Market View 4th July, 2024

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

IPO Watch:

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:

*As per 4th July.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

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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