Market View 8th July, 2024

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

Most markets in Asia-Pacific region were trading lower with Hong Kong’s Hang Seng falling the most by over 1%. Japan’s Nikkei and South Korea’s Kospi traded 0.1% lower .Indian benchmarks rose for the fifth week to record the best streak of weekly gains in over six months. Meanwhile, the indices erased loss during the last leg of trade on Friday, tracking gains in shares of Reliance Industries Ltd., State Bank of India, and Larsen & Toubro Ltd. The US stock market ended the week at all-time highs with traders focusing on prospects for Federal Reserve rate cuts. In the post-holiday session, the S&P 500 index and Nasdaq Composite rose by 0.54% and 0.04%, respectively. The Dow Jones Industrial Average gained 0.17%.

Economic Calendar:

• USD: Fed Chair Powell Testimony on 9th July
• USD: Fed Chair Powell Speechon 10th July
• CNY: China CPI on 10th July
• USD: crude oil inventory on 10th July
• IND: Bank loan growth 12th July
• IND: CPI June on 12th July
• IND: BUDGET on 23^rd July

Brokerage Radar:

Nuvama on CGD

Bike to add 5%–13% to CNG volume by 2030.Expect cng total cost of ownership to be 29-32%

Nomura on Bajaj Auto:

Maintain Buy with target price of Rs 10207.found the bike to be attractively designed with premium look rather than a commuter look. They have potential to sell 5k-10k units per month by end of the year.

Equirus on R Systems

Initiate Add with target price of Rs 570.Sales growth and margin likely to improve  starting cy25.

International Markets:

U.S & Europe:

*As per 8th July.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

Tata Motors The company reported JLR wholesales were up 5% year-on-year at 97,775 units.

Marico The company’s international business delivered double-digit constant currency growth, consolidated revenue grew in high single digits, operating profit expected to grow slightly ahead of revenue

IndusInd Bank The company reported net advances up 16% year-on-year at Rs 3.48 lakh crore

Adani Wilmar The company saw volume growth of 13% year-on-year, and branded exports volume grew 36%, Food & FMCG business volume grew 23% after normalization.

La Opala RG The company will shut down operations at its opal glass plant in Madhupur, Jharkhand from July 7.

Source: Moneycontrol, Bloomberg Quint, Investing 

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