Market View 9th Jan, 2025

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

Asian stock markets fell as investors in the US held back from making significant moves ahead of key economic data. Wall Street opened with little change on Wednesday, as traders awaited the release of the minutes from the latest Federal Reserve meeting, which could provide insights into future interest rate decisions. The broader S&P 500 index showed a small increase, while the Dow Jones had a slight gain. However, the tech-heavy Nasdaq saw a small dip. In India, the stock market also saw some volatility but ended with little change. The Nifty 50 index managed to find important support levels and closed slightly lower, while the Sensex also ended with a small loss. Despite the fluctuations, Indian markets did not see major declines. Overall, both global and Indian markets adopted a cautious approach as they awaited upcoming reports, including the critical US jobs data scheduled for release later in the week.

 

Key Today’s Q3 Results

IREDA, TATAELXSI, TCS, GTPL, PADAMCO, YASHHV

 

Economic Calendar:

• USD: Unemployment Rate (Dec) on 10th January 2025.
• IND: Foreign Reserves USD on 10^th January 2025.
• USD: Federal Budget Balance (Dec) on 13^th January 2025.
• IND: CPI (YoY) (Dec) on 13^th January 2025.

IPO Watch:

Brokerage Radar:

BERNSTEIN ON SWIGGY:

Initiate Outperform, target price 635 (25% upside), One of the winners in India’s convenience economy, To benefit from shift to super-fast delivery models, Expect duopoly structure to sustain, Reasonable v valuation, potential for re-rating, Food delivery Gross Order Value to grow at 21% FY25-27.

JEFFERIES ON INTERGLOBE AVIATION:

Maintain Buy, target price ₹5260 (from ₹5100), IndiGo is a unique, strong franchise with a dominant (~60%+) market share in domestic air travel, Recent stock underperformance follows a sharp miss in 2Q results, on higher costs, Cost normalisation ahead.

JEFFERIES ON IHCL:

Maintain Buy, target price ₹1000 (from ₹900), A consistent double growth (proxy consumer/discretionary segment) in a cyclical business will support premium valuations, Expect double-digit EBITDA/PAT CAGR over the medium term, Track record of delivering on previous targets gives us confidence in deliverability on the new goals.

International Markets:

U.S & Europe:

*As per 9^thJanuary.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

NEWS UPDATES

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