Market View 9th Sept, 2024

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

Asia-pacific benchmarks declined on Monday due to concerns about recession in the US following weaker than expected jobs data. Japan’s Nikkei 225 declined more than 3% after its GDP grew 2.9% on the year in the second quarter against 3.2% growth expectation. This week, troubling data shook Wall Street traders of riskier assets from their complacency, resulting in the worst stock performance since the 2023 regional bank crisis. The indexes closed near days low after having a muted open. S&P 500 ended 1.73% lower at 5,408.42, extending its decline for the fourth day following weaker than expected jobs data. The Dow Jones ended 1.01% lower at 40,345.41 and the Nasdaq Composite ended 1.14% lower at 18,664.14.India’s benchmark indices extended losses on Friday, recording its worst week in over three months as fears griped over the health of the US economy ahead of the release of jobs data. The selloff was broad-based, with the banking and energy sectors taking the biggest hit.

Economic Calendar:

• USD: Retail sales (MoM August)on 17^th September
• IND: CPI (YoY) on 12^th September

IPO Watch:

Brokerage Radar:

Goldman Sachs on Power:

Draft Approved List of Models and Manufacturers (ALMM) for solar cells is positive for Reliance, ReNew, and Tata Power.Adani Enterprises and Premier Energies are also favorably positioned. The move signifies the government’s Commitment to achiever sufficiency.

CITI ON LUPIN:

Innovator Appeals against DC’s Verdict: Fresh uncertainty over Lupin’s gJynarque launch. The company’s generic launch in April 2025 may now be an “at risk” launch and could be delayed. gJynarque contributes approximately 30% of our FY26E EPS, and there is potential downside to this number.

Citi on Tata Tech:

Maintain Sell, target price raised to Rs 945 (from Rs 935).Adjusted target multiple to 42x (from 40x in Mar’26) due to the rerating in the Indian market and sector. Future growth potential looks strong, given the resiliency of tech spending in the automotive vertical; however, factoring in uncertainties related to VinFast revenues and client concentration.

International Markets:

U.S & Europe:

*As per 9^th September.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Update:

Company

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