Market View 04th June, 2026

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

Global markets remained under pressure as rising tensions in West Asia and firm crude oil prices weighed on investor sentiment. Asian markets opened lower following a weak lead from Wall Street, with investors concerned that higher energy costs could add to inflationary pressures and impact global growth. US markets witnessed a mixed start as traders monitored geopolitical developments and movements in oil prices. Caution remained the dominant theme, keeping broader market sentiment subdued. Indian equity markets also ended lower after a brief pause in the previous session. The decline was mainly led by weakness in information technology stocks, which dragged benchmark indices lower. However, buying interest in select banking stocks helped limit losses and provided some support to the broader market. Overall, investors remained cautious amid uncertainty surrounding global geopolitical developments and elevated crude oil prices. Market participants are expected to closely track international cues, inflation trends, and sector-specific developments for further direction in the near term.

Economic Calendar:

• USD: Continuing and Initial Jobless Claims Data on 04^th June 2026.
• IND: Monetary Policy on 05^th June 2026.
• USD: Unemployment Rate on 05^th June 2026.
• IND: Inflation Rate & Bank Loan & Deposit Growth Rate and Foreign Reserves Data on 12^th June 2026.

BROKERAGE RADAR:

CLSA ON KOTAK BANK:

Target ₹440 Recommendation Outperform, Moving from product-level focus to customer-level focus, Focus on building scale, but not at the cost of profitability, Focus on technology clearly stood out, with an aim to reduce the cost of doing business over time, Management was unwilling to sacrifice RoA for growth, despite its excess capital.

GOLDMAN SACHS ON INTERGLOBE AVIATION:

Target ₹5200 Recommendation Buy, Price stabilization fund for Indian Airlines towards ATF pricing positive for the sector, Union Cabinet has approved one-time budgetary support not exceeding Rs100 billion for OMCs to provide ATF price stabilisation, The support shall be provided to OMCs to facilitate stable ATF pricing for airlines during the ongoing period of exceptional fuel price volatility, ATF price stabilisation support will be in force for a period of 36 months with provision for annual review or until the advance amount is fully recovered/settled.

MORGAN STANLEY ON PRESTIGE ESTATES:

Target ₹1920 Recommendation Overweight, Investors are concerned about rising gearing (F26 net debt/equity ratio of 65%), Pending capex (on IP business) of Rs72 billion over the next 3-4 years, Less than 10% of the pre-sales (Rs300bn) in F26 is from NRIs and a very small percentage is from the Middle East, No major impact on macro-slowdown, IP Net Operating Income to grow from Rs 9 billion in F26 to Rs45 billion by F30.

MORGAN STANLEY ON GRASIM:

Target ₹3900 Recommendation Overweight, Plans to continue scaling up the business given its capital-light model, Discounting is being rationalized gradually, while dealer incentives stay higher, 1Q-F27 should see some inventory gains, Plant stabilization, product ramp-up, dealer deepening, price hikes/narrowing of the gap vs. industry should drive strong revenue growth in F27.

International Markets:

U.S & Europe:

*As per 04^th June.

Asian markets:

Stocks strong on Chart:

Commodities & Currency:

FIIs & DIIs:

View on market: Volatility persists, eagerly searching for growth

News Updates:

Source: Moneycontrol, Bloomberg Quint, Investing

Disclosure in pursuance of Section 19 of SEBI (RA) Regulation 2014

Elite Wealth Limited (Elite Wealth Limited is wholly owned subsidiary of InCred Capital Financial Services 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:

1. 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

2. 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

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. EWL or his associate or his relative has no financial interest in the subject company and the nature of such financial interest;
3. 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;
4. 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;
5. Compensation
6. EWL  or its associates have not received any compensation from the subject company in the past twelve months;
7. EWL or its associates have not managed or co-managed public offering of securities for the subject company in the past twelve months;
8. 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;
9. 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;
10. EWL or its associates have not received any compensation or other benefits from the Subject Company or third party in connection with the research
11. In respect of Public Appearances
12. EWL or its associates have not received any compensation from the subject company in the past twelve months;
13. 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