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

Asia stocks are poised for a mixed open. The yen rallied on a report that the Bank of Japan may raise a limit on government bond yields, Bloomberg reported. Japan’s currency surged to its strongest level in nearly three weeks after Nikkei reported, without identifying from where it obtained the information, that the Bank of Japan is considering letting the yield on 10-year government bonds rise above 1%. Brent crude rose to $88.05 a barrel, and West Texas Intermediate was trading around the $82.85 level. The yield on the 10-year U.S. bond was trading at 4.90%, whereas Bitcoin was above the $34,000 level. India’s benchmark stock indices advanced for the second consecutive session on Monday, supported by gains in Reliance Industries and HDFC Bank. The S&P BSE Sensex closed 329.85 points, or 0.52%, higher at 64,112.65, while the NSE Nifty 50 gained 93.65 points, or 0.49%, to end at 19,40.90. Intraday, the S&P BSE Sensex rose 0.63% to 64,184.58, and the NSE Nifty 50 gained 0.58% to 19,158.50.

Economic Calendar:

  • USD: CB Consumer Confidence (Oct) on 31st October, 2023
  • USD: ISM Manufacturing PMI (Oct) on 1st November, 2023
  • INR: Infrastructure Output (YoY) (Sep) , USD on 31st October, 2023
  • INR: RBI Monetary and Credit Information Review on 31st October, 2023

Brokerage Radar:

CITI on Oberoi: Neutral, TP Rs 1147 2Q: Healthy Pre-Sales & Cash Flows Co continues to execute well which is evident from high residential operating margin which came at 47.66% in 2Q v/s 39.2% in 2QFY23. Valuation leaves limited upside potential.

MS on DLF: OW, TP Rs 549 2Q net profit grew by 31% helped by lower interest expense & higher rental income (owing to rise in occupancy) Higher collection drove co into a net cash position (excluding JV rental) Val at 50x trailing P/E implies lots of growth priced in

Jefferies on UPL: Buy, TP cut to Rs 675 from Rs 800 Q2 missed JEFe. Sales/EBITDA declined by 19%/43%YoY, affected by global channel destocking & elevated pricing pressure (-15%). Cut FY24-26e EPS by 9-10% But, 2H is est to improve as NA, Lat-Am & Europe enter major cropping season

International Markets

 U.S & Europe:

Particulars 30th October Chg. Chg.(%)
Nasdaq 12789.48 146.47 1.16
Dow 32928.96 511.37 1.58
FTSE 7327.39 36.11 0.49
CAC 6825.07 29.69 0.44
DAX 14716.54 29.13 0.20
Dow Fut.* 32875.39 -53.57 -0.16

Asian markets:

Particulars 31st October Chg. Chg.(%)
GIFT Nifty 18988.00 148.00 0.79
Nikkei 31047.50 445.72 1.48
Straits Times 3072.00 0.20 0.01
Hang Seng 17239.00 213.00 1.25
Shanghai 2995.58 7.25 0.25

ADR Watch:

Particulars       30th October  Chg.       Chg.(%)
Dr. Reddy 64.77 -0.28 -0.43
HDFC Bank 57.30 0.97 1.72
ICICI Bank 22.54 0.45 2.04
Infosys 16.50 0.06 0.36
Wipro 4.54 0.03 0.67

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.25 0.01
Brent 89.14 0.32
Gold 2003.35 -0.11
Silver 23.315 -0.37

FIIs & DIIs:

Particulars   30th October     27th October
FIIs                          -1,761.86 -1,500.13
DIIs 1,328.47 313.69

News Update:

Tata Motors: The carmaker said an arbitration panel has ruled in its favour to recover Rs 766 crore with interest from the West Bengal Industrial Development Corp. for the Singur-Nano project that the company was forced to scrap.

Marico: The board approved an interim dividend of Rs 3 per share.

Power Grid Corp: The company acquired Beawar Dausa Transmission via tariff-based competitive bidding for an aggregate value of nearly Rs 21.37 crore, subject to adjustment.

Gulf Oil Lubricants: The company acquired 51% of Tirec Transmission.

Filatex India: Board-approved expansion project for manufacturing recycling ships with a capacity of 20,000 TPA from polyester and textile waste. The project is to be executed by a company or subsidiary at an estimated cost of Rs 150 crore.

JK Cement: The company proposed to acquire shares of four companies under captive power plant mode through SPV.

Chemplast Sanmar: The custom-manufactured chemical division signed an LOI with a global agrochemical innovator to manufacture a new pipeline of active ingredients for five years. Commercial supplies are expected to start in CY2025.

Astral: Atul Sanghvi, president of Faucet and Sanitary Ware, resigned.

DCM Shriram: The company will set up a sugar plant in Loni, Uttar Pradesh, to increase capacity to 9,400 TCD from 7,300 TCD.

HFCL: The company launched a comprehensive suite of next-gen connectivity products and solutions at India Mobile Congress 2023.

Colgate Palmolive: The company received a transfer pricing order of Rs 170 crore from the Income Tax Authority for AY 2021–22. It will make an application before the Dispute Resolution Panel.

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.