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

U.S. stocks struggled to rise as earnings outlook and Fed’s prospective plans weighed on investor sentiments. The S&P 500 changed little by mid-day, while Nasdaq 100 rose 0.2%. Meanwhile, the yield on 10-year Treasuries advanced three basis points to 3.53%. Crude price fell 0.5%, while gold declined 0.6%. Bitcoin rose 0.3% to trade around the $21,200-level. Indian benchmark indices closed higher after opening with steady gains, with 17 out of 20 sectoral indices compiled by BSE ending in green. Rupee continued to fall against the U.S. dollar tracking recovery in the greenback and firm crude prices.

Economic Calendar:

  • USD : Retail Sales (MoM) (Dec) on 18th January, 2023
  • USD : PPI (MoM) (Dec) on 18th January, 2023
  • INR : Infrastructure Output (YoY) (Dec) on 31st January, 2023

Q3FY23 Results Today: IndusInd Bank, Alok Industries, CCL Products (India), Central Bank of India, Oracle Financial Services Software, Persistent Systems, PSP Projects, Rallis India, Shemaroo Entertainment, Surya Roshni

Brokerage Radar:

CLSA ON ICICI PRU: Buy, TP raised to Rs 620; 3Q mixed, with APE down 6% YoY but VNB margin improvement continuing to +vely surprise; Credit life and annuity continue to drive growth & ICICI Bank retains its selective approach (down 50% YoY).

MS ON BOI: OW, TP Rs 125; F3Q23 saw 1-off interest income on IT refund, which was used to up-front provisions scheduled for F4Q23; PBT ex 1-offs grew 57% QoQ but was 5% below MSe.; Expect sharp 23`uptick in PAT run-rate from Rs10bn to Rs18-20bn starting next qtr

JEFFERIES ON ICICI LOMBARD: Buy, TP Rs 1620; Delivered a healthy 17% rise in premium led by health-insurance & fire; While profit growth of 11% YoY to Rs3.5bn missed est., it was due to upfront charge-off of sales costs; Stake sale is an overhang

International Markets:

U.S & Europe

Particulars 17th January Chg. Chg.(%)
Nasdaq 11095.11 15.96 0.14
Dow 33910.85 -391.76 -1.14
FTSE 7851.03 -9.04 -0.12
CAC 7077.16 33.85 0.48
DAX 15187.07 53.03 0.35
Dow Fut.* 33941.20 30.30 0.09

Asian markets

Particulars 18th January Chg. Chg.(%)
SGX Nifty 18124.00 48.00 0.27
Nikkei 26301.86 163.18 0.62
Straits Times 3292.27 11.76 0.36
Hang Seng 21687.02 109.38 0.51
Shanghai 3227.00 2.76 0.09

ADR Watch:

Particulars 17th January  Chg.   Chg.(%)
Dr. Reddy 53.79 0.19 0.35
HDFC Bank 67.00 -0.52 -0.77
ICICI Bank 21.10 -0.57 -2.63
Infosys 18.67 0.15 0.81
Tata Motor 24.79 -0.12 -0.48
Wipro 4.89 0.10 2.09

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 81.77 0.18
Brent 86.74 0.95
Gold 1905.55 -0.23
Silver 24.100 0.13

FIIs & DIIs:

Particulars 17th January 16th January
FIIs  211.06 -750.59
DIIs 90.81 685.96

News Update:

ITC: The company will acquire 100% stake of Sproutlife Foods for a cash consideration. Initially, Rs 255 crore will be invested to acquire 47.5% stake till March 2025.

Rail Vikas Nigam: The company has emerged as the lowest bidder for two projects by under Surat Metro Rail Project Phase-I and Ahmedabad Metro Rail Project Phase-II worth Rs 673.80 crore and 384.30 crore, respectively.

Adani Enterprises/Ashok Leyland: The company has signed an agreement with Ashok Leyland and Canada’s Ballard Power for a pilot project to develop and launch hydrogen fuel cell electric truck in 2023.

REC: The entire shareholding of WRSR Power Transmission with REC Power Development & Consultancy, a subsidiary of the company, has been transferred to Adani Transmission.

Glenmark Pharmaceuticals: The company will divest select brands and sub-brands from its dermatology segment for India and Nepal territories to Eris Oaknet Healthcare for Rs 340.48 crore.

Jammu & Kashmir Bank: The board will meet on Jan. 23 to consider raising Tier-I capital via employee stock purchase scheme.

Coforge: Life Insurance Corporation increased its stake in the company to 5.03% from 4.98%.

Tata Metaliks: Reported profit at Rs 9.48 crore for December FY23 quarter, falling 74% year-on-year dented by weak operating performance. Input cost and finance cost hit bottomline. However, revenue from operations grew by 14.5% YoY to Rs 790.23 crore for the quarter.

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