Market View 5th Sept, 2024

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

In Asia, while South Korea’s Kospi and Australia’s ASX 200 were trading 1.28% and 0.45% higher.Indices in Japan fell after the release of Japan’s July wage data, which rose at rose 3.6% year-on-year, as against 4.5% in June.Indices in the US kicked off Wednesday’s session in the red; however, they recovered later in the day to end mixed as July job openings reinforced hopes of a September rate cut.Job openings for the month of July in the country fell to 7.67 million against the estimated 8.1 million, the lowest since the start of 2021.Treasury yields fell sharply after data revealed a further slowdown in the US labour market, leading Wall Street to bet on upcoming Federal Reserve rate cuts.The Indian benchmark indices took a breather from a record rally to close lower on Wednesday as sentiment was hit after a rout in global stocks. The closing came after Asian stocks plunged, tracking the overnight losses in the US markets, led by weak economic data and easing oil prices on weak global demand.

Economic Calendar:

• USD: Initial Jobless Claims on 5^th September
• IND: CPI (YoY) on 12^th September

IPO Watch:

Brokerage Radar:

GOLDMAN SACHS ON AU SFB:

Initiate Buy with target price of Rs 831, Ready for the next innings; Sector-leading EPS growth beckons, Stock de-rating largely done; drivers in place for re-rating, Valuation de-rating an opportunity on improved earnings dynamics.

GOLDMAN SACHS ON CHOLA FINANCE:

Initiate Buy with target price of Rs 1786, Market share gains amidst commercial retail up-cycle, Structurally better earnings growth story, Expect Chola to deliver an EPS CAGR of 33% over FY24-FY27.

KOTAK ON UNO MINDA:

Downgrade to Sell from Add; Cut target price to Rs 970 from Rs 1000, Speed bump: Slowdown in passenger vehicle segment to weigh on growth,  New product additions and capacity ramp-up to weigh on margins, Multiple partnerships to drive content growth over medium term.

International Markets:

U.S & Europe:

*As per 5^th September.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

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