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

Taking inspiration from Wall Street’s historic climb on Friday, Japan’s Nikkei crossed the 40,000 barrier for the first time in the first session of the week. As of 06:31 a.m., the Nikkei 225 was up 303.47 points, or 0.76%, at 40,214.29, while the S&P ASX 200 was up 5.30 points, or 0.1%, at 7,750.90. The 14th National People’s Congress, an annual parliamentary gathering in China, is eagerly anticipated by market investors to see if the nation unveils any new stimulus measures. After reaching record highs on Friday, the S&P 500 Index and Nasdaq Composite ended the day 0.80% and 1.14% higher, respectively. By 0.23%, the Dow Jones Industrial Average increased. At $83, Brent crude was up 0.37% on the market.

Economic Calendar:

  • USD : Services PMI (Feb) on 05th March, 2024
  • USD : JOLTs Job Openings (Jan) on 06th March, 2024
  • INR : Nikkei Services PMI (Feb) on 05th March, 2024
  • INR : FX Reserves, USD on 08th March, 2024

Brokerage Radar:

CITI ON GAIL: Buy, TP Rs 200; US Henry Hub prices have fallen sharply, from an avg of $2.7/mmbtu in 3Q to $1.5/mmbtu currently, while PE prices are trending largely flattish (+1%) qoq; Est this could bring down GAIL’s input gas cost in petchem segment by$0.5/mmbtu; Co’s gas trading differentials in 4QTD are trending broadly similar to 2QFY24, implying that trading EBITDA could also be broadly stable. Lastly, impact of APM gas allocation declining could be largely offset by sharp decline in spot LNG prices

CLSA ON HINDALCO: Upgrade to buy, TP Rs 635; Following a sharp correction, believe concern is overdone; Investor feedback: multiple concerns; Novelis IPO: value unlocking or building a war chest? Bear case analyses suggests further 10%-12% downside from current levels; Its existing businesses remain strong with gradual improvement in profitability. Clarity on the use of cash and growth projects are key to watch for.

International Markets:

U.S & Europe:

Particulars 01st March Chg. Chg.(%)
Nasdaq 16272.80 180.88 1.12
Dow 39087.38 90.99 0.23
FTSE 7682.50 52.48 0.68
CAC 7934.17 6.74 0.08
DAX 17735.07 56.88 0.32
Dow Fut.* 39085.75 89.36 0.23

Asian markets:

Particulars 04th March Chg. Chg.(%)
GIFT Nifty 22525.50 75.00 0.33
Nikkei 40226.83 316.01 0.79
Straits Times 3125.20 -10.56 -0.34
Hang Seng 16618.64 29.20 0.18
Shanghai 3028.92 1.90 0.06

ADR Watch:

Particulars 01st March  Chg.       Chg.(%)
Dr. Reddy 74.86 -1.92 -2.50
HDFC Bank 55.01 1.51 2.82
ICICI Bank 26.48 0.87 3.40
Infosys 19.84 -0.12 -0.60
Wipro 6.22 0.03 0.40

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 82.87 0.02
Brent 83.61 0.07
Gold 2089.35 -0.30
Silver 23.28 -0.36

FIIs & DIIs:

Particulars 02nd March 01st March
FIIs                          -81.87 128.94
DIIs -44.71 3814.53

News Update:

Zee Entertainment Enterprise: A Delhi court has ordered Bloomberg to take down an article that alleged corporate governance issues at the company and reported that the market regulator has found a $241 million accounting issue at the company.

One 97 Communications: The Financial Intelligence Unit of India has imposed a penalty of Rs 5.49 crore on Paytm Payments Bank for violations of the bank’s obligations under the Prevention of Money Laundering Act, 2002.

Jio Financial Services: The Bombay Stock Exchange announced its periodic reconstitution of S&P BSE Indices on Thursday, with Jio Financial Services being the only addition to the S&P BSE Large Cap.

Axis Bank: The company approved the raising of Rs 4,000 crore via long-term bonds, non-convertible debentures, and other debt instruments. The fundraise will have a base issue size of Rs 1,000 crore and a green shoe option of Rs 3,000 crore.

Asian Paints: The company will set up a new water-based paint manufacturing facility in Madhya Pradesh with a capacity of 4 lakhs KL per annum. The approximate investment for the facility is Rs 2,000 crore.

Torrent Power: The company received a Rs 2,700 crore order from Railway Energy Management for installing about 325 MW of renewable capacity. The company received a letter of award from NTPC Vidyut Vyapar Nigam to supply power from a a gas-based power project.

Tanla Platforms, Vodafone Idea: Tanla Platforms has signed a definitive Memorandum of Understanding with Vodafone Idea Business Services Ltd. to deploy ‘Messaging as a platform’ in India.

PVR Inox: The company opened a 4-screen multiplex in Patna and a 14-screen multiplex in Pune.  

Larsen and Turbo: The company’s arm has transferred the remaining 25% stake in step-down unit IIML to Allianz Infrastructure Luxembourg on Feb. 29.

Maruti Suzuki India: The company reported total production volume at 1.78 lakh units vs. 1.59 lakh units year-on-year for the month of February.

Hero MotoCorp: The company reported total sales at 4.68 lakh units vs. 3.94 lakh units year-on-year and total exports at 23,153 units vs. 12,143 units.

 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