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

Japan’s Nikkei index rose more than 1%, along with other Asian indices, on Thursday after surpassing the 35,000 mark for the first time since 1990. Investors are currently awaiting Chinese trade statistics. The 3.4% year-over-year increase in the U.S. CPI in December exceeded the 3.2% increase predicted by Bloomberg for the same month. Furthermore, the print exceeds the 3.2% CPI that was released in November. Investors became less optimistic about a rate cut by the Federal Reserve anytime soon in response to the higher U.S. CPI data. The S&P 500 index dropped by 0.07% and the Nasdaq 100 increased by 0.17% on Thursday, marking a turbulent session for Wall Street. The decline in the Dow Jones Industrial Average was 0.44%. A barrel of Brent crude was trading for $77.41, up 0.79%. An ounce of gold was trading at $2,031.18, up 0.11%.

Economic Calendar:

  • USD : PPI (MoM) (Dec) on 12th January, 2024
  • USD : Retail Sales (MoM) (Dec) on 17th January, 2024
  • INR : CPI (YoY) (Dec) on 12th January, 2024
  • INR : FX Reserves, USD on 12th January, 2024

Brokerage Radar:

CLSA ON TATA POWER: Buy, TP Raised to Rs 955(on roll fwd); Europe, UK & China led significant vol growth in 3Q; CO raised JLR Ebit margin guidance to 8% from 6% for FY24 & expects Ebit margin to reach 10% by FY26; JLR expects to reduce net debt to £1bn by end of FY24

CITI ON ZEE ENT: Buy, TP Rs 340; News Flow Suggests Potential Uncertainty Around Merger Completion; However, assuming merger goes through (base case assumption), expect it to drive advt. & subscription revenue synergies along with potential cost synergies as well

UBS ON BAJAJ AUTO: Sell, TP Rs 5600; Buy-back announced at Rs10k/sh; promoters expected to participate; This means co will buy-back c1.41% of total equity& implies promoter group will potentially receive Rs22bn; Stk has already run-up c6% since news of a board meeting

International Markets:

U.S & Europe:

Particulars 11th January Chg. Chg.(%)
Nasdaq 14953.06 -16.59 -0.11
Dow 37711.02 15.29 0.04
FTSE 7576.59 -75.17 -0.99
CAC 7387.62 -38.46 -0.52
DAX 16547.03 -142.78 -0.86
Dow Fut.* 37690.74 -20.28 -0.05

Asian markets:

Particulars 12th January Chg. Chg.(%)
GIFT Nifty 21722.00 28.00 0.13
Nikkei 35422.95 373.09 1.05
Straits Times 3191.09 -10.32 -0.32
Hang Seng 16337.51 35.47 0.22
Shanghai 2900.04 13.39 0.46

ADR Watch:

Particulars 11th January  Chg.       Chg.(%)
Dr. Reddy 68.12 -1.71 -2.45
HDFC Bank 65.39 0.04 0.06
ICICI Bank 23.98 0.01 0.06
Infosys 18.80 0.70 3.87
Wipro 5.38 -0.01 -0.09

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.06 -0.03
Brent 79.10 2.18
Gold 2039.05 0.98
Silver 23.06 1.57

FIIs & DIIs:

Particulars 11th January 10th January
FIIs                          -865 -1721.35
DIIs 1607.08 2080.01

News Update:

Polycab India: The company denied receiving communication from the Income Tax department regarding the outcome of the search, a day after authorities alleged detection of unaccounted cash sales of Rs 1,000 crore and non-genuine expenses.

Infosys: The company will acquire semiconductor design services provider, InSemi for Rs 280 crore.

Tata Power: The company’s unit Tata Power Renewable Energy signed a memorandum of understanding with the Gujarat government to develop 10,000 MW of renewable energy power projects across multiple sites in Gujarat.

UltraTech Cement: The company acquired a 26% stake in Amplus Ages for Rs 49 crore to meet green energy needs, and optimise energy costs.

H.G Infra Engineering: won the bid for a Rs 716 crore construction order from the Central Railway. The order involves the construction of a new 49.45-kilometer broad-gauge railway line between Dhule (Borvihir) to Nardana in Maharashtra.

Life Insurance Corp: The insurer received two tax demand orders worth of Rs 3,529 crore from Mumbai tax authorities.

Mahindra and Mahindra: The company will invest Rs 630 crore in Mahindra Electric Automobile by subscribing to a rights issue.

Vedanta: Billionaire Anil Agarwal tried to assuage concerns over the company’s debt burden by posting a message on social media that the company has a comfortable financial situation and has never defaulted on payments.

Container Corp: The company reported total volumes at 11.5 lakh TEU, up 6% YoY, and export-import volumes at 9.02 lakh TEU, up 8.3% YoY and domestic volumes at 2.48 lakh TEU, down 1.25% YoY.

apacite Infraprojects: The company raised Rs 200 crore via QIP, allocating 79.47 lakh shares to investors at Rs 251.65 apiece, a discount of 5% to the floor price. Bank of Baroda: The Reserve Bank of India waived off a penalty worth Rs 5 crore. Ugro Capital: The company reported assets under management at over Rs 8,300 crore, up 60% YoY, and gross loan origination at Rs 2,810 crore, up 50% YoY.

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.