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

Asian stocks opened lower as fresh doubts emerged on whether the Federal Reserve has finished with rate hikes, with Wall Street shares struggling to gain much traction amid a rise in bond yields. Australian stocks opened down. South Korean KOSPI corrected and Japanese markets opened lower. Wall Street’s Monday malaise came after it notched its best week of 2023 amid dovish Fed bets, oversold technical levels and positioning. Investors will be looking to a potential interest rate increase from the Reserve Bank of Australia, after a four-meeting pause in rate hikes. Meanwhile, the yield on the 10-year U.S. bond was trading at 4.63% and Bitcoin was above 35,000-level. Brent crude was trading above $85 a barrel, whereas WTI Crude was above $80-mark.

Economic Calendar:

  • USD: Fed Chair Powell Speaks on 8th November, 2023
  • USD: Crude Oil Inventories on 8th November, 2023
  • INR: Thomson Reuters IPSOS PCSI (MoM) (Nov) on 10th November, 2023
  • INR: Manufacturing Output (MoM) (Sep) on 10th October, 2023

Brokerage Radar:

CITI on Thermax: Main positive in result was healthy EBITDA margin at 8.9% v/s 6.8% in 1QFY24 and 2QFY23. Half of this margin expansion is sustainable while other half is one-time (i.e. relating to execution of large profitable projects in 2Q). Val at 49x expensive.

CLSA on GSPL: Stock price implies its core gas transmission business is available for just 3.4x FY25 PER, stripping-out value of its 54.2% stake in GGas at CMP, even after a 20% holding co disc.

CITI on SAIL: Downgrade to Sell, TP cut to Rs 80 from Rs 110 Domestic Steel Price Concerns No Relative Val Comfort; at 0.6x P/B, trades at a disc. to large peers; however, this is offset by low-single-digit ROE expectations (3%) vs (8-18%) for others Cut FY25-26E EBITDA by 6-7%.

GS on Gland Pharma: Buy, TP Rs 1750 2Q above GSe/Street with sales/EBITDA growing 32%/6% yoy, primarily on a/c of beats from US/core markets as well as Cenexi contribution EBITDA margin also above est. at 23.6%(+85bps vs. GSe),primarily driven by recovery in core biz.

International Markets

 U.S & Europe:

Particulars 6th November Chg. Chg.(%)
Nasdaq 13493.67 15.39 0.11
Dow 34095.86 34.54 0.10
FTSE 7417.76 0.03 0.00
CAC 7013.73 -33.77 -0.48
DAX 15135.97 -53.28 -0.35
Dow Fut.* 34032.92 -62.94 -0.18

Asian markets:

Particulars 7th November Chg. Chg.(%)
GIFT Nifty 19460.00 -18.00 -0.09
Nikkei 32394.86 -313.62 -0.97
Straits Times 3175.38 -5.15 -0.16
Hang Seng 17744.07 -222.52 -1.24
Shanghai 3045.61 -12.80 -0.42

ADR Watch:

Particulars      6th November  Chg.       Chg.(%)
Dr. Reddy 64.74 0.47 0.73
HDFC Bank 57.28 -0.62 -1.07
ICICI Bank 22.84 0.00 0.00
Infosys 16.86 0.18 1.08
Wipro 4.60 -0.02 -0.43

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.23 -0.04
Brent 84.97 -0.29
Gold 1979.90 -0.44
Silver 22.988 -1.06

FIIs & DIIs:

Particulars   6th November 3rd November
FIIs                          -549.37 -12.43
DIIs 595.70 402.69

News Update:

Cipla: The drugmaker approved the transfer of the generics business to the unit Cipla Pharma and Life Sciences. The generics business will be transferred for a consideration of Rs 350 crore. The sale will be completed by Dec. 31, 2023.

Bajaj Finance: The company opened QIP on Nov. 6, 2023, with a floor price set at Rs 7,533.81 per equity share. The floor price is at a discount of 0.37% to the stock’s closing price of Rs 7,562.05 on Monday.

K.P.R. Mill: The company approved an investment of Rs 250 crore for the expansion of fabric processing capacity. Fabric processing capacity is set to increase from 25,000 MT to 37,000 MT per year. It also approved an investment of Rs 100 crore to increase solar power generation capacity to 37 MW.

Central Bank of India: Ministry of Finance extended MV Rao’s term as MD and CEO till July 31, 2025, from the current notified term ending on Nov. 29, 2024.

Quess Corp: The company approved buying a 4.5% stake in Vedang Cellular Services from the promoter for Rs 6.05 crore, increasing its total stake to 96.97%. The board also approved the acquisition of an additional 46.09% stake in unit Stellarslog Technovation for Rs 6.8 crore, increasing its total stake to 100%.

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.