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

U.S. stocks wavered on Friday after a $2.7 trillion rally in November that was fueled by bets the Federal Reserve will end its hiking cycle to prevent an economic recession. The dollar erased its 2023 advance, reports Bloomberg. The S&P 500 index and Nasdaq 100 fell by 0.01% and 0.25%, respectively, as on 10:43 p.m. New York time. The Dow Jones Industrial Average declined by 0.08%. Brent crude was trading 2.71% higher at $79.52 a barrel. Gold also gained 0.10% to trade at $1,982.95 an ounce.

Economic Calendar:

  • USD: Existing Home Sales (Oct) on 21st November, 2023
  • USD: FOMC Meeting Minutes on 22nd November, 2023
  • INR: FX Reserves, USD on 24th November, 2023
  • INR: GDP Quarterly (YoY) (Q2) on 30th October, 2023

Brokerage Radar:

MS on SBI Cards: OW. TP Rs 950 Impact of RBI measures on Tier 1 ratio will not constrain biz, while the impact on cost of funds should be manageable. Growth in receivables is lower than industry See a lower risk of SBI Cards having to slow unsecured credit growth more sharply.

CITI On NMDC: Buy, TP raised to Rs 190 from Rs 160 NMDC trades at 3.8x FY25 EV/EBITDA on an implied iron ore price of US$115/t (spot $130), global peers trade at 4.5- 6x. NMDC offers FCF yield of ~8.5%

BoFA Sec on Bajaj Fin: Buy, TP Rs 8845 BAF temporarily suspends new EMI cards issuance BAF also confirmed that it does not impact its customer acquisition engine meaningfully and it will continue to offer financing to new/existing customers at dealer stores in normal course of biz

International Markets

 U.S & Europe:

Particulars 17th November Chg. Chg.(%)
Nasdaq 14107.92 -5.75 -0.04
Dow 34947.28 1.81 0.01
FTSE 7504.25 93.28 1.24
CAC 7233.91 65.51 0.91
DAX 15919.16 132.55 0.83
Dow Fut.* 14107.92 -5.75 -0.04

Asian markets:

Particulars 20th November Chg. Chg.(%)
GIFT Nifty 19810.00 8.00 0.04
Nikkei 33562.41 -22.79 -0.07
Straits Times 3110.09 -14.58 -0.47
Hang Seng 17679.13 224.94 1.29
Shanghai 3066.62 12.25 0.40

ADR Watch:

Particulars    17th November  Chg.       Chg.(%)
Dr. Reddy 66.88 0.51 0.77
HDFC Bank 58.14 0.35 0.61
ICICI Bank 22.19 -0.07 -0.31
Infosys 17.51 0.24 1.39
Wipro 4.72 0.04 0.85

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.27 -0.02
Brent 81.17 0.69
Gold 1985.05 0.02
Silver 23.747 -0.44

FIIs & DIIs:

Particulars   17th November 16th November
FIIs                          -477.76 957.25
DIIs -565.48 705.65

News Update:

Larsen & Toubro: Qatar’s General Tax Authority has imposed a penalty of Rs 111.31 crore for 2016–2017 and Rs 127.64 crore for 2017–2018. An appeal has been filed against the levy of this penalty, as the company believes it is arbitrary and unjustified.

RITES: RITES emerged as the lowest bidder in two tenders from CFM Mozambique. Out of the two tenders, one is for the supply of 10 diesel electric locomotives with incidental service of Rs 3.7 crore, and the other is for the supply of 300 high-side wagons.

Bajaj Finance: The company stopped sanctioning and disbursing loans under its two lending products, namely, ‘eCOM’ and ‘Insta EMI Card’, until the deficiencies observed by the RBI were rectified to their satisfaction.

Dalmia Bharat Sugar: The company informed that there is disruption of operations at Kolhapur and Ninaidevi units in Maharashtra due to farmers’ agitation. Consequentially, there could be a material impact. The company said it is taking all possible steps to restore normalcy.

SBI Cards and Payment Services: The capital adequacy is expected to decline by 400 basis points on account of the RBI’s revised credit risk weights. The bank is well capitalised as of now and well above the regulatory guideline of 15%. It has enough sources and a diversified lender base to manage its impact, and it doesn’t foresee a significant impact on the cost of funds during this fiscal.

Exide Industries: The company settled the chloride trademark dispute with the UK’s Vertiv Group and India’s Vertiv Energy. VCGL and VEPL shall not use the said ‘CHLORIDE’ mark in India, either directly or indirectly, and shall withdraw all their claims over this mark in favour of Exide.

Kalyan Jewellers: Unit Kalyan Jewellers FZE acquired the remaining 30% stake in Kalyan Jewellers LLC, Oman, on Nov. 16. Kalyan Jewellers LLC, Oman, has become a wholly owned subsidiary of Kalyan Jewellers FZE.

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.