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

Asian markets were poised for lower opening on Thursday as investors positioned for a higher peak in interest rates following another round of hawkish comments from Federal Reserve officials. Equity futures for benchmarks in Japan and Hong Kong fell while Australian shares edged higher. The headwinds for Asia come after the S&P 500 closed near the lowest in six weeks and Treasury yields climbed. Meanwhile, the yield on 10-year Treasuries advanced to 3.99%. Crude prices were trading around $84-mark, while Bitcoin was trading above 23,500-level. At 6:15 a.m., the Singapore-traded SGX Nifty, an early indicator of India’s benchmark Nifty 50, was down 0.22% at 17,480.5. The domestic benchmark indices snapped their eight-day-long losing streak, supported by a rally in metal and bank stocks. The rupee closed higher against the U.S. dollar for the second day in a row as domestic equities recovered and crude prices eased.

Economic Calendar:

  • USD : Initial Jobless Claims on 02nd March, 2023
  • USD : ISM Non-Manufacturing PMI (Feb) on 03rd March, 2023
  • INR : FX Reserves, USD on 03rd March, 2023
  • INR : Industrial Production (YoY) (Jan) on 10th March, 2023

Brokerage Radar:

CLSA ON AXIS BANK: Buy, TP Rs 1250; Key +ve – post-deal CET-1 would be +13.7%, & this reduces risk of an immediate capital raise; Attrition in biz between 5%-20% for cards & deposits; Management maintained its profitability est. at Rs8bn-Rs8.5bn

MS ON MCX: UW, TP Rs 1125; Average daily traded value (ADTV) is a key driver of MCX’s profits and share price. In February 2023, ADTV (futures + 50%*options) was up ~12% MoM to Rs432bn owing to higher volumes in options. However, stock was down 7.4% during mth

NOMURA ON L&T TECH: Initiate Reduce, TP Rs 3050; Broad-based ER&D service providers gained market share vs pure-play players; Challenging macro to weigh on discretionary ER&D spend; Co’s attractive portfolio suit will be tested during slowing macro & SWC integration

International Markets:

U.S & Europe

Particulars 01st March Chg. Chg.(%)
Nasdaq 11379.48 -76.06 -0.66
Dow 32661.84 5.14 0.02
FTSE 7914.93 38.65 0.49
CAC 7234.25 -33.68 -0.47
DAX 15305.02 -60.12 -0.39
Dow Fut.* 32721.30 59.50 0.18

Asian markets

Particulars 02nd March Chg. Chg.(%)
SGX Nifty 17474.00 -45.50 -0.26
Nikkei 27495.69 -20.84 -0.08
Straits Times 3241.79 -13.29 -0.41
Hang Seng 20437.27 -182.44 -0.88
Shanghai 3315.56 3.21 0.10

ADR Watch:

Particulars 01st March  Chg.       Chg.(%)
Dr. Reddy 53.20 0.95 1.82
HDFC Bank 66.70 -0.94 -1.39
ICICI Bank 20.66 -0.02 -0.10
Infosys 18.02 0.08 0.45
Wipro 4.68 0.01 0.21

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.53 0.12
Brent 84.34 0.04
Gold 1839.15 -0.34
Silver 20.968 -0.60

FIIs & DIIs:

Particulars 01st March 28th February
FIIs                           -424.88 -4559.21
DIIs 1498.66 6841.53

News Update:

CreditAccess Grameen: As per the fresh assessment order dated Feb. 28, 2023, received from the Assessment Unit of Income Tax Department the company Income Tax for AY18-19 was quashed from Rs 2,333 crore to Rs 122.63 crore.

Axis Bank Ltd.: The bank completed the acquisition of Citibank consumer business in India at a total cost of Rs 11,603 crore. The acquisition added over 1.8 million credit cardholders and deposits worth Rs 39,900 crore into Axis Bank’s fold.

Rail Vikas Nigam Ltd.: The company emerged as the lowest bidder for manufacturing-cum-maintenance of Vande Bharat train sets, including upgradation of the government manufacturing units and trainset depots, in joint venture with selected partners. The total quantity is 200 trainsets and cost per set is Rs 120 crore.

Sunteck Realty Ltd.: The company leased out two lakh square feet of its Mumbai-based premium commercial building, Sunteck BKC51, to Upgrad Education Pvt. for 29 years. The total revenue generated from the project will amount close to Rs 2,000 crore over the entire lease tenure.

Hindustan Aeronautics Ltd.: The Cabinet Committee on Security approved procurement of 70 HTT-40 basic trainer aircraft from the company for Rs 6,828 crore over six years. The board of the company will meet on March 10 to consider an interim dividend.

Larsen and Toubro Ltd.: The Union Cabinet approved signing of a contract with the company for acquisition of three cadet training ships at an overall cost of Rs 3,108.1 crore.

Dreamfolks Services Ltd.: The board approved acquisition of 60% stake in Vidsur Golf Pvt. for Rs 1.5 crore. The company will have a subsidiary in Singapore for this purpose.

Bajaj Finserv Ltd.: The company received certificate of registration from market regulator SEBI to commence its mutual fund operations under Bajaj Finserv Mutual Fund.

Adani Ports and Special Economic Zone Ltd.: Adani Agri Logistics Ltd., a step-down subsidiary of the company, incorporated a subsidiary named HM Agri Logistics to develop and operate silo complexes across the nation.

 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