Market View 30th October, 2025

View on market: Volatility persists, eagerly searching for growth:

Asian markets traded mixed as investors assessed comments from Federal Reserve Chair Jerome Powell, who struck a cautious tone on the outlook for future interest-rate reductions. The U.S. Federal Reserve, in its meeting on October 29, 2025, reduced the policy rate by 25 basis points, setting the target range for the federal funds rate at 3.75%–4.00%. The move underscored the Fed’s measured approach to supporting economic stability amid evolving global conditions. In Asia, South Korean equities advanced following the signing of a trade agreement with the United States, while stronger-than-expected earnings from Samsung further lifted market sentiment. On Wall Street, policy divisions within the Federal Reserve triggered volatility, pushing bond yields higher and weighing on investor confidence. Nvidia reached a historic milestone, becoming the first company to surpass a $5 trillion market capitalization. Alphabet reported robust sales growth, while Meta cautioned about higher expenses in the coming year. Microsoft’s cloud business growth, however, fell short of market expectations. In India, benchmark indices ended higher, with both the Sensex and Nifty closing in positive territory. Key domestic events to watch include the Prime Minister’s visit to Gujarat to inaugurate development projects and a review meeting of BSNL’s quarterly performance chaired by the Communications Minister.

Key Quarterly Results for Today:

ABCAPITAL, ABHIFIN, ADANIPOWER, ASKAUTOLTD, AUTOAXLES, BANDHANBNK, BIRLACABLE, CANBK, CIPLA, DABUR, DATAMATICS, DLF, EXIDEIND, GRAVITA, GRINDWELL, HYUNDAI, IEX, IIFL, INDOSTAR, ITC, JETFREIGHT, LODHA, LTFOODS, MANAPPURAM, MOTILALOFS, MPHASIS, NAM-INDIA, NTPC, PIDILITIND, SWIGGY, TDPOWERSYS, UNIONBANK, UNITDSPR.

Economic Calendar:

• USD: GDP Data on 30^th October 2025.
• IND: Bank Loan and Deposit Growth Rate on 31^st October 2025.
• USD: Core PCE Price Index Data on 31^st October 2025.
• IND: Foreign Reserves (USD) on 31^st October 2025.

IPO Watch:

Brokerage Radar:

BOFA ON DR REDDY:

Target Rs 1,600 Recommendation Buy, Sema opportunity – Down in Canada but not out; approval pushed out but still a FY27 opportunity, Assume $160 million in FY27 in Canada or 15% of FY27 EBITDA, Still see it as a H1FY27 launch rather than a lost opportunity, Dr Reddy has filing in 87 countries & indicated confidence to sell all 12 mn pen in FY27 even if Canada approval is delayed, This could offset impact from delay.

MORGAN STANLEY ON BHEL:

Maintain overweight target: Rs 258, Revenue & EBITDA Were Above Estimates, Depreciation & Other Income Were Below Est, While Interest Was Higher, Power Segment Revenue Up 13% YoY & EBIT Margin At 10.5%, Industry Segment Revenue Up 18% YoY & EBIT Margin At 15.3%.

JEFFERIES ON PB FIN:

Maintain buy target: Rs 2,100, Q2 Results Above Estimates, Management Unfazed By Commission Cut Fears As PB Adds Quality Clients, Valuation At 62x FY27 EV/EBITDA, Commission Clarity Key.

International Markets:

U.S & Europe:

*As per 30^th October.

Asian markets:

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. 2. 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