Market View 7th Aug, 2024

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

Markets in Japan erased gains on Wednesday as investors speculate over the country and US’ monetary policy outlook. Meanwhile, indices in South Korea and Australia were trading with marginal gains. The Indian benchmark equity indices fell for the third consecutive session on Tuesday and closed at the lowest level in over a month as they erased all their morning gains in the second half of the session. The NSE Nifty 50 fell 63.05 points or 0.26%, to end at 23,992.55, while the S&P BSE Sensex closed 166.33 points or 0.21%, down at 78,593.07. During the day, the Nifty had risen as much as 1.36% and the Sensex had jumped 1.39%.Foreign portfolio investors remained net sellers for the third consecutive session on Tuesday. FPIs offloaded equities worth Rs 3,531.2 crore, while domestic investors remained net buyers for the third consecutive session and mopped up equities worth Rs 3,357.5 crore.

Economic Calendar:

• USD Crude oil inventories announcement on 7 August
• IND: Monetary Policy announcement on 8 August

IPO Watch:

Brokerage Radar:

Nomura on Cummins:

Maintain Neutral with target price of Rs 3470.Despite parent commentary, Cummins’ revenue growth at +4% YoY was a key positive. Can be attributed to superior product mix, sustained pricing power, and benign commodity prices. As well, gross margin at 37.8% was a positive surprise.

Investec on Tata Power:

Maintain Hold; Hike target price to Rs 467 from Rs 412.EBITDA improved across Orissa business, but credit losses on lower collection impacted segmental PAT. Company targets to add 5.3GW of RES and execute EPC work on 3GW capacity over FY25-FY26, aided by its strong order book

Bernstein on PFC:

Maintain Outperform with target price of Rs 620.Q1FY25- Not a great quarter; but guidance on growth retained. Visibility on reversal of provisions is also improving with a good bid D. received for KSK plant. Confident in loan book growth coming in and see this quarter as a temporary blip.

International Markets:

U.S & Europe:

*As per7^thAug.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

Source: Moneycontrol, Bloomberg Quint, Investing 

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