Market View 8th Nov, 2024

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

Stocks in Asia-Pacific region continue weekly increase as Wall Street followed expectation of Federal Reserve’s 0.25% interest rate reduction. This decision supported the improvement of investor mood globally – two of the three large American indices opened Thursday in the green, due to the results of the presidential elections in the USA, which won the Republican Party’s candidate Donald Trump. But the Indian stock market had its flukes. NSE Nifty 50 and BSE Sensex dropped to over 1% on Thursday after the two day consolidation. It was mostly reflected as a result of losses from key stocks which included ICICI Bank and Reliance Industries. This was the case since Indian indices were some of the worst performers in Asia for the day. Although global markets reacted  to the US rate cut and the positive political outlook for emerging Asia, Indian shares failed to add similar depth to regional and global gains.

Economic Calendar:

• USD: CPI Index (Oct) on 13th November 2024.
• IND: CPI (YoY) (Oct) on 12^th November 2024.
• USD: Export and Import Price Index (YoY) (Oct) on 15th November 2024.
• IND: WPI Inflation (YoY) (Oct) on 14^th  November 2024.

IPO Watch:

Brokerage Radar:

INVESTEC ON INDIAN HOTELS:

Maintain Hold; Hike target price to Rs 742 from Rs 630, Comprehensive performance aided by healthy ARR growth, Broadening Horizons and leveraging structural tailwinds for growth,  Expect margins to sustain at 32%/32.5% FY26/27 with PAT growing at a CAGR of 24% over FY24-27.

INVESTEC ON ASTRAL:

Maintain Buy; Cut target price to Rs 2485 from Rs 2550,  EBITDA missed estiamtes by 11%,  Vol decline looks worse-off vs. larger peer, its spread improvement stands-out and reflects mgmt.’s focus on profitable growth,  Mgmt. walking the talk on cost containment yielding sharp gains is a positive.

BERNSTEIN ON TRENT:

Maintain Outperform with target price of Rs 8100, Q2FY25 results: A miss, but story stays intact, Slower Store Adds, But Recovery Underway, Positive Surprise on EBITDA Margin,  Star: SSSG, measured expansion are positives, Company highlighted its new growth avenues Westside Pome, Zudio Beauty, Zudio International.

International Markets:

U.S & Europe:

*As per 08^th October.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

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