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

A rally in technology stocks resumed Thursday, pushing the S&P 500’s gains since an October low past 20%, the marker of a bull market. A jump in jobless claims to the highest since October 2021 delivered a boost to the tech sector. The S&P 500 added 0.6% and the tech-heavy Nasdaq 100 rose 1.3% as chipmakers including Nvidia Corp. and Advanced Micro Devices Inc. were among the biggest gainers. Investors are reassessing the trajectory of Fed policy after central banks in Australia and Canada this week unexpectedly raised rates. Back home the policy rates were left unchanged by the RBI at 6.5%. Oil dropped on regional media reports that ignited speculation the U.S. and Iran are nearing a deal that would pave the way for more Iranian crude exports. US officials denied the reports. Meanwhile, the yield on 10-year treasuries in U.S. was trading at 3.72% and Bitcoin was trading below 27,000-level. At 5:33 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India was up 0.15% at 18,749.

Economic Calendar:

  • USD : CPI (MoM) (May) on 13th June, 2023
  • USD : PPI (MoM) (May) on 14th June, 2023
  • INR : FX Reserves, USD on 09th June, 2023
  • INR : CPI (YoY) (May) on 12th June, 2023

Brokerage Radar:

MACQUARIE ON HUL: O-p, TP Rs 3050; Expect 5% vol growth in 1Q, vs 4% in 4Q

Realisation growth will moderate to 3-4% ; Gross margin improvement should be partly offset by higher media intensity, resulting in sequentially flattish EBITDA margin & in turn 12% EBITDA growth

NOMURA ON DR. REDDY’S: Buy Rating; Target Rs 5,161; India Formulations Business Is The Key Focus of the Market; Company Is Attempting To Differentiate Through Innovation; US Generics Business Remains Competitive; Short-term Opportunities Likely In the Current Market; Focus Is On Launching Less Competitive Products; Biosimilars Business Targeting Next Wave Of Patent Expiries; Rituxan Filing Could Help Facility Inspection & Approval By Regulators; China Approvals Are Coming At A Good Pace Now, Allowing Participation In GPO Tenders; Russia’s Market Is Attractive, But Ruble Depreciation Remains The Key Risk; Stock Currently Trading At 16.1x/13.7x On FY24/25 EPS Est Of `289.5/`340.5

International Markets

U.S & Europe:

Particulars 08th June Chg. Chg.(%)
Nasdaq 13238.52 133.63 1.02
Dow 33833.61 168.59 0.50
FTSE 7599.74 -24.60 -0.32
CAC 7222.15 19.36 0.27
DAX 15989.96 29.40 0.18
Dow Fut.* 33786.90 -46.70 -0.14

Asian markets

Particulars 09th June Chg. Chg.(%)
SGX Nifty 18757.50 37.00 0.20
Nikkei 32149.76 508.49 1.58
Straits Times 3183.02 -3.59 -0.11
Hang Seng 19277.43 -21.75 -0.11
Shanghai 3210.29 -3.30 -0.10

ADR Watch:

Particulars 08th June  Chg.       Chg.(%)
Dr. Reddy 56.99 -0.06 -0.11
HDFC Bank 64.68 -0.22 -0.34
ICICI Bank 22.93 0.05 0.22
Infosys 15.44 -0.20 -1.28
Wipro 4.76 -0.09 -1.86

Commodities & Currency

Particulars Current Price Chg.(%)
USD/INR 82.49 0.03
Brent 75.55 -0.54
Gold 1979.25 0.03
Silver 24.407 0.24

FIIs & DIIs:

Particulars 08th June 07th June
FIIs                          212.40 1382.57
DIIs -405.01 392.30

News Update:

Tata Power, Tata Steel: Tata Power Renewable Energy, through subsidiary TP Vardhaman Surya, inked a pact with Tata Steel to set up 966 MW of hybrid renewable power. The project has a hybrid renewable capacity of 379 MW of solar and 587 MW of wind power. Tata Steel will invest 26% of its equity in the project, which is expected to be commissioned by June 1, 2025.

Kotak Mahindra Bank: Canada Pension sought Rs 6,225 crore for a stake sale in Kotak Mahindra Bank. The Canada Pension Plan Investment Board will offer 3.3 crore shares, representing a 1.7% stake, in Kotak Mahindra Bank in a block trade. The shares are offered at Rs 1,792.18 to Rs 1,886.50 each. The price range represents a discount of up to 5% compared to Thursday’s close.

GAIL: GAIL won the bidding for JBF Petrochemicals’ corporate insolvency process and infused a total resolution plan of Rs 2,101 crore. GAIL now adds purified terephthalic acid to its existing petrochemical portfolio through this acquisition.

Blue Dart: The company appointed Sudha Pai as chief financial officer with effect from Sept. 1, 2023. Pai is currently the chief financial officer at DHL Global Forwarding, India. Blue Dart also names VN Iyer as group CFO with effect from Sept. 1.

CEAT: Company inked an agreement to further invest up to Rs 9 crore to acquire 10.89% of Tyresnmore. Upon completion of the agreement, Tyresnmore will become a subsidiary of the company with CEAT, holding a 56.9% stake on a fully diluted basis.

IRB Infrastructure Developers: Company’s gross toll revenue gained 8.9% year-on-year to Rs 864.75 million from Rs 794.32 million a year ago.

NHPC: Company’s unit NHDC was allotted a pump hydro storage site in Madhya Pradesh with a storage capacity of 525 MW x 6 hours by the new and renewable energy department of the Madhya Pradesh government.

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.