Market View 7th Nov, 2024

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

Asian shares are mostly higher on Thursday following a robust session on Wall Street led by expectations that former President Donald Trump will return to office. Interestingly, this was the highest S&P 500 has risen since Election Day, 2.53%, the Nasdaq 100 reached a record high, 2.95%, and the Dow Jones increased by 3.57%. India’s benchmark indices had closed more than 1% higher on Wednesday after IT firms such as Infosys and Tata Consultancy Services emerged as top gainers. These increases were driven by the anticipation linked to Trump’s win the presidency, emerging market optimism particularly within technology stocks. Nonetheless, a general halt in the Asia-Pacific markets responded differently – certain scores increased in addition to certain markets’ slight decline because of the generally global movement.

Economic Calendar:

• USD: Fed Interest Rate Decision on 7th November 2024.
• IND: CPI (YoY) (Oct) on 12^th November 2024.
• USD: CPI Index (Oct) on 13th November 2024.
• IND: WPI Inflation (YoY) (Oct) on 14^th  November 2024.

IPO Watch:

Brokerage Radar:

MORGAN STANLEY ON TATA STEEL:

Maintain Equal-weight with target price of Rs 175, Opex led strong beat, at both domestic and “other” businesses, Consol. EBITDA was Rs 6140 cr, 38% ahead of MSe and 24% above Bloomberg consensus, UK/Netherlands businesses were slightly weak, and “others” did better, Key to watch: management guidance on domestic and international business demand and spreads trajectory for H2.

GOLDMAN SACHS ON NEULAND LABS:

Maintain Buy; Hike target price to Rs 15250 from Rs 13750, Weak quarter as expected, foo growth set to inflect from FY26E onwards,  Cut FY25 EPS estimates by 13% to factor in the Q2 miss, CMS business faces a temporary  blip.

MACQUARIE ON KANSAI NEROLAC:

Maintain Neutral with target price of Rs 330,  Q2 miss across sales and gross margin,  Ebitda sharply below our and the street’s estimates,  Like the healthy automotive and performance coatings demand, but concerned about weak decorative demand and the sharp sequential moderation in gross margin.

International Markets:

U.S & Europe:

*As per 07^th October.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

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