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

Indices in the Asia-Pacific area began traded mixed way as concerns regarding the emerging US presidential election and Fed policy meeting mounted. People are more conscious and they are waiting to check the impact of election in stock markets. Similar caution was seen in US market, and barely there was a movement in the major stock index at the opening of the trading today. Due to the uncertainty in the election the wait and see factor has come into play. The Indian Markets – NSE Nifty 50 and BSE Sensex ended at their lowest levels in more than a month on Monday. The decline was mainly provided by bad performances in such stocks as Reliance Industries and HDFC Bank. This revealing that investor are concerned about global and domestic factors that have an impact on the market such as the change in policy of the US and the result of the election. In general, markets are worrying and investors are firmly observing the movement in the United States and the world economy.

Economic Calendar:

  • USD: US Presidential Election on 5th November 2024.
  • IND: CPI (YoY) (Oct) on 12th November 2024.
  • USD: Fed Interest Rate Decision on 7th November 2024.
  • IND: WPI Inflation (YoY) (Oct) on 14th  November 2024.

IPO Watch:

Company Open Close Price View
Swiggy Limited 6- Nov 8-Nov 371-390 Avoid

Brokerage Radar:

MORGAN STANLEY ON APOLLO HOSPITAL:

Maintain Overweight with target price of Rs 7110, Apollo is building a 500-bed hospitals in Worli,  Mumbai is an attractive micro market,  Metro share in overall mix to rise from 57% in FY24 to 60% in FY29, Metro markets had 28% ROCE for the company vs 23% for non-metro.

NOMURA ON EXIDE:

Maintain Buy with target price of Rs 589, Q2 EBITDA margin below estimates,  Maintain view that industrial demand will grow by 12% in FY25-26, See a recovery in auto replacement demand which will drive 8-10% volume growth.

CITI ON HDFC BANK:

Maintain Buy with target price of Rs 1990, HDB files for IPO to comply with mandatory listing and raise growth capital, HDB is leading, granular, diversified NBFC-UL with AAA credit rating, HDB at 3-4x post issue translates N to 2.8-4.3% of HDFC Bank’s market cap.

International Markets:

U.S & Europe:

Particulars     4st  Nov   Chg. Chg.(%)
Nasdaq 18,172.66 -67.26 -0.37
Dow 41,794.60 -257.59 -0.61
FTSE 8,184.24 7.09 0.09
CAC 7,371.71 -37.40 -0.51
DAX 19,147.85 -107.12 -0.56
Dow Fut.* 41,996 40 0.10

*As per 05th October.

Asian markets:

Particulars   5th  Nov Chg. Chg.(%)
GIFT Nifty                  24,104.50 -10.15 -0.04
Nikkei 38,500.95 439.54 1.16
Straits Times 3,567.03 -5.01 -0.14
Hang Seng 20,662.25 94.73 0.46
Shanghai                               3,347.15 36.94 1.12

Stocks strong on Chart:

Index F&O Cash
SBI SAMVARDHAN MAX ESTATE
ONGC LTI JIO FINANCE
INFOSYS RAMCO CEMT JK LAKSHMI
NTPC PNB BAYER CROP
HCL TECH FED BANK BLUE STAR
BAJAJ FINSER   CEAT

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 84.142 -0.02
Brent 75.17 -0.15
Gold 78,400 -0.03
Silver 94,226 -0.06

FIIs & DIIs:

Particulars        4th Nov        1st Nov
FIIs                          -4,329.79 -211.93
DIIs 2,936.08 -377.33

News Update:

Company

Deepak Builders: The company emerged as lowest bidder for construction project worth Rs 153 crore.
Afcons Infrastructure: oldman Sachs Funds, Jupiter India Funds bought 25 lakh shares, Nomura Funds Ireland Plc Nomura Funds Ireland India Equity Fund bought 18.44 lakh shares and Nomura India Investment Fund Mother Fund bought 31 lakh shares.
KEC International: Q2FY25, Revenue up 13.7% to Rs 5,113.31 crore versus Rs 4,499.03 crore.Net profit up 53% to Rs 85.41 crore versus Rs 55.83 crore.Ebitda up 17% to Rs 320.24 crore versus Rs 274.32 crore.
JK Paper: Q2FY25, Revenue up 2.0% to Rs 1,683 crore versus Rs 1,650 crore. Ebitda down 35% to Rs 264 crore versus Rs 407 crore. Margin at 15.7% versus 24.7%. Net profit down 58% to Rs 129 crore versus Rs 306 crore.

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