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

Asian markets were set for a weak start on Friday after a rout in regional banks rattled Wall Street, with brewing anxiety about the next financial shoe to drop making traders increase their bets on Federal Reserve rate cuts. U.S. futures rose slightly in early Asia trading after the S&P 500 tumbled 0.7% on Thursday. Contracts for Australia dropped, while those for Hong Kong were little changed. Japanese markets are shut for a holiday. Another round of trading halts in the financial industry hit U.S. lenders including Western Alliance Bancorp, PacWest Bancorp and First Horizon Corp., while a probe into Goldman Sachs Group Inc.’s role in Silicon Valley Bank’s deal also weighed on sentiment. Apple Inc. rose in late hours after reporting earnings. Nevertheless, Wall Street’s fear gauge, the Cboe Volatility Index (VIX), spiked to hit the key 20 mark. Meanwhile, the yield on 10-year treasuries in U.S. was trading at 3.38%. Crude prices were trading below $73-mark, while Bitcoin declined to trade below 29,000-level. At 5:47 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 0.36% at 18,220. Domestic benchmark—BSE Sensex and NSE Nifty 50—continued moving upwards to close at their highest levels in a month. Indian rupee ended its three-day decline against the U.S. dollar on the day after U.S. Fed announced a 25-basis-point hike and signalled a rate pause in future.

Economic Calendar:

  • USD : Nonfarm Payrolls (Apr) on 05th May, 2023
  • USD : Unemployment Rate (Apr) on 05th May, 2023
  • INR : Deposit Growth on 05th May, 2023
  • INR : Bank Loan Growth on 05th May, 2023

Q4 Results Today: Britannia Industries, Bharat Forge, One 97 Communications, Federal Bank, Marico, Gujarat Fluorochemicals, Alembic Pharmaceuticals, Piramal Enterprises, Blue Dart Express, Ajanta Pharma, Equitas Small Finance Bank, DCB Bank, Stylam Industries, Go Fashion India, Tatva Chintan Pharma Chem, KFin Technologies, Artemis Medicare Services, Tata Investment Corporation, Sundaram-Clayton

Brokerage Radar:

GS ON DABUR: Buy, TP Rs 600; Weak 4QFY23 marred by one-offs; Secondary sales growth at 10% ahead of reported growth at 5% indicates pipeline correction; EBITDA margins sharply correct driven by mix & one-offs

JPM ON TVS MOTORS: OW, TP Rs 1330; Q4 broadly in line; Management commentary ticked all right boxes – Only negative is that elevated investments (capex + subsidiaries) have delayed FCF delivery

MS ON GODREJ PROP: Upgrade to EW, TP Rs 1354; Co now generating meaningful cash flows from operations which are largely sufficient to fund its new project acquisitions; It has achieved meaningful geographic diversification, making its biz model resilient

International Markets

U.S & Europe:

Particulars 04th May Chg. Chg.(%)
Nasdaq 11966.40 -58.93 -0.49
Dow 33127.74 -286.50 -0.86
FTSE 7702.64 -85.73 -1.11
CAC 7340.77 -63.06 -0.86
DAX 15734.24 -80.82 -0.51
Dow Fut.* 33198.20 70.50 0.21

Asian markets

Particulars 05th May Chg. Chg.(%)
SGX Nifty 18253.00 -32.00 -0.18
Nikkei 29157.95 34.77 0.12
Straits Times 3265.50 -3.68 -0.11
Hang Seng 20024.07 75.34 0.38
Shanghai 3328.18 -22.28 -0.67

ADR Watch:

Particulars 04th May  Chg.       Chg.(%)
Dr. Reddy 60.94 -0.13 -0.21
HDFC Bank 68.52 -0.98 -1.41
ICICI Bank 22.45 -0.09 -0.40
Infosys 15.30 -0.08 -0.52
Wipro 4.64 -0.02 -0.43

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 81.68 -0.04
Brent 72.89 0.54
Gold 2055.65 0.00
Silver 26.317 0.34

FIIs & DIIs:

Particulars 04th May 03rd May
FIIs                           1414.73 1338
DIIs 441.56 -583.99

News Update:

Manappuram Finance: The Enforcement Directorate has frozen the company’s assets worth Rs 143 crore following searches at six premises belonging to the firm and its managing director VP Nandakumar, the probe agency said in a statement. Bank of India/Future Lifestyle Fashions: The National Company Law Tribunal admitted the plea of Bank of India to initiate insolvency proceedings against Future Lifestyle Fashions on alleged default of Rs 495.91 crore.

Indraprastha Gas: The company signed a memorandum of understanding with diversified renewable energy firm ACME to set up infrastructure for supplying green hydrogen.

Zydus Lifesciences: The company received approval from USFDA to manufacture and market Sucralfate tablets used to treat and prevent ulcers in intestines.

SBI Life Insurance Company: The board approved extending the term of Mahesh Kumar Sharma as managing director and chief executive officer of the company up to Sept. 30, 2023, subject to approvals from regulator Insurance Regulatory and Development Authority of India and shareholders.

ICICI Prudential Life Insurance Company: Insurance regulator IRDAI approved the appointment of Anup Bagchi as the executive director and chief operating officer of the company from May 1, 2023, and as managing director and CEO of the company from June 19, 2023.

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 pMarket View 13th April 2023reviously 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