
Trendlyne Analysis
Nifty 50 closed at 18,771.25 (-85.6, -0.5%), BSE Sensex closed at 63,238.89 (-284.3, -0.5%) while the broader Nifty 500 closed at 16,140.80 (-100.2, -0.6%). Of the 1,965 stocks traded today, 588 were gainers and 1,321 were losers.
Indian indices extend losses from the afternoon session and close in the red, with Nifty 50 hovering below the 18,800 mark. The volatility index, Nifty VIX, rose above 11 at the close. Fitch Ratings revised India’s GDP growth for FY24 to 6.3% from an earlier estimate of 6%.
Nifty Smallcap 100 and Nifty Midcap 100 closed in the red, following the benchmark index. Nifty Metal and Nifty Media closed flat from Wednesday’s closing levels. All other sectoral indices closed lower. According to Trendlyne’s sector dashboard, fertilizers emerged as the top-performing sector of the day with a rise of over 0.9%.
Most European indices trade in the red. US indices futures trade lower indicating a negative start. Bank of England is set to increase interest rates by at least 25 bps as UK's inflation rate for May remained stubbornly high at 8.7% against an expectation of 8.4%.
Indian indices pare gains from themorning session and trade in the red, with the Nifty 50 hovering below the 18,800 mark. India's volatility index, Nifty 50 VIX, rises above 11. Piramal Enterprises sells an 8.3% stake in Shriram Finance for approximately Rs 4,824 crore.
Money flow index (MFI) indicates that stocks like Poly Medicure, Britannia Industries, Blue Dart Express and Graphite India are in the overbought zone.
Fortis Healthcare signs an agreement to sell its Vadapalani Hospital in Chennai to Sri Kauvery Medical Care for Rs 152 crore. The sale is part of the company’s ongoing portfolio rationalisation strategy to deepen its presence in select geographic clusters.
Max Financial Services rises more than 6% and ranks high on Trendlyne's checklist with a score of 56.5%. The stock is in the 'Buy' zone and has 'Buy' ratings from 12 out of 13 brokerage firms. It appears in a screener of stocks with no debt.
Larsen & Toubro signs a contract with DRDO (Defence Research & Development Organisation) to develop two indigenous air-independent propulsion systems for submarines of the Indian Navy. The company shows up in a screener for stocks with consistently high returns over the past five years.
Credit rating agency Fitch Ratings raises its forecast for India’s GDP growth to 6.3% in FY24, from the earlier estimate of 6%. The rating agency notes that India’s GDP growth in January-March exceeded expectations, and there has been a recovery in the manufacturing sector.
Fitch Ratings on June 22 raised its forecast for India's economic growth to 6.3 per cent for current fiscal year 2023-24 from 6 per cent it had predicted previouslyhttps://t.co/TCXl1vNoYZ
— Business Today (@business_today) June 22, 2023Swan Energy, BSE, ICICI Securities and Trident are trading above their third resistance or R3 levels, despite Nifty 500 trading in the red.
HMA Agro Industries’ Rs 480 crore IPO gets bids for 0.91X the available 60.5 lakh shares on offer on the third day of bidding. The retail investor quota gets bids for 0.48X of the available 30.3 lakh shares on offer.
Hazoor Multi Projects is surging as it bags an order worth Rs 352.8 crore from Apco Infratech for the construction of an eight-lane access-controlled expressway for the Vadodara-Mumbai Expressway project.
Sugar stocks like Shree Renuka Sugars, EID Parry (India), Balrampur Chini Mills, Dalmia Bharat Sugar & Industries and Dhampur Sugar Mills are rising in trade. The broader sugar industry is also trading in the green.
PSU banks like Punjab National Bank, Bank of Baroda, Central Bank of India, Bank of Maharashtra and UCO Bank are falling in trade. All constituents of the broader sectoral index, Nifty PSU Bank, are also trading in the red.
According to reports, 30.3 lakh shares (0.1% equity) of Sun Pharmaceutical Industries, amounting to Rs 300.5 crore, have changed hands in a large trade.
Sun Pharma Large Trade | 30.3 lakh shares (0.1% equity) worth Rs 300.5 cr change hands at an average of Rs 992/sh #SunPharma#LargeTrade#BlockDealpic.twitter.com/544qcEMBqI
— CNBC-TV18 (@CNBCTV18Live) June 22, 2023L&T Technology Services extends its partnership with PCT to provide cloud-based solutions to the aerospace, defence and transportation sectors, according to reports. The companies will provide digital support for design and manufacturing to their shared clients.
Rail Vikas Nigam emerges as the lowest bidder for two projects commissioned by Madhya Pradesh Poorv Kshetra Vidyut Vitaran Co, Jabalpur. As a result, the company has secured orders worth Rs 281 crore. It appears in a screener of stocks with growing net profit.
Carborundum Universal appoints Sridharan Rangarajan as its Managing Director (MD), effective August 3, 2023. The decision comes after the current MD, Ananthaseshan, expressed his desire to retire. Sridharan is currently the Director of Finance and Strategy for the company.
Glenmark Pharmaceutical falls as its facility in Monroe, North Carolina, receives a warning letter from US FDA. The company appears in a screener of stocks with declining RoE.
According to Morgan Stanley, the near-term outlook on the IT sector continues to be challenging. The brokerage identifies Infosys, HCL Technologies and LTIMindtree as its preferred picks in the sector. It also downgrades its rating on Cyient to ‘Equal-weight’ from 'Overweight' due to expensive valuations following the recent uptrend in share price.
Brokerage Radar | @MorganStanley on India IT: Project FY24 CC revenue growth of -0.1% to +6% for the top five#IT#India#StockMarketpic.twitter.com/vcvmOGXoIk
— ET NOW (@ETNOWlive) June 22, 2023Sharekhan maintains its ‘Buy’ rating on Mahindra & Mahindra with a target price of Rs 1,550. This implies an upside of 12.3%. The brokerage remains optimistic about the firm due to its improvement in operating performance, market share gains, new launches and focus on scaling. It expects the company’s net profit to grow at a CAGR of 14% over FY23-25.
Tata Consultancy Services (TCS) expands its partnership with UK-based National Employment Savings Trust (NEST) through a contract worth £1.5 billion (Rs 1.6 lakh crore). Although the amount is for 18 years, the agreement has been signed for an initial tenure of 10 years with a value of £840 million (Rs 8788.2 crore). The contract will involve TCS enhancing the member experience for NEST.
IT stocks like Coforge, Infosys and Mphasis are falling in trade. All constituents of the broader Nifty IT index are also trading in the red.
According to reports, 1.84 crore shares (2.5% equity) of Delhivery, amounting to Rs 8.6 crore, have changed hands in the pre-open. Carlyle is the likely seller in this transaction.
Delhivery Large Trade | 1.8 Cr shares change hands in the pre-opening session https://t.co/pxlu6zs1d3pic.twitter.com/OtS3ldPGMp
— CNBC-TV18 (@CNBCTV18Live) June 22, 2023Kavitha Reddy Gangapatnam, promoter of MTAR Technologies, sells a 0.37% stake in the company on Wednesday. She now holds a 1.99% stake.
Sansera Engineering is rising following reports of Client Ebene planning to sell a 9% stake (47.8 lakh shares) and CVCIGP II Employee Ebene intending to sell a 5% stake (26.8 lakh shares) in the company at a discount of up to 5% from Wednesday’s closing price. It appears in a screener of stocks with strong momentum.
- US Federal Reserve Chairman Jerome Powell said on Wednesday that further interest rate hikes are likely to bring down inflation below 2%. The US Fed had announced a pause in rate hikes during their meeting last week.
Fed Chair Jerome Powell signaled higher rates to come but at a more moderate pace. He spoke before the House Financial Services Committee https://t.co/KN9W8Z55h1pic.twitter.com/XNEpag6r4K
— Bloomberg (@business) June 21, 2023 Bharti Airtel acquires a 12.1% equity stake (2,83,400 shares) in Egan Solar Power for Rs 1.3 crore, at an average price of Rs 47.2 per share. The acquisition aims to comply with the captive power plant provisions of electricity laws.
Piramal Enterprises sells an 8.3% stake in Shriram Finance for approximately Rs 4,823.7 crore, while the Government of Singapore buys a 2.4% stake in the company for Rs 1,409.4 crore.
Riding High:
Largecap and midcap gainers today include Supreme Industries Ltd. (3,174.45, 4.07%), Max Financial Services Ltd. (762.95, 3.25%) and Polycab India Ltd. (3,483.95, 1.92%).
Downers:
Largecap and midcap losers today include IDFC First Bank Ltd. (77.60, -5.60%), Aditya Birla Capital Ltd. (171.65, -4.69%) and Mahindra & Mahindra Financial Services Ltd. (312.85, -3.99%).
Volume Rockets
22 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included Swan Energy Ltd. (266.35, 8.10%), Aether Industries Ltd. (1,165.95, 6.01%) and KEI Industries Ltd. (2,353.60, 5.05%).
Top high volume losers on BSE were India Cements Ltd. (218.20, -5.75%), Indiabulls Housing Finance Ltd. (114.55, -2.22%) and Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (587.65, -2.06%).
ICICI Securities Ltd. (526.00, 2.11%) was trading at 7.7 times of weekly average. Coromandel International Ltd. (950.35, 0.86%) and Trident Ltd. (34.15, 2.25%) were trading with volumes 6.3 and 5.8 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
19 stocks took off, crossing 52-week highs,
Stocks touching their year highs included - Ajanta Pharma Ltd. (1,495.00, -0.99%), Apollo Tyres Ltd. (415.10, -1.04%) and Bank of Baroda (193.30, -2.42%).
15 stocks climbed above their 200 day SMA including Swan Energy Ltd. (266.35, 8.10%) and Max Financial Services Ltd. (762.95, 3.25%). 15 stocks slipped below their 200 SMA including Vodafone Idea Ltd. (7.45, -3.87%) and Aegis Logistics Ltd. (326.65, -3.70%).