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

Benchmarks in the Asia-Pacific area were trading lower after data revealed that the number of new jobs created in the United States in February stayed mostly steady, confirming the strength of the labor market. At 39,533.59, the Nikkei 225 was down 305.32 points, or 0.77%. As of 06:35 a.m., the S&P ASX 200 was down 94.30 points, or 1.20%, at 7,793.60. The robust statistics from the U.S. Job Openings and Labor Turnover Survey for February forced market participants to reduce their expectations for rate cuts in 2024. As of Tuesday, the Nasdaq Composite and S&P 500 Index were down 0.95% and 0.72%, respectively. The Dow Jones Industrial Average declined 1.00%.

Economic Calendar:

  • USD : Services PMI (Mar) on 03rd April, 2024
  • USD : Initial Jobless Claims on 04th April, 2024
  • INR : Interest Rate Decision on 05th April, 2024
  • INR : FX Reserves, USD on 05th April, 2024

Brokerage Radar:

INVESTEC ON BSE: Upgrade to Buy, TP Rs 2800; Believe contribution to SGF during Q3’24, is a one-off cost & unlikely to recur; Furthermore, BSE has managed to reduce clearing charges paid to NSE by 30% QoQ on per Rs 1mn basis; Expect improved margin profile in Q4’24e

MS ON MARUTI: UW, TP Rs 475; Wipro has appointed Anne-Marie (Annie) Rowland as Capco’s Chief Executive Officer effective April 1, 2024. Rowland has been with Capco for 14 years & has held multiple executive roles on Capco global leadership team

Expect transition to be a smooth one

International Markets:

U.S & Europe:

Particulars 02nd April Chg. Chg.(%)
Nasdaq 16244.28 -145.98 -0.89
Dow 39170.24 -396.61 -1.00
FTSE 7935.09 -17.53 -0.22
CAC 8130.05 -75.76 -0.93
DAX 18283.13 -209.36 -1.15
Dow Fut.* 39131.06 -39.18 -0.10

Asian markets:

Particulars 03rd April Chg. Chg.(%)
GIFT Nifty 22454.00 -154.00 -0.68
Nikkei 22454.00 -154.00 -0.68
Straits Times 3224.52 -23.20 -0.71
Hang Seng 16735.53 -195.99 -1.16
Shanghai 3062.89 -12.07 -0.39

ADR Watch:

Particulars 02nd April  Chg.       Chg.(%)
Dr. Reddy 73.83 -0.11 -0.15
HDFC Bank 56.92 0.69 1.23
ICICI Bank 25.75 -0.21 -0.81
Infosys 17.58 0.00 0.00
Wipro 5.61 -0.05 -0.88


Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.35 0.00
Brent 89.11 0.21
Gold 2304.95 1.01
Silver 26.52 2.31

FIIs & DIIs:

Particulars 02nd April 01st April
FIIs                          -1622.69 -522.30
DIIs 1952.72 1208.42

News Update:

UltraTech Cement: The company will invest Rs 32,400 crore towards ongoing capex over the next three years. It has commissioned two new units in Chhattisgarh and Tamil Nadu to surpass 150 MTPA capacity.

Bharti Airtel: The company approved the allotment of 1.38 crore shares to foreign currency convertible bondholders at a conversion price of Rs 518 per share.

HCLTech: The company’s arm completed the divestment of a 49% stake in JV with US-based State Street. The arm received proceeds worth $172.5 million for stake divestment, termination of services, and settlement of contractual commitments.

JSW Energy: The board approved a fundraise of up to Rs 5,000 crore via QIP at a floor price of Rs 510.09 per share.

Biocon: The company has completed the transaction of the transfer of the business of Biocon Biologics to Eris Lifesciences on a ‘slump sale’ basis for Rs 1,242 crore, including working capital adjustments.

Sunteck Realty: The company entered into a long-term agreement to lease the second premium commercial building at BKC Junction, Sunteck Icon, to Bennett, Coleman, and company. This will allow the company to generate revenue of close to Rs 2,000 crore over the course of 29 years.

Anupam Rasayan: The company signed a letter of intent worth nearly Rs 743 crore with a Japanese multinational company to supply two advanced intermediates using fluorination chemistry starting in FY 2024–25.

Zee Entertainment Enterprises: MD and CEO Punit Goenka takes the decision to implement a voluntary 20% reduction in personal remuneration.

Dhanlaxmi Bank: The company reported total deposits at Rs 14,259 crore, up 6.8% YoY and total advances at Rs 10,409 crore, up 5.6% YoY for Q4.

Jammu and Kashmir Bank: The company signed an agreement with New India Assurance for servicing and soliciting their insurance products through the company’s branch network.

Hindustan Zinc: The company reported mined metal output at 2.99 lakh tonne, down 1% YoY and silver output at 6.1 million ounces, up 4% YoY for Q4.

Shriram Properties: The company received a penalty order worth Rs 447 crore for AY19 from the Chennai tax authority.

Zensar Technologies: The company’s arm, Foolproof Singapore, merged with itself and ceased to exist as a separate legal entity effective April 1.

PNC Infratech: The company signed Rs 117 crore settlement pacts with NHAI towards one-time settlement of contractual disputes.

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.