View on market: Volatility Prevails, Market is searching for better value

In spite of indications that price hikes are slowing, predictions that the Federal Reserve will maintain its strict monetary policy in order to prevent an inflationary flare-up led to mixed openings for Asian stocks. Contracts for Australian equities decreased while those for Hong Kong benchmarks increased. The S&P 500 index erased a rise of as much as 1.3% to close Thursday barely altered, which led to an increase in US equity futures. West Texas Intermediate was trading below the $83 per barrel while Brent crude was at $86.42 per barrel. The yield on a 10-year US bond was 4.11%, while the price of Bitcoin fell below the 30,000 mark. The GIFT Nifty, a leading indication of the performance of the Nifty 50 Index in India, was down 53 points or 0.27% at 19,547 at 5:58 a.m.

Economic Calendar:

  • USD : PPI (MoM) (Jul) on 11th Aug, 2023
  • USD : Retail Sales (MoM) (Jul) on 11th Aug, 2023
  • INR : Industrial Production (YoY) (Jun) on 11th Aug, 2023
  • INR : Manufacturing Output (MoM) (Jun) on 11th Aug, 2023

Brokerage Radar:

JEFFERIES ON PRESTIGE ESTATES: Downgrade to Hold, TP Raised to Rs 620; Largest listed developer by pre-sales in 1Q with a strong 30% rise YoY on a good performance of core Bangalore market; Management remains confident of 25% YoY growth on a strong launch pipeline; Net debt rise continued as record capex pace is maintained. A sharp 45% rally since Mar’23 lows has brought valuations near +1sd levels, find upside ltd.

MS ON BAJAJ ELECTRICAL: UW, TP Rs 905; While co maintained share across key categories; but growth in FMEG was flat due to muted demand & un-seasonal rains

Management expects demand to recover in H2 driven by festive season; See downside risks to cons est.

CITI ON BHARAT FORGE: Sell, TP Rs 800; 1Q above Est., Driven By Defence Exports; Mgmt. outlook +ve across segments; Though demand environment is benign, new biz should drive rev & profit growth; Think +ves from defence export orders are now well priced in

CLSA ON ZEE ENT: Buy, TP Rs 300; NCLT today in an unconditional verbal order approved SonyZee will make a filing with ROC after which Zee shares will be delisted & merged co will be relisted; Sony will hold a majority 50.86% of merged co; Merged co will have cash of $1.5bn

International Markets

U.S & Europe:

Particulars 10th August Chg. Chg.(%)
Nasdaq 13737.99 15.97 0.12
Dow 35176.15 52.79 0.15
FTSE 7618.60 31.30 0.41
CAC 7433.62 111.58 1.50
DAX 15996.52 143.94 0.90
Dow Fut.* 35244.30 120.90 0.34

Asian markets:

Particulars 11th August Chg. Chg.(%)
GIFT Nifty 19548.00 8.00 0.04
Nikkei 32473.65 269.32 0.83
Straits Times 3285.86 -37.07 -1.12
Hang Seng 19111.95 -136.31 -0.71
Shanghai 3221.20 -33.36 -1.03

ADR Watch:

Particulars    10th August  Chg.       Chg.(%)
Dr. Reddy 71.77 0.23 0.32
HDFC Bank 66.57 -0.26 -0.39
ICICI Bank 23.40 -0.24 -1.02
Infosys 16.87 0.16 0.96
Wipro 5.02 0.02 0.40

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 82.77 -0.12
Brent 86.31 -0.10
Gold 1946.75 -0.11
Silver 22.755 -0.29

FIIs & DIIs:

Particulars   10th August 09th August
FIIs                          331.22 644.11
DIIs 703.72 -597.88

News Update:

HCL Tech: The company has won a $2.1-billion contract from Verizon Communications to manage the networks for the business customers of U.S.’ biggest telecom operator by subscribers. The deal, with a total contract value of $2.1 billion over the next six years, will see Verizon Business lead sales and development, while HCLTech will take care of post-sale network rollout and support.

Adani Enterprises: The company said no such event concerning the media report on exiting Wilmar venture which requires any disclosure.

NBCC India: The company awarded an order for redevelopment of GPRA Colony at Sarojini Nagar, New Delhi to Varindera Constructions for a total contract value of Rs 955.8 crore.

DLF, Medanta: The companies entered into a 50:50 joint venture in a special purpose vehicle to set up a 400-bed multi-specialty hospital hospital in Delhi.

SJVN: The company’s subsidiary SJVN Green Energy has bagged the 90 MW floating solar project at the Omkareshwar reservoir, Madhya Pradesh. The project cost is Rs 610 crore. It also signed an MoU with ONGC for joint development of renewable energy projects and with Sambhar Salts for development of solar project/park in phases.

Zee Entertainment Enterprises: The company’s unit Zee Studios entered into a share purchase agreement with Elitecast Media to sell Zee Unimedi for Rs 2.4 crore. Carysil: The company acquired 43,379 square meters of land in Bhavnagar, Gujarat, opposite to its existing factory, at the cost of Rs 9.07 crore for the future expansion and the new projects, if any.

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)

Kiran Tahlani, 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 e-mailing 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
  2. 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;

  1. 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

Provided that research analyst or research entity shall not be required to make a disclosure as per sub-clauses (c), (d) and (e) of clause (ii) or sub-clauses (a) and (b) of clause (iii) to the extent such disclosure would reveal material non-public information regarding specific potential future investment banking or merchant banking or brokerage services transactions of the subject company.
(4) EWL or its proprietor has never served as an officer, director or employee of the subject company;
(5) EWL has never been engaged in market making activity for the subject company;
(6) EWL shall provide all other disclosures in research report and public appearance as specified by the Board under any other regulations.