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

Asian markets are poised to slide Wednesday after momentum in U.S. equities faded and Congress considered the debt accord that’s needed to head off a catastrophic default. Futures for Japan and Australia suggested small declines while contracts for Hong Kong fell more than 1%. Purchasing manager index data for China will be watched for any signs of change in the economy’s wobbly recovery, which has weighed on its share markets and currency. The S&P 500 closed little changed Tuesday, while remaining slightly above 4,200. Energy companies dragged on the index as oil sank below $70 a barrel. The Nasdaq 100 added 0.4% to extend this year’s surge to 31%, while ending off its high for the day as investors assessed the artificial-intelligence hype that’s boosted the index. Nvidia Corp. hovered near $1 trillion in value after announcing several AI-related products. Meanwhile, the yield on 10-year treasuries in U.S. was trading at 3.69%. Crude declined 4% below $76-mark, while Bitcoin was below 28,000-level. At 05:35 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, down 0.29% at 18,675.5. Domestic benchmark indices closed in green for the fourth straight day, supported by advances in Kotak Mahindra Bank Ltd., Infosys Ltd., and Axis Bank Ltd. The Indian rupee closed lower against the U.S. dollar for the second day in a row as it faced a stronger greenback.

Economic Calendar:

  • USD : JOLTs Job Openings (Apr) on 31st May, 2023
  • USD : Initial Jobless Claims on 31st May, 2023
  • INR : Federal Fiscal Deficit (Mar) on 31st May, 2023
  • INR : GDP Quarterly (YoY) (Q4) on 31st May, 2023

Brokerage Radar:

MS ON RIL: Monthly margin tracker points to an oil to chemicals margin recovery despite volatility in fuel margins; Chemicals to drive EPS upgrade cycle; RIL’s energy vertical is key to keeping net debt/EBITDA below one; It usually invests $17 billion annually in chemicals, telecoms, new energy and retail

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

International Markets

U.S & Europe:

Particulars 30th May Chg. Chg.(%)
Nasdaq 13017.43 41.74 0.32
Dow 33042.78 -50.56 -0.15
FTSE 7522.07 -105.13 -1.40
CAC 7209.75 -94.06 -1.30
DAX 15908.91 -43.82 -0.28
Dow Fut.* 32928.40 -114.40 -0.35

Asian markets

Particulars 31st May Chg. Chg.(%)
SGX Nifty 18661.50 -68.50 -0.37
Nikkei 30976.54 -351.62 -1.14
Straits Times 3159.10 -28.46 -0.90
Hang Seng 18188.79 -406.99 -2.19
Shanghai 3202.83 -21.38 -0.66

ADR Watch:

Particulars 30th May  Chg.       Chg.(%)
Dr. Reddy 54.48 -0.02 -0.04
HDFC Bank 64.80 -0.01 -0.02
ICICI Bank 22.88 -0.08 -0.35
Infosys 15.90 0.03 0.19
Wipro 4.82 -0.04 -0.82

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.72 0.05
Brent 73.51 -0.27
Gold 1974.70 -0.12
Silver 23.227 -0.05

FIIs & DIIs:

Particulars 30th May 29th May
FIIs                           2085.62 1758.16
DIIs -438.93 853.57

News Update:

HDFC Asset Management Company: Keki Mistry has expressed the desire not to be re-appointed as non-executive director of the company, and will retire after the upcoming AGM on June 26.

Coal India: The company will increase prices of high-grade coal by 8%, applicable across subsidiaries, leading to revenue rising by additional Rs 2,703 crore during the current fiscal.

Mahindra & Mahindra: The company incorporated subsidiary Mahindra Last Mile Mobility to manage its three-wheeler and small commercial vehicle business. The auto major also incorporated a step-down subsidiary Icarus Hybren to run the renewable energy production and distribution business.

Axis Bank: The board appointed former RBI deputy governor NS Vishwanathan as additional director for a period of four years, up to May 29, 2027.

Aurobindo Pharma: The company received tentative new drug application approval from U.S. FDA for HIV drugs Dolutegravir, Entricitabine and Tenofovir Alafenamide tablets.

Sun Pharmaceuticals Industries: The company received approval from China’s National Medical Products Administration for its new drug application of tildrakizumab injection used to treat moderate-to-severe plaque psoriasis.

Lupin: The company entered a strategic collaboration with Enzene Biosciences to launch Cetuximab in India, used in treatment of head and neck cancer.

HDFC Life Insurance Company: Abrdn (Mauritius Holdings) 2006 Limited is likely to exit the life insurance company by selling entire 1.66% equity via block deals, reports CNBC-TV18 quoting sources. The stake sale is likely to take place in the price range of Rs 563.20-585.15 per share.

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.