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

Asia’s markets began trading higher on Monday morning as risk appetite increased following data that indicated China’s industrial activity had recovered from a five-month downturn. As of 06:35 a.m., the Nikkei 225 was up 59.04 points, or 0.15%, at 40,428.48, and the KOSPI was up 7.32 points, or 0.27%, at 2,753.95. As of 06:37 a.m., the Nasdaq Composite dipped 0.12% while the S&P 500 index increased by 0.11%. By 0.12%, the Dow Jones Industrial Average increased. At $86.81 per barrel, Brent crude was down 0.19% on the market. An ounce of gold was trading at $2,256.77, up 1.21%. As of 06:40 a.m., the GIFT Nifty was up 20 points, or 0.09%, at 22,545.00.

Economic Calendar:

  • USD : Manufacturing PMI (Mar) on 01st April, 2024
  • USD : JOLTs Job Openings (Feb) on 01st April, 2024
  • INR : Nikkei S&P Global Manufacturing PMI (Mar) on 02nd April, 2024
  • INR : Nikkei Services PMI (Mar) on 04th April, 2024

Brokerage Radar:

INVESTEC ON BSE: Upgrade to Buy, TP Rs 2800; Believe contribution to SGF during Q3’24, is a one-off cost & unlikely to recur; Furthermore, BSE has managed to reduce clearing charges paid to NSE by 30% QoQ on per Rs 1mn basis; Expect improved margin profile in Q4’24e

MS ON MARUTI: UW, TP Rs 475; Wipro has appointed Anne-Marie (Annie) Rowland as Capco’s Chief Executive Officer effective April 1, 2024. Rowland has been with Capco for 14 years & has held multiple executive roles on Capco global leadership team

Expect transition to be a smooth one

International Markets:

U.S & Europe:

Particulars 28th March Chg. Chg.(%)
Nasdaq 16379.46 -20.06 -0.12
Dow 39807.37 47.29 0.12
FTSE 7952.62 20.64 0.26
CAC 8205.81 1.00 0.01
DAX 18492.49 15.40 0.08
Dow Fut.* 39933.84 126.47 0.32

Asian markets:

Particulars 01st April Chg. Chg.(%)
GIFT Nifty 22531.50 50.00 0.22
Nikkei 39765.22 -604.22 -1.52
Straits Times 3241.31 17.30 0.54
Hang Seng 16541.42 148.58 0.90
Shanghai 3073.42 32.25 1.06

ADR Watch:

Particulars 28th March  Chg.       Chg.(%)
Dr. Reddy 73.35 1.04 1.44
HDFC Bank 55.97 0.32 0.57
ICICI Bank 26.41 0.44 1.69
Infosys 17.93 0.14 0.79
Wipro 5.75 0.05 0.88

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.32 -0.08
Brent 87.31 0.36
Gold 2279.05 1.82
Silver 25.24 1.31

FIIs & DIIs:

Particulars 28th March 27th March
FIIs                          188.31 2170.32
DIIs 2691.52 1197.61

News Update:

HDFC Bank: The lender plans to sell its 100% stake in HDFC Education and Development Services through the Swiss challenge method. After the Swiss challenge process is over, the bank will decide on the purchaser.

Bank stocks: The RBI authorised 11 banks to import both gold and silver in FY25 from April 1. Axis Bank, HDFC Bank, SBI, Karur Vysya Bank are among eligible buyers for gold and silver and Indian Overseas Bank, PNB and Union Bank of India can buy only gold.

Infosys: The Co. expects a refund of Rs 6,329 crore from the Income Tax Department. It also informed the stock exchanges about tax demand to the tune of Rs 2,763 crore.

NTPC: The company has discontinued operations of 2×110 MW Barauni Thermal Power Station Stage-I permanently.

JSW Steel: Unit JSW Vijayanagar Metallics commissioned 5 MTPA capacity hot strip mill at its Vijayanagar plant.

Muthoot Microfin: The company has raised $75 million via external commercial borrowings, to be utilized for on-lending and financing of eligible social loans.

Bank of India: The lender received a tax demand of Rs 564.4 crore from income tax department for AY18-19.

Punjab National Bank: The board approved raising capital up to Rs 10,000 crore via compliant bonds, in one or more tranches during FY25.

JM Financial: Atul Mehra ceases to hold office as Joint MD effective March 28 and Adi Patel redesignated as MD from Joint MD effective April 1.

Strides Pharma: The corporate insolvency resolution process against unit Strides Alathur has been stayed by the NCLT.

Shriram Finance: The company approved and allotted NCDs on private placement basis. The issue size is Rs 733 crore with a greenshoe option of Rs 617 crore.

Aurobindo Pharma: Unit CuraTeQ Biologics signed an agreement with Merck Sharpe & Dohme Singapore Trading for contract manufacturing operations.

Rail Vikas Nigam: The company emerged as the lowest bidder for a Rs 148 crore order from railways for upgradation of electric traction system.

Torrent Power: Received letter of award from its distribution unit for setting up 150 MW grid-connected wind solar hybrid project with a cost of Rs 1,825 crore.

Asian Paints: The board approved investment of Rs 200 crore in unit Asian Paints International.

Macrotech Developers: The company will acquire 50% stake in Siddhivinayak Realties under.

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.