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

U.S. stock futures opened higher at the start of Asian trading as risk sentiment turned positive following a sharp jump in sales forecasts from Nvidia Corp., the world’s most valuable chipmaker. Nasdaq 100 futures rallied 1.6%, following a 0.5% drop in the underlying index on Wednesday amid concerns over the debt-ceiling impasse in the U.S. and the risk of another rate hike from the Federal Reserve. Contracts for the S&P 500 jumped 0.6%. As per Bloomberg, before Nvidia’s 27% surge in after-hours trading, major Asia equity indices had looked likely to decline on Thursday, with futures lower for Hong Kong, Japan and Australia. The S&P 500 fell 0.7% on Wednesday, led by losses in financials and real estate, as negotiations over the U.S. debt ceiling continued without a deal. Minutes from the Fed’s meeting in early May showing policymakers were split on the path for U.S. interest rates further knocked sentiment. Meanwhile, the yield on 10-year treasuries in U.S. was trading at 3.73%. Crude was trading above $78-mark, while Bitcoin traded below 27,000-level. At 05:45 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, down 0.19% at 18,250. Domestic benchmark indices ended their three-day rally to close lower as the HDFC twins and Adani Enterprises Ltd. dragged. Meanwhile, the Indian rupee closed higher against the U.S. dollar for the second day in a row on the back of substantial forex inflows.

Economic Calendar:

  • USD : GDP (QoQ) (Q1) on 25th May, 2023
  • USD : Initial Jobless Claims on 25th May, 2023
  • INR : FX Reserves, USD on 26th May, 2023
  • INR : GDP Quarterly (YoY) (Q4) on 31st May, 2023

Q4 Results Today: Vodafone Idea, Gujarat State Fertilizers & Chemicals, Zee Entertainment Enterprises, Infibeam Avenues, ITD Cementation India, AIA Engineering, Triveni Engineering & Industries, Medplus Health Services, Page Industries, Strides Pharma Science, Heritage Foods, Emami, GMM Pfaudler, Bharat Dynamics, Prince Pipes and Fittings, Eclerx Services, Kolte-Patil Developers,

Brokerage Radar:

GOLDMAN SACHS O DIXON TECH: Maintain Neutral, TP Rs.3,370; Comeback quarter, growth to pick-up again, Beaten street estimates after many quarter, Major beneficiary of the Make in India push across products, Neutral as growth largely priced

NOMURA ON ASHOK LEYLAND: Maintain Buy, TP Rs.184; Q4 EBITDA margin beats consensus, Operating leverage and higher gross margins boost EBITDA margin, See further scope of improvement in realization and CV cycle to stay positive

CLSA ON HINDALCO: Maintain Buy, TP Rs.550; India profitability ahead of estimate and debt declined as well, Guidance look conservative; Leverage to remain low

International Markets

U.S & Europe:

Particulars 24th May Chg. Chg.(%)
Nasdaq 12484.16 -76.08 -0.61
Dow 32799.92 -255.59 -0.77
FTSE 7627.10 -135.85 -1.78
CAC 7253.46 -125.25 -1.73
DAX 15842.13 -310.73 -1.96
Dow Fut.* 32733.90 -66.00 -0.20

Asian markets

Particulars 25th May Chg. Chg.(%)
SGX Nifty 18233.50 -50.50 -0.28
Nikkei 30848.07 165.39 0.54
Straits Times 3203.76 -10.45 -0.33
Hang Seng 18747.40 -368.53 -1.93
Shanghai 3188.19 -16.56 -0.52

ADR Watch:

Particulars 24th May  Chg.       Chg.(%)
Dr. Reddy 54.70 0.64 1.18
HDFC Bank 64.98 -0.36 -0.55
ICICI Bank 22.69 -0.13 -0.57
Infosys 15.56 0.03 0.19
Wipro 4.74 0.03 0.64

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.74 0.07
Brent 78.29 -0.09
Gold 1958.65 -0.30
Silver 23.148 -0.40

FIIs & DIIs:

Particulars 24th May 23rd May
FIIs                           1185.84 182.51
DIIs 300.93 397.29

News Update:

Adani Ports and Special Economic Zone: The company will make long-term investment of $10 billion in Vietnam, including $3 billion in ports and wind and solar power projects.

Wipro: The company’s Engineering Edge business line partnered with automated mobility sensor software provider Spartan Radar to build advanced vehicle solutions. Wipro Ventures, the corporate investment arm of the company has invested in Spartan Radar’s B round funding.

Infosys: The leading IT services firm has announced its collaboration with Adobe to transform the digital workforce through Infosys’ online learning platform, Infosys Springboard, under its Tech for Good charter. Both organizations will aim to create over 10,000 new Adobe certified experts globally by 2025.

Somany Ceramics: The tiles manufacturer said the board has approved appointment of Amit Sahai, as Chief Executive Officer-tile business with effect from May 23. The board also approved the issuance of redeemable non-convertible debentures/bonds/other similar instruments upto Rs 50 crore.

BL Kashyap and Sons: The civil engineering and construction company has secured new order worth Rs 132 crore from Indian School of Business. The total order book stood at Rs 2,650 crore till date.

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.