Market Highlights

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Get the latest Indian stock / share market highlights, BSE/NSE stock news, business research reports & details - updated daily by Money Times.

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September 19, 2024

• SUMMARY OF FED DECISION (9/18/24):
• 1. Fed cuts interest rates by 50 bps for first time since 2020
• 2. Fed sees 2 more 25 basis point rate cuts in 2024
• 3. One Fed governor dissented for the first time since 2005 in favor of a 25 bps rate cut
• 4. Fed gained "greater confidence" that inflation is moving to 2%
• 5. Fed will "carefully asses incoming data" and evolve outlook
• 6. Fed sees 100 bps of rate cuts in 2025 and 50 bps of cuts in 2026
• The long awaited "Fed pivot" has officially begun.
• NTPC Green Energy files draft papers for Rs 10,000 crore IPO - CNBC TV18
• Business News: Get the latest Business News, Live Share & Stock Market Updates, Top News from India and across world. Read Top Business News and updates on financial, economic and banking news on CNBCTV18.
• EXICOM TELE-SYSTEMS: CO ENTERED INTO LOAN AGREEMENT WITH EXICOM POWER SOLUTIONS B.V. NETHERLANDS || UNSECURED LOAN OF UPTO 200M RUPEES TO BE PROVIDED TO UNIT
• B.L.KASHYAP AND SONS LTD recieve an order worth Rs. 121 Crore Approx from SSS Realty & co.
• ARTEFACT PROJECTS LTD recieve an order worth Rs. 1.09 Crore from Ministry of Road Transport and Highways.
• MSCI'S ALL-COUNTRY WORLD SHARE INDEX RISES TO RECORD HIGH AT 833.95 AFTER FED CUTS RATES
• US FED CUT RATES BY 50 BPS
• U.S. (SEP) FED INTEREST RATE DECISION ACTUAL: 5.00% VS 5.50% PREVIOUS; EST 5.25%
• US RATE FUTURES IMPLY 76 BPS OF CUTS BY END-2024; 196 BPS IN EASING THROUGH OCTOBER 2025
• Hong Kong cuts interest rates for the first time in four years after Fed easing - CNBC TV18
• The cut in Hong Kong will be welcome relief for businesses and consumers, who have faced years of steep borrowing costs.
• Global-Market Insights
• -The US market did not rejoice over the 50 bps rate drop, why? It might be a sell on the news, a lack of a predictable future, or something else entirely.anyone's estimation
• -Dow -103, S&P500 -17, Nasdaq -55
• -S&P500 briefly rallied 0.98% but closed 0.29% lower
• -Experts believe a lot of good news was priced in
• -However, US futures and Asia opening in green
• -US central bank Federal Reserve lowered interest rate by 50bps to 4.75%-5%
• -It is the first rate cut since March 2020
• -Fed sees 2 more 25 basis point rate cuts in 2024
• -Fed gained greater confidence that inflation is moving to 2%
• -Fed sees 100 bps of rate cuts in 2025
• -Fed chair believes size of the cut does not signal that the economy is weak or weakening at a significant pace
• -"I don't see anything in the economy that suggests that the likelihood of a recession, of a downturn is elevated ... "You see growth at a solid rate. You see inflation coming down and see a labour market that is still at very solid levels."
• -Gold spiked 1.2% to $2,600 but closed 0.4% lower at $2554
• -Dollar index above 101
• -Dollar Yen at 143.55
• -US 10Y at 3.728
• Government's advance tax collection in this financial year surges 22.6% to Rs 4.36 lakh crore till September 17.
• India's Home Market Set To Hit $237 Billion By 2030, Says Deloitte Report
• BROKERAGE RADAR
• MORGAN STANLEY ON
• BRAINBEES SOLUTIONS
• • Initiate Overweight with target price of Rs 818
• • A Quintessential Play on the First Cry
• • Brainbees is well placed to capitalize on India's growing childcare market
• • Multiple levers of growth and profitability improvement are in place
• • See some option value through Globalbees Brands
• • Despite strong share-price performance since listing believe current valuations indicate further upside
• • Benchmark Brainbees stock against Indian consumer discretionary stocks given similarities in growth and steady-state EBITDA margin profiles
• RISE
• BROKERAGE RADAR
• JPMORGAN ON WESTLIFE FOOD
• • Maintain Overweight with target price of Rs 925
• • Value efforts helping traffic and comps will follow
• • 'Chicken' and 'Coffee' could be significant AUV enhancers; Desserts is another key lever to play
• • Growing salience of digital assets widens consumer accessibility
• • Stores to incrementally skew towards South/smaller towns/Drive-Thru stores