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

While most Asian-Pacific markets saw declines, Japan’s stocks continued their 34-year upward trend early on Wednesday. At 34,230.33, Nikkei was up 1.38% on the trading day. As of 6:31 a.m., the S&P ASX 200 and KOSPI were down 0.12% and 0.43%, respectively. Currently, market players are anticipating the publication of numerous economic reports from the United States and China. Later this week, China will release its trade and inflation statistics. The U.S. Consumer Price Index is expected to be released on Thursday. After a tech-led rally, U.S. stocks varied as oil prices rose and Treasury 10-year rates stayed above 4%. On Tuesday, the Dow Jones Industrial Average and S&P 500 index fell 0.42% and 0.15%, respectively. The Nasdaq 100 saw a 0.17% increase.

Economic Calendar:

  • USD : Core CPI (MoM) (Dec) on 11th January, 2024
  • USD : Initial Jobless Claims on 11th January, 2024
  • INR : CPI (YoY) (Dec) on 12th January, 2024
  • INR : FX Reserves, USD on 12th January, 2024

Brokerage Radar:

CLSA ON TATA POWER: Buy, TP Raised to Rs 955(on roll fwd); Europe, UK & China led significant vol growth in 3Q; CO raised JLR Ebit margin guidance to 8% from 6% for FY24 & expects Ebit margin to reach 10% by FY26; JLR expects to reduce net debt to £1bn by end of FY24

CITI ON ZEE ENT: Buy, TP Rs 340; News Flow Suggests Potential Uncertainty Around Merger Completion; However, assuming merger goes through (base case assumption), expect it to drive advt. & subscription revenue synergies along with potential cost synergies as well

UBS ON BAJAJ AUTO: Sell, TP Rs 5600; Buy-back announced at Rs10k/sh; promoters expected to participate; This means co will buy-back c1.41% of total equity& implies promoter group will potentially receive Rs22bn; Stk has already run-up c6% since news of a board meeting

International Markets:

U.S & Europe:

Particulars 09th January Chg. Chg.(%)
Nasdaq 14857.71 13.94 0.09
Dow 37525.16 -157.85 -0.42
FTSE 7683.96 -10.23 -0.13
CAC 7426.62 -23.62 -0.32
DAX 16688.36 -28.11 -0.17
Dow Fut.* 37496.59 -28.57 -0.08

Asian markets:

Particulars 10th January Chg. Chg.(%)
GIFT Nifty 21575.00 -45.50 -0.21
Nikkei 34386.79 623.61 1.81
Straits Times 3170.61 -27.35 -0.86
Hang Seng 16137.20 -52.82 -0.33
Shanghai 2888.58 -4.67 -0.16

ADR Watch:

Particulars 09th January  Chg.       Chg.(%)
Dr. Reddy 69.38 -0.48 -0.69
HDFC Bank 64.82 -1.10 -1.67
ICICI Bank 23.52 -0.35 -1.47
Infosys 18.25 -0.15 -0.82
Wipro 5.36 -0.07 -1.29

Commodities & Currency:

Particulars Current Price Chg.(%)
USD/INR 83.13 0.01
Brent 77.79 0.26
Gold 2037.20 0.21
Silver 23.16 0.31

FIIs & DIIs:

Particulars 09th January 08th January
FIIs                          -990.90 16.03
DIIs 104.23 155.96

News Update:

Mahindra and Mahindra: The company will collaborate with a US-based automobile technology company, Mobileye for software solutions and to explore building a full-stack autonomous driving system.

Power Finance Corp: The company received a no-objection letter from the Reserve Bank of India for setting up a finance company in the International Financial Services Centre situated in GIFT City, Gujarat.

Polycab India: The company denied media reports of tax evasion and said that it has not received any communication from the income-tax department regarding the outcome of the search.

Lupin: The pharma major received approval from the USFDA for the launch of Bromfenac Ophthalmic Solution, 0.07% in the United States.

Shyam Metalics And Energy: The company raised Rs 1,385 crore through qualified institutional placement at Rs 576 per share, which indicated a discount of 9.70% to the current market price.

Steel Strips Wheels: The National Company Law Tribunal approved the acquisition of the AMW Autocomponent. The company has also invested Rs 138.15 crore into AMW Autocomponent through a mix of equity for Rs 5 crore and an inter-corporate loan of Rs 133.15 crore.

IRCTC: The Railway Ministry nominated Sanjay Kumar Jain as the chief managing director of the company.  

Life Insurance Corp: The company has increased its stake to 5% from 4.8% in Navin Fluorine.

KIOCL: The company’s operations at the Mangalore pellet plant were suspended due to the non-availability of iron-ore fines.

Karnataka Bank: The private lender partnered with Digivriddhi to offer a host of financial services catering to the needs of dairy farmers and milk societies.

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.