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

Stocks in Asia extended gains following a sharp rally on Wall Street after Federal Reserve Chair Jerome Powell signaled a slowdown in the pace of rate hikes. Oil surged 2.8% above $80 a barrel after government data showed that U.S. stockpiles declined the most since 2019. Gold futures changed little, while Bitcoin rose 2.2% to trade cross $16,800-level. The Indian benchmark indices continued their rally to touch new record highs, with Sensex touching the 63,000-mark for the first time ever. All 20 sectoral indices compiled by BSE Ltd. closed in green, with BSE Utilities rising the most at 2.52%. Rupee registered gains against the U.S. dollar to close higher as the greenback faltered in the global markets and domestic equities surged. At 7:10 a.m., the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — rose 0.30% to 18,973.

Economic Calendar:

  • USD : Fed Chair Powell Speaks on 01st December, 2022
  • USD : ISM Manufacturing PMI (Nov) 01st December, 2022
  • INR : Nikkei S&P Global Manufacturing PMI (Nov) on 01st December, 2022
  • INR : M3 Money Supply on 01st  December, 2022

Brokerage Radar:

KOTAK INST EQT ON EICHER MOTORS: Sell, TP Rs 2800; Analysis of RE’s domestic biz suggests 1) core portfolio’s (ex-Hunter 350) performance remains below FY2018 levels, 2) demand trends in key states of Delhi & Kerala remain under pressure, despite new launch

CS ON DELHIVERY: O-P, TP Rs 550; Industry feedback reinforces view of Co’s strongest standing; Funding squeeze reducing volumes may be a key near-term risk; Overall takeaways from Delhivery perspective were +ve as sector is growing at 17-18%

JEFFERIES ON RIL: Buy, TP Rs 3100 ; Note export duty on steel was withdrawn recently when prices fell 24% from the peak; RIL’s FY24E Ebitda will receive a 5% (US$ 1bn) boost if duties are withdrawn

International Markets:

U.S & Europe:

Particulars 30th November Chg. Chg.(%)
Nasdaq 11468.00 484.22 4.41
Dow 34589.77 737.24 2.18
FTSE 7573.05 61.05 0.81
CAC 6738.55 69.58 1.04
DAX 14397.04 41.59 0.29
Dow Fut.* 33873.70 24.20 0.07

Asian markets

Particulars 01st December Chg. Chg.(%)
SGX Nifty 18994.50 78.00 0.41
Nikkei 28281.04 312.05 1.12
Straits Times 3311.26 20.77 0.63
Hang Seng 18891.91 294.68 1.58
Shanghai 3182.58 31.24 0.99

ADR Watch:

Particulars 30th November  Chg.       Chg.(%)
Dr. Reddy 56.31 1.02 1.84
HDFC Bank 70.57 1.33 1.92
ICICI Bank 23.72 0.24 1.02
Infosys 20.35 0.64 3.25
Tata Motor 27.30 0.91 3.45
Wipro 5.12 0.17 3.43

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 81.42 -0.36
Brent 86.78 -0.22
Gold 1788.45 1.62
Silver 22.500 3.30

FIIs & DIIs:

Particulars 30th November 29th November
FIIs 9010.41 1241.57
DIIs -4056.40 -744.42

News Update:

Punjab National Bank: The bank hiked MCLR rates by 5 basis points across tenors, with effect from Dec. 1.

Wipro: The company will support Amazon Security Lake, a cybersecurity data lake by Amazon Web Service. The company also launched Wipro Data Intelligence Suite, a one-stop solution for accelerating cloud modernisation and data monetisation, focused on modernising data estates, including data stores, pipelines and visualisations, running on Amazon Web Services.

MOIL: The company has fixed/revised the prices of different grades of manganese ore and electrolytic manganese dioxide for the three months to December 2022.

Britannia Industries: The company appointed Abhishek Sinha, Chief Business Officer, dairy business, as the chief executive officer of Britannia Bel Foods, its joint ve venture with France-based Bel.

Grasim Industries: Income Tax Appellate Tribunal, Mumbai, quashed the dividend distribution tax demand over the demerger of financial services business.

Tata Consultancy Services: The company has been selected by Rail Delivery Group help create the U.K. government’s Rail Data Marketplace.

KPI Green Energy: The board of the company has recommended issue of bonus shares in the ratio 1:1.

Apollo Hospitals Enterprise: The board approved issue of non-convertible debentures worth Rs 105 crore.

Dynamatic Technologies: The company signed long-term contract with Spirit AeroSystems for detail part manufacturing.

Bank of India: The bank hiked MCLR rates across tenors by 25 basis points, with effect from Dec. 1.

Shilpa Medicare: Company’s facility Unit IV, Jadcherla, Telangana facility has received Health Canada GMP approval.

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