View on market: Volatility persists, eagerly searching for growth

U.S. stock futures went up after the European Union and President Trump reached a deal that avoids a trade war. The agreement includes new tariffs but prevents more serious issues between the two sides. Investors in the U.S. remained hopeful as markets hit new highs, especially ahead of key technology earnings due this week. Both the S&P 500 and Nasdaq continued their strong performance, with positive momentum carrying into the new week. In Asia, markets started the week on a cautious note. Stocks in Japan and South Korea declined, with investors awaiting major decisions from central banks in the U.S. and Japan. The week is expected to be eventful with several economic updates due. Back in India, stock markets fell again on Friday. Major companies like Reliance, Infosys, and Bajaj Finance saw declines, pulling down overall market performance. This marked the longest weekly losing streak in months, reflecting continued investor caution amid global uncertainty and domestic earnings concerns.

Key Quarterly Results for Today:

20MICRONS, ABIRAFN, ACI, ADANIGREEN, AEROFLEX, AGRITECH, APOLLO, ATGL, BAJAJHCARE, BEL, BMW, BPLPHARMA, EXCEL, ESARIND, GAIL, GRAVITA, IIFLCAPS, INDTONER, INDUSINDBK, JKPAPER, KEC, KINETICENG, LIKHAMI, MAZDOCK, NAM-INDIA, NACLIND, NTPCGREEN, PARADEEP, PPLPHARMA, RAILTEL, TORNTPHARM, UPL, WAAREEENER,  ZENOTECH.

Economic Calendar:

• USD: House Price Index Data on 29^th July 2025.
• IND: Manufacturing Output Data on 28^th July 2025.
• USD: GDP Price Index (QoQ) (Q2) on 30^th July 2025.
• IND: Industrial Production Data (YoY) on 28^th July 2025.

IPO Watch:

Company	Open	Close	Price (Rs/-)	View
Shanti Gold Int Ltd.	25th July	29th July	189-199	Avoid
Laxmi India Fin Ltd.	29th July	31st July	150-158	Under Review
Aditya Infotech Ltd.	29th July	31st July	640-675	Apply

 

Brokerage Radar:

MORGAN STANLEY ON TATA CHEMICALS:

Maintain Underweight with TP of Rs 839, Reported a healthy beat to consensus, Margins positively surprising across India, the US and the UK despite the miss on volumes, Basic Chemistry EBITDA/t rose by 66% QoQ.

JEFFERIES ON IDFC FIRST:

Maintain Buy; Hike TP to Rs 82 from Rs 80, Q1: Tad Miss to higher credit costs, SMA book of MFI almost halved QoQ, which could lower slippages & credit costs, Other segments saw tad higher slippages due to soft economic conditions, Lower cut in SB rate.

MACQUARIE ON TITAN:

Maintain Outperform with TP of Rs 4150, Liked the strong brand position of Damas and large growth headroom in UAE and Kuwait, Like the ability to experiment and learn lab grown diamonds/premium designs through Damas, Like Titan’s clarification of no further acquisitions in international geographies in the near term.

GOLDMAN SACHS ON LAURUS LABS:

Maintain Sell; Hike TP to Rs 675 from Rs 600, Q1 above: CDMO business moving from strength to strength, Hike FY26-28E EPS estimate by 3-22% to factor in marginally faster topline growth, better margin progression and a revised business outlook, Remain Sell on valuations.

International Markets:

U.S & Europe:

*As per 28th July.

Asian markets:

Particulars	28th  July	Chg.	Chg.(%)
GIFT Nifty	24,838.50	-11.90	-0.05
Nikkei	41,195.00	-261.23	-0.63
Straits Times	4,246.99	-14.07	-0.33
Hang Seng	25,602.00	213.65	0.84
Shanghai	3,604.03	10.37	0.29

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

News Updates:

Source: Moneycontrol, Bloomberg Quint, Investing

Disclosure in pursuance of Section 19 of SEBI (RA) Regulation 214 

Elite Wealth Limited does/does not do business with companies covered in its research reports. Investors should be aware that the Elite Wealth Limited may/may not have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only information in making their investment decision and must exercise their own judgment before making any investment decision.

For analyst certification and other important disclosures, see the Disclosure Appendix, or go to www.elitewealth.in. Analysts employed by Elite Wealth Limited are registered/qualified as research analysts with SEBI in India. (SEBI Registration No.: INH100002300)

Disclosure Appendix

Analyst Certification (For Reports)

Vindhyachal Prasad, Elite Wealth Limited, vindhyachal@elitestock.com

The analyst(s) certify that all of the views expressed in this report accurately reflect my/our personal views about the subject company or companies and its or their securities. I/We also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. Unless otherwise stated, the individuals listed on the cover page of this report are analysts in Elite Wealth Limited.

As to each individual report referenced herein, the primary research analyst(s) named within the report individually certify, with respect to each security or issuer that the analyst covered in the report, that:

• all of the views expressed in the report accurately reflect his or her personal views about any and all of the subject securities or issuers; and
• No part of any of the research analyst’s compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in the For individual analyst certifications, please refer to the disclosure section at the end of the attached individual notes.

Research Excerpts

This note may include excerpts from previously published research. For access to the full reports, including analyst certification and important disclosures, investment thesis, valuation methodology, and risks to rating and price targets, please visit www.elitewealth.in.

Company-Specific Disclosures

Important disclosures, including price charts, are available and all Elite Wealth Limited covered companies by visiting https://www.elitewealth.in, or emailing research@elitestock.com with your request. Elite Wealth Limited may screen companies based on Strategy, Technical, and Quantitative Research. For important disclosures for these companies, please e-mail research@elitestock.com.

Options related research:

If the information contained herein regards options related research, such information is available only to persons who have received the proper option risk disclosure documents. For a copy of the risk disclosure documents, please contact your Broker’s Representative or visit the OCC’s website at https://www.elitewealth.in

Other Disclosures

All research reports made available to clients are simultaneously available on our client websites. Not all research content is redistributed, e-mailed or made available to third-party aggregators. For all research reports available on a particular stock, please contact your respective broker’s sales person.

Ownership and material conflicts of interest Disclosure

Elite Wealth Limited policy prohibits its analysts, professionals reporting to analysts from owning securities of any company in the analyst’s area of coverage. Analyst compensation: Analysts are salary based permanent employees of Elite Wealth Limited. Analyst as officer or director: Elite Wealth Limited policy prohibits its analysts, persons reporting to analysts from serving as an officer, director, board member or employee of any company in the analyst’s area of coverage.

Country Specific Disclosures

India – For private circulation only, not for sale. Legal Entities Disclosures

Mr. Ravinder Parkash Seth is the Managing Director of Elite Wealth  Ltd (EWL, henceforth), having its registered office at Casa Picasso, Golf Course Extension, Near Rajesh Pilot Chowk, Radha Swami, Sector-61, Gurgaon-122001 Haryana, is a SEBI registered Research Analyst and is regulated by Securities and Exchange Board of India. Telephone: 011-43035555, Facsimile: 011-22795783 and Website: www.elitewealth.in

EWL discloses all material information about itself including its business activity, disciplinary history, the terms and conditions on which it offers research report, details of associates and such other information as is necessary to take an investment decision, including the following:

1. Reports
2. a) EWL or his associate or his relative has no financial interest in the subject company and the nature of such financial interest;

• EWL or its associates or relatives, have no actual/beneficial ownership of one %. or more in the securities of the subject company, at the end of the month immediately preceding the date of publication of the research report or date of the public appearance;
• EWL or its associate or his relative, has no other material conflict of interest at the time of publication of the research report or at the time of public appearance;

2. 2. Compensation

• • EWL or its associates have not received any compensation from the subject company in the past twelve months;
  • EWL or its associates have not managed or co-managed public offering of securities for the subject company in the past twelve months;

• EWL or its associates have not received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months;
• EWL or its associates have not received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months;
• EWL or its associates have not received any compensation or other benefits from the Subject Company or third party in connection with the research

3. In respect of Public Appearances

• EWL or its associates have not received any compensation from the subject company in the past twelve months;
• The subject company is not now or never a client during twelve months preceding the date of distribution of the research report and the types of services provided by EWL