Market View 5th July, 2024

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

Most markets in Asia-Pacific region were trading lower in absence of cues from US peers, while investors keenly await non-farm payroll data, due to be published later today. The benchmark equity indices extended their record rally for the second consecutive session but ended little changed on Thursday as gains in information technology shares were offset by losses in HDFC Bank Ltd. Overseas investors stayed net buyers of Indian equities for the second consecutive day on Thursday. Foreign portfolio investors mopped up stocks worth Rs 2,575.85 crore, while domestic institutional investors stayed net sellers for the second session and sold equities worth Rs 2,375.18 crore, according to provisional data from the National Stock Exchange. The Indian currency strengthened by 3 paisa to close at 83.50 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:

Nomura on HDFC Bank

Maintain neutral target Price of 1660.Both loan and deposit growth are generally seasonally soft in 1Q (1-3% q-q growth seen in loans and deposits in the last three years in 1Q).

Antique on Ramco Cement

Downgrades to hold from buy; cuts target to ₹840/sh from ₹1000/sh. The wait for better profitability may get higher. Net debt around 500 crore.

Kotak Securities on Lupin

Upgrade to Add from Sell; Hike target price to Rs 1805 from Rs 1400.storng is trajectory to continue FY25 and Fy26.

International Markets:

U.S & Europe:

*As per 5th July.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

HDFC Ban The bank’s gross advances fell 0.8% quarter-on-quarter at Rs 24.87 lakh crore, while the deposits were flat at Rs 23.79 lakh crore..

Raymond The company approved the demerger of its real estate arm, Raymond Realty subject to approval of shareholders and regulators

IDBI Ban The bank’s total business was up 15% year-on-year at Rs 4.71 lakh crore, while the deposits were up by 13% year-on-year at Rs 2.77 lakh crore

Punjab National Bank The bank’s domestic advances were up 12.1% year-on-year at Rs 9.89 lakh crore, while domestic deposits grew 8.1% year-on-year at Rs 13.7 lakh crore

RVNL The company signed a MoU with Delhi Metro Rail Corp for participation in upcoming projects in India and abroad.

Source: Moneycontrol, Bloomberg Quint, Investing 

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