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

A sobering tone took over Wall Street after a rally that added $7 trillion to the stock market, with traders bracing for hawkish rhetoric from Federal Reserve officials at the Jackson Hole retreat later this week. Equities pushed toward their worst rout in two months, following a surge that drove the S&P 500 to its best start to a third quarter since 1932. Tech shares underperformed as Treasury 10-year yields topped 3%. The Cboe Volatility Index, or VIX, rose. Jerome Powell, the Fed chair may reiterate his resolve to keep raising rates, in a speech on Friday. Elsewhere, oil pared losses as Saudi Oil Minister said that market disconnect between futures prices and supply and demand may force OPEC+ to tighten production levels. Gold fell and Bitcoin plummeted under $21,300. Back home, stock benchmarks declined, extending losing streak for second day. Sensex and Nifty lost 1.5%, dragged by metal, banking, auto, information technology, pharma and realty stocks. The local currency depreciated against the U.S. dollar amid concerns over high inflation and rising crude oil prices.

Economic Calendar:

  • USD : New Home Sales (Jul) 23rd Aug, 2022
  • USD : Core Durable Goods Orders (MoM) (Jul) 24th Aug, 2022
  • INR : M3 Money Supply 24th Aug, 2022
  • INR : FX Reserves, USD 26th Aug, 2022


Who’s Meeting Whom:

Aether Industries: To meet investors and analysts on August 23.

TTK Prestige: To meet investors and analysts on August 23 and August 29.

INOX Leisure: To meet investors and analysts on August 24.

Aarti Industries: To meet investors and analysts on August 24.

Brokerage Radar:

NOMURA ON M&M: Maintain BUY, TP Rs 1,505; Push for EV to start from Sep with e-XUV400; Large SUVs attract 50% GST compared with 5% for EVs and come with low/NIL road taxes as well; Hence, this should be most attractive segment to launch EVs.

NOMURA ON LUPIN: Maintain BUY, TP cut to Rs 863; Stock factors in current stress; High contribution from India/Growth markets presents downside support; Expect base biz price erosion to sustain but at relatively lower pace; New product & Indore site clearance represent $300m upside over 2-3 yrs

CLSA On EICHER: Maintain BUY, TP raised to Rs 4,154; RE volumes grew at a 33% CAGR in FY12-19, & most of these customers will be looking to replace their bikes over next 7-8 yrs; If RE can capture 80-85% of this demand, would help grow volumes; Believe this is a plausible scenario

International Markets:

U.S & Europe:

Particulars      22nd August Chg. Chg.(%)
Nasdaq 12381.57 -323.65 -2.55
Dow 33063.61 -643.13 -1.91
FTSE 7533.79 -16.58 -0.22
CAC 6378.74 -117.09 -1.8
DAX 13230.57 -313.95 -2.32
Dow Fut.* 33142.8 79.2 0.24

Asian markets:

Particulars      23rd August Chg. Chg.(%)
SGX Nifty 17417 -73 -0.42
Nikkei 28456.92 -337.58 -1.17
Straits Times 3244.63 -17.94 -0.55
Hang Seng 19500.96 -156.02 -0.79
Shanghai 3267.85 -9.94 -0.30

ADR Watch:

Particulars     22nd August  Chg.       Chg.(%)
Dr. Reddy 51.91 -0.31 -0.59
HDFC Bank 62.13 -0.92 -1.46
ICICI Bank 21.36 -0.48 -2.20
Infosys 19.52 -0.26 -1.31
Tata Motor 28.25 -1.03 -3.52
Wipro 5.19 -0.14 -2.63

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR  79.87 0.12
Brent  97.23  0.78
Gold  1751.00  0.15
Silver  18.843 -0.19

FIIs & DIIs:

Particulars 22nd August 19th August
FIIs                           -453.77       1110.90
DIIs -85.06      -1633.21

News Update:IIFL Finance: The company’s subsidiary IIFL Home Finance approved allotment of 53.76 lakh shares, representing 20% stake, to Abu Dhabi Investment Fund for a consideration of Rs 2,200 crore.NTPC: The company’s first part capacity of 10 MW out of 20 MW Gandhar Solar PV Project at Gandhar, Gujarat, is declared on Commercial Operation from Aug. 23.Infosys: The company scaled back the average variable payout of employees to about 70% for the June quarter amid margin squeeze and high employee costs, PTI reported.Lemon Tree: The company has signed license agreement for a 65 room hotel at Hubli, Karnataka. The hotel is expected to be operational by May, 2023.RBL Bank: The bank approved raising Rs 3,000 crore via debt securities on private placement basis.TVS Electronics: The company executed business transfer agreement with GTID Solutions Development Private Limited for acquiring their business and intellectual property rights. With this agreement, TVS enters into mobile POS software solutions and authentication solutions space, offering hardware along with required applications, digital payment solutions, cloud computing software solutions to segments like retail, banks and government. The cost of acquisition is Rs 2.25 crore.  Source: Moneyontrol, Livemint,, Bloomberg, InvestingDisclosure in pursuance of Section 19 of SEBI (RA) Regulation 2014Elite 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.
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