View on market: Stay Cautious, be with quality business:

Asian markets point towards a muted start as the U.S. stocks advanced late in the day amid holiday-thinned trading. The U.S. benchmarks were little changed in Asian trading. Sydney and Hong Kong are set to reopen after a long weekend. Declines in the Golden Dragon index of the U.S.-listed Chinese companies signal potential headwinds for mainland markets. After spending most of the day in the red, the S&P 500 eked out a gain in the final minutes of the session. Volumes were light — more than 20% below the 30-day average — with much of European markets shut for holidays ahead of Tuesday’s reopening. Also, the Nasdaq 100 pared losses into the close, ending marginally lower. Investors weigh the U.S. jobs report, which support bets for another Federal Reserve rate hike to control inflation and ease concerns that the U.S. economy is moving towards recession. Contracts for the S&P 500 rose 0.1% on Monday after small gains for futures when the non-farm payrolls figures were released. Meanwhile, the yield on 10-year treasuries in U.S. was trading at 3.41%. Crude prices trade below $85-mark, while Bitcoin rose to nearly 30,000-level. At 6:15 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 0.08% at 17,699. Indian benchmark indices—Sensex and Nifty—extended gains for the sixth consecutive session to end at a four-week high . Indian rupee started the week on a weaker note against the U.S dollar as the domestic unit inched close to the 82-mark.

Economic Calendar:

  • USD : EIA Short-Term Energy Outlook on 11th April, 2023
  • USD : CPI (MoM) (Mar) on 12th April, 2023
  • INR : Industrial Production (YoY) (Feb) on 12th April, 2023
  • INR : CPI (YoY) (Mar) on 12th April, 2023

Brokerage Radar:

MOSL ON MARUTI SUZUKI: Buy, TP Rs 10400; Co is expected to outperform in a moderating growth environment in FY24E, driven by its promising product pipeline; Although market share recovery has not happened despite success of Grand Vitara, est. market share to recover to 44.4% byFY25E

MS ON JSWSTEEL: UW, TP Rs 545; Consol production vol at 6.77mnt (up 13% YoY, +8% QoQ); F2023 vol were 24.57mnt; Management noted would miss consol production guidance slightly given JISPL & Ohio businesses affected by shutdowns & weak market conditions

International Markets

U.S & Europe:


Particulars 10th April Chg. Chg.(%)
Nasdaq 12084.36 -3.60 -0.03
Dow 33586.52 41.90 0.12
FTSE 7741.56 78.62 1.02
CAC 7324.75 8.45 0.12
DAX 15597.89 77.72 0.50
Dow Fut.* 33626.80 40.30 0.12

Asian markets

Particulars 11th April Chg. Chg.(%)
SGX Nifty 17721.50 36.50 0.21
Nikkei 28013.86 380.20 1.36
Straits Times 3297.51 3.08 0.09
Hang Seng 20504.95 173.75 0.85
Shanghai 3313.04 -2.32 -0.07

ADR Watch:

Particulars 10th April  Chg.       Chg.(%)
Dr. Reddy 58.97 0.17 0.29
HDFC Bank 67.67 -0.82 -1.20
ICICI Bank 21.37 -0.33 -1.52
Infosys 17.39 0.14 0.81
Wipro 4.53 0.03 0.67

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 81.97 -0.01
Brent 84.60 0.50
Gold 2012.95 0.46
Silver 25.108 0.79

FIIs & DIIs:

Particulars 10th April 06th April
FIIs                           882.52 475.81
DIIs 351.50 -997.08

News Update:

Cipla: The company signed agreement with Novartis Pharma to manufacture and market Galvus, a drug used in treatment of type 2 diabetes.

Kalpataru Power Transmission: The company and its international subsidiaries secured new orders and notification of awards worth Rs 3,079 core during March and till date in April.

IRB Infrastructure Developers: Toll collection by the company’s wholly owned subsidiaries and joint venture under its private InvIT increased 21% year-on-year in March to Rs 3,699.91 crore. The entities under IRB Infrastructure Trust reported 40% rise in toll collection at Rs 1,930.85 crore. The company’s subsidiaries raked in 1,769.06 crore in toll collection, a rise of 5% YoY.

IRB InvIT Fund: The fund saw toll collection through its project SPVs in March rise 9% to Rs 813.5 crore.

Shilpa Medicare: The company received final approval from U.S. FDA for its Apremilast tablets, which are used in the treatment of adult patients with active psoriatic arthritis.

Neogen Chemicals: The board approved signing an agreement with Japan-based MU Ionic Solutions Corporation to acquire manufacturing technology license for electrolytes in India.

Vedanta: The board will meet on April 13 to raise funds through privately placed non-convertible debentures. Meanwhile, the Supreme Court allowed the company to carry out upkeep work at the Sterlite Copper plant in Tuticorin for upkeep.

State Bank of India: The board of the bank will meet on April 18 to consider raising long term funds up to $2 billion (over Rs 16,400 crore) through a public offer and/or private placement of senior unsecured notes.

Source: Moneycontrol, Bloomberg Quint, Investing

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

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 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)
Israil Khan, Elite Wealth Limited,
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 report.
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
Company-Specific Disclosures
Important disclosures, including price charts, are available and all Elite Wealth Limited covered companies by visiting, or emailing 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
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
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:
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
a) EWL or his associate or his relative has no financial interest in the subject company and the nature of such financial interest;
(b) EWL or its associates or relatives, have no actual/beneficial ownership of one per cent. 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;
(c) 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. Compensation
(a) EWL or its associates have not received any compensation from the subject company in the past twelve months;
(b) EWL or its associates have not managed or co-managed public offering of securities for the subject company in the past twelve months;
(c) 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;
(d) 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;
(e) EWL or its associates have not received any compensation or other benefits from the Subject Company or third party in connection with the research report.
3 In respect of Public Appearances
(a) EWL or its associates have not received any compensation from the subject company in the past twelve months;
(b) 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