Market View 4th Sept, 2024

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

Markets in Asia-Pacific region slumped on Wednesday morning mirroring similar moves on Wall Street a day before as weak US economic data stoked recession fears. Wall Street traders pulled back from risk after a rally that had brought the S&P 500 near its all-time highs. The equity benchmark experienced its steepest decline since the Aug. 5 market crash. A key index of chipmakers dropped 5%, driven by a sharp fall in Nvidia corp .The Indian benchmark indices closed mixed on Tuesday as the NSE Nifty 50 ended flat and at an all-time high, while the S&P BSE Sensex snapped its 10-session gaining streak.

Economic Calendar:

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

IPO Watch:

Brokerage Radar:

HSBC on Honasa Consumer

Maintain Buy; Hike target price to Rs 570 from Rs 550.Honasa is gearing up for journey of 20%+ structural growth over several years and consistent margin expansion. Honasa, through its house of brands strategy, aims to garner larger share in several high-growth personal care categories. It’s building offline distribution, scaling new brands and R&D to aid this growth agenda.

Macquarie on Bajaj Finance

Maintain Underperform with target price of Rs 6,300.BHFL IPO: Valuation at 2.6x FY26E P/BV at upper end post money. ROE will drop to ~12% from current 15% due to fresh money raised. Believe other housing finance companies could also possibly rerate if Bajaj Housing gets a bumper listing.

MORGAN STANLEY ON GSPL

Upgrade to Equal-weight from Underweight; hike target price to Rs 452 from Rs 298.Move rating and price target in-line with Gujarat Gas as the restructuring is expected to be complete by Aug- 25.Lower EPS by 48% and 59% to factor in the PNGRB tariff cut announced earlier this year.

International Markets:

U.S & Europe:

*As per 4^th September.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

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