAR IND
SUN PHAR DLF EXICOM
SBI INDIGO ADOR WELD
BAJAJ FIN GODREJ PRO TEXMACO RAIL

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.52 0.01
Brent 86.91 -0.49
Gold 72360 -0.06
Silver 90088 0.05

FIIs & DIIs:

Particulars 3 July 2 July
FIIs                          5483.63 -2000.12
DIIs -924.43 648.25

News Update:

Company

Bajaj Finance Reported new loans grew by 10% year-on-year to 10.97 million, AUM grew by 31% year-on-year to 3.54 lakh crore.

Cello World Launched a qualified institutional placement to raise up to Rs 800 crore.

Marico Partnered with Kaya to handle sales of its science-based personal care products.

GE T&D Received a €64 million order from France’s Grid Solutions for the supply of high-voltage products.

ITD Cementation Promoter Italian Thai Development Public Company is exploring the potential divestment of its investment in the company.

Brigade Ent: Signs Joint Dvpt Agmt For A Residential Proj, GDV 1100 Cr

LNT FINANCE Retail disbursals at Rs14830cr vs Rs11192cr, up 32.5%YOY & vs Rs15030cr, down 1.3%QOQ. Retail loans at Rs84440cr vs Rs64274cr, up 31.4%YOY & vs Rs80010cr, up 5.54%QOQ

Source: Moneycontrol, Bloomberg Quint, Investing 

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Kiran Tahlani, Elite Wealth Limited, kirantahlani@elitestock.com

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