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Trendlyne Analysis

Indian indices closed in the red on a volatile day of trade as Covid omicron subvariant BF.7 outbreak in China spooked investors. However, European stocks traded higher than Wednesday’s levels amid mixed global cues. UK’s gross domestic product rose 1.9% YoY in the third quarter but fell 0.3% QoQ.

Most major Asian indices closed in the green, in line with the US indices, which closed higher on Wednesday. US indices registered their biggest daily gain in December with help from Nike and FedEx, which rose sharply after beating forecaster estimates in their quarterly earnings. Improving consumer confidence and cooling inflation expectations from investors also helped US stocks to rise. The tech-heavy Nasdaq 100 index rose nearly 1.5% while the Dow Jones closed 1.6% higher on Wednesday. Crude oil prices traded higher after rising over 3% on Wednesday as US crude supplies remained tight ahead of the holiday season.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the red, following the benchmark index. Nifty Metal and Nifty Media closed lower than Wednesday’s levels. Nifty IT closed flat, despite the Nasdaq 100 closing in the green on Wednesday.

Nifty 50closed at 18,127.35 (-71.8, -0.4%), BSE Sensexclosed at 60,826.22 (-241.0, -0.4%) while the broader Nifty 500closed at 15,431.50 (-96.1, -0.6%)

Market breadth is sharply down. Of the 1,940 stocks traded today, 281 were on the uptrend, and 1,640 went down.

• Relative strength index(RSI) indicates that stocks like The Fertilisers and Chemicals Travancore, UTI Asset Management, Abbott Indiaand Thyrocare Technologiesare in the overbought zone.

• Zydus Lifesciencesreceives final approval and 180 days of shared exclusivity from the US Foods & Drug Administration to market selexipag tablets. The drug is used to treat high blood pressure in the vessels that carry blood to the lungs and will be manufactured in the company’s facility in Ahmedabad SEZ, Gujarat. The tablet had annual sales of $577 million in the US as of September 30.

• JK Cementtrades in green in a falling market. The company inks a pact with Acro Paints to acquire a 60% stake via its subsidiary JK Paints and Coatings. The cost of acquisition will be Rs 153 crore and it will help JK Paints foray into the construction chemicals segment.

• Fertilizer stocks like Coromandel International, The Fertilisers and Chemicals Travancore, Chambal Fertilisers & Chemicals and Rashtriya Chemicals & Fertilizersfall over 2% in trade today. The broaderFertilizers industry is also trading in the red. Reports suggest that fertilizer companies must pay for 40% of gas in cases of spot buying.

  #NewsAlert | Fertiliser companies will have to pay for at least 40% of gas under spot buying#Fertilisers#Gas#StockMarket#StocksToWatchpic.twitter.com/pVh84UeCc0

  — ET NOW (@ETNOWlive) December 22, 2022

• Abbott Indiarises for six consecutive sessions and touches its 52-week high of Rs 21,975. It ranks high on Trendlyne's checklist with a score of 77.3%. The stock also features in a screenerof companies with high TTM EPS growth.

• Realty stocks like Indiabulls Real Estate, Sunteck Realty, Godrej Properties and Oberoi Realty are falling in trade. The broader sectoral index Nifty Realty is also trading in the red.

• Capital goods stocks like Elgi Equipments, Praj Industries, AIA Engineering and Sona BLW Precision Forgings are falling in trade. The broader sectoral index BSE Cap Goods is also trading in the red.

• Ajanta Pharma is rising in a weak market. The stock ranks high on the Trendlyne Checklist score. Trendlyne’s consensus recommendation shows that seven analysts recommend a ‘Buy’ on the stock.

• Elin Electronics’ Rs 475 crore IPO gets bids for 3.1X the available 1.4 crore shares on offer on the last day of bidding. The retail investor quota gets bids for 2.2X the available 71.04 lakh shares on offer.

• K Natarajan, Executive Director and COO of Galaxy Surfactants, expects the company’s volume growth to be flat or negative in FY23 but 6-8% in FY24.

  #OnCNBCTV18 | Raw material prices have declined in the last 3 months. Raw material prices have declined in the last 3 months. Significant currency devaluation in Egypt, says K Natarajan of Galaxy Surfactants pic.twitter.com/XLapEaZcrN

  — CNBC-TV18 (@CNBCTV18Live) December 22, 2022

• ICICI Direct maintains a ‘Buy’ rating on Sheela Foam with a target price of Rs 1,650, implying an upside of 27%. The brokerage expects the company to gain market share in the Indian mattresses industry, given its new product launches and strong balance sheet. It also sees the firm’s recent order wins and focus on ramping up exports as key positives. The brokerage anticipates Sheela Foam’s net profit to grow at a CAGR of 22% over FY22-24.

• Torrent Investments wins an auction to buy debt-laden Reliance Capital with the highest bid of Rs 8,640 crore, beating Hinduja Group and Oaktree Capital, say reports. This comes after Reliance Capital was suspended from trading after initiating a corporate insolvency resolution process on Tuesday.

• Samvardhana Motherson International is falling as 1.6 crore shares (0.5% equity) amounting to Rs 111.5 crore change hands, according to reports.

  Samvardhana Motherson Large Trade | 1.6 cr shares (0.5% equity) worth ?111.48 cr change hands at ?69/sh pic.twitter.com/R3tnQyCc1d

  — CNBC-TV18 (@CNBCTV18Live) December 22, 2022

• Maruti Suzuki India signs a five-year agreement with Kamarajar Port in Ennore, Chennai, to export around 20,000 cars annually, say reports. The company will use the port to export cars to Africa, West Asia, Latin America and South & South-East Asia. Kamarajar Port becomes the fourth port to be used to export cars by the company. The stock shows up in a screener for companies with high TTM EPS growth.

• Strides Pharma Science's arm Strides Pharma Global receives 94 million Australian dollars (Rs 525 crore) as deferred consideration for the sale of its Australian operations in 2019.

• Tata Communications’ arm Tata Communication (Netherlands) is set to acquire 100% stake in Switch Enterprises for $58.8 million (Rs 486.3 crore). Switch Enterprises is a US-based media-enabled services company. It believes this acquisition will drive the expansion of its video connect business and its footprint in the media ecosystems in Europe and North America.

• VS Ganesh, Managing Director of Page Industries, says that the company will not take price hikes even if cotton prices rise. He maintains a revenue target of Rs 10,000 crore and capex in the range of Rs 200-250 crore.

  #OnCNBCTV18 | Consumer retail space is going through a challenging time. Expect to bounce back in Q4, taking corrective actions. Will hold on to the revenue target of ?10,000 cr, says VS Ganesh of Page Industries pic.twitter.com/VfdAQ3OcZw

  — CNBC-TV18 (@CNBCTV18Live) December 22, 2022

• Ashish Kacholia sells a 0.6% stake in D-Link (India) for approx Rs 5.2 crore in a bulk deal on Wednesday.

• Sula Vineyards’ shares list at a 1.1% premium to the issue price of Rs 357 on its debut on the bourses. The 960.3 crore IPO was subscribed for 2.3X the total shares on offer.

• Supriya Lifesciences inks a pact with Enrich Energy, a Pune-based firm, to build a 4.68 MWp solar photovoltaic project in Nanded, Maharashtra. This project will generate and supply green energy, fulfilling 50% of the company's requirements. Supriya Lifesciences also signs a long-term agreement with Enrich energy for operations and maintenance services for the project, which will be operational by FY23-24.

• Torrent Pharma’s board approves its merger with Curatio Health Care. Curatio’s net worth is Rs 115.39 crore. This merger will aid Torrent Pharma’s overall growth and ease supply & distribution network and costs. Torrent Pharma shows up in a screener of stocks with improving book value for the past two years.

• Reliance Retail Ventures (RRVL), a subsidiary of Reliance Industries, acquires Metro Cash & Carry for a cash consideration of Rs 2,850 crore. This acquisition will add large-format stores to RRVL's existing store count and strengthen its e-commerce business. Isha Ambani, Director of RRVL says, “We believe that Metro India’s healthy assets and our deep understanding of the Indian merchant/kirana ecosystem will offer a differentiated value proposition to small businesses in India.”

Riding High:

Largecap and midcap gainers today include General Insurance Corporation of India (175.70, 4.61%), Jubilant Foodworks Ltd. (533.80, 2.42%) and REC Ltd. (112.50, 2.23%).

Downers:

Largecap and midcap losers today include Union Bank of India (76.15, -6.22%), Adani Wilmar Ltd. (552.60, -6.04%) and Adani Power Ltd. (276.00, -4.99%).

Volume Rockets

17 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Ajanta Pharma Ltd. (1,227.40, 4.74%), Wockhardt Ltd. (236.35, 3.34%) and Aster DM Healthcare Ltd. (241.20, 2.46%).

Top high volume losers on BSE were Thyrocare Technologies Ltd. (623.80, -10.99%), Vardhman Textiles Ltd. (308.15, -5.71%) and CreditAccess Grameen Ltd. (883.15, -2.74%).

Jyothy Labs Ltd. (202.95, 1.73%) was trading at 17.5 times of weekly average. Capri Global Capital Ltd. (757.15, 1.57%) and Sun Pharma Advanced Research Company Ltd. (215.70, 2.45%) were trading with volumes 9.6 and 6.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

2 stocks made 52-week highs, while 17 stocks were underachievers and hit their 52-week lows.

Stocks touching their year highs included - Abbott India Ltd. (2,1842.45, 1.36%) and Jyothy Labs Ltd. (202.95, 1.73%).

Stocks making new 52 weeks lows included - Sunteck Realty Ltd. (344.55, -2.38%) and Voltas Ltd. (807.35, -0.78%).

5 stocks climbed above their 200 day SMA including Sonata Software Ltd. (540.00, 1.33%) and Kotak Mahindra Bank Ltd. (1,826.05, 0.63%). 43 stocks slipped below their 200 SMA including Thyrocare Technologies Ltd. (623.80, -10.99%) and Deepak Fertilisers & Petrochemicals Corporation Ltd. (663.35, -6.14%).

Trendlyne Analysis

Nifty 50 fell over 270 points from the day's high and closed just below the 18,200 mark, with the volatility index, India VIX, rising sharply. However, European stocks traded higher than Tuesday’s levels. Major Asian indices closed mixed, in line with the US indices, which closed mixed on Tuesday. Dow Jones and S&P 500 snapped their four-day losing streak and closed marginally higher amid high volatility. However, the tech-heavy Nasdaq 100 index extended its losses to a fifth straight day. Crude oil prices traded higher after US crude inventories dropped by more than expected due to supply disruptions caused by the temporary closure of the Keystone pipeline.

Nifty Smallcap 100and Nifty Midcap 100 closed in the red, following the benchmark index. Nifty Bankand Nifty FMCG closed lower than Tuesday’s levels. However, Nifty IT bucked the trend and closed higher, tracking the Nasdaq 100 futures, which was trading in the green.

Nifty 50closed at 18,199.10 (-186.2, -1.0%), BSE Sensexclosed at 61,067.24 (-635.1, -1.0%) while the broader Nifty 500closed at 15,527.55 (-198.7, -1.3%)

Market breadth is overwhelmingly negative. Of the 1,938 stocks traded today, 261 were in the positive territory and 1,641 were negative.

• City Union Banksees a short buildup in its December 29 future series as its open interest rises 18.1% with a put-call ratio of 0.33.

• GAIL (India) and Japan's Mitsui OSK Lines ink a time charter contract for a newbuild liquefied natural gas (LNG) carrier and joint ownership of an existing LNG carrier.

• Motilal Oswal maintains its ‘Buy’ rating on Indian Hotels Co with a target price of Rs 390, implying an upside of 19%. The brokerage expects the company’s occupancy rates and average room rates to rise as demand-supply dynamics improve. It also sees higher income from management contracts and brand launches driving revenue growth. The brokerage expects the firm’s net profit to grow at a CAGR of 30.3% over FY23-25.

• Finance Minister Nirmala Sitharaman says that slashing corporate tax is necessary for the growth of businesses in India. She adds that India will double its GDP in the coming years.

  Cutting corp tax rate is important for businesses to grow in India. Last few years economic growth will have to be looked at from #COVID point of view, says Finance Minister @nsitharaman
  
  Here's more pic.twitter.com/ZeLGslFMh2

  — CNBC-TV18 (@CNBCTV18Live) December 21, 2022

• Elin Electronics’ Rs 475 crore IPO gets bids for 95% of the available 1.4 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 1.3X% of the available 71.04 lakh shares on offer.

• KFin Technologies’ Rs 1,500 crore IPO gets bids for 2.59X of the available 2.37 crore shares on offer on the last day of bidding. The retail investor quota gets bids for 1.36X the available 43.2 lakh shares on offer.

• Healthcare Services and diagnostic stocks like Vijaya Diagnostic Centre, Vimta Labs, Dr. Lal Pathlabs and Metropolis Healthcare are surging as the Covid situation in China worsens.

• Shyam Metalics & Energy rises as it acquires Mittal Corp to foray into the stainless steel and wire rod and bar mills business. The company aims to expand its existing capacity to 14.45 MTPA from 8.85 MTPA. It has planned a capex of Rs 10,000 over the next five years.

• RBI Governor Shaktikanta Das says that India’s economic activity is going strong but global headwinds could be a risk.

  Underlying economic activity in India continues to be strong, but external factors will cause some dent to economy: RBI Governor #ShaktikantaDas
  
  (PTI)
  
  ????Catch the day's latest news ? https://t.co/1LLcADsU0Qpic.twitter.com/CbQ24EwNJw

  — Economic Times (@EconomicTimes) December 21, 2022

• FSN E-Commerce Ventures (Nykaa),Adani Green Energy and Lupin’s PE TTM are trading above their Industry PE TTM. Lupin rises 4% over the past month, while Nykaa and Adani Green Energy fall in trade.

• Pharma stocks like Glenmark Pharmaceuticals, Granules India, Lupin and Aurobindo Pharma are rising in trade. The broader sectoral index Nifty Pharma is also trading in the green.

• Atul Lall, Vice-Chairman and Managing Director of Dixon Technologies, expects revenue of Rs 4,000-4,500 crore in the company’s mobile business for FY23, compared to the earlier guidance of Rs 4,500-5,000 crore. The fall in guidance is because of lower demand for products like LED TV and mobiles.

  #OnCNBCTV18 | Scaling down guidance for mobile business due to weakness in sales. Expect revenue of Rs 4,000-4,500 cr in mobile biz in FY23 vs Rs 4,500-5,000 cr guided earlier
  
  Q4FY23 will see a major recovery in overall business
  
  Atul Lall, Dixon Tech to CNBC-TV18 pic.twitter.com/1kkFD4MRXR

  — CNBC-TV18 (@CNBCTV18Live) December 21, 2022

• PSU Bank stocks like Indian Overseas Bank, UCO Bank, Central Bank of India and Bank of India are rising in trade. The broader sectoral index Nifty PSU Bank is also trading in the green

• Jindal Steel & Power is rising in a volatile market, trading near its all-time high. The stock ranks high on the Trendlyne checklist score. It is trading below its historic averages, inching towards the Buy Zone. It shows up in a screener of stocks giving consistently high returns over the past five years.

• Glenmark Pharmaceuticals rises as it launches a triple fixed-dose combination of teneligliptin with pioglitazone and metformin for adults with type-2 diabetes and high insulin resistance in India.

• City Union Bank is falling as the Reserve Bank of India (RBI) discovers a divergence in additional gross non-performing assets (NPA) in FY22, amounting to Rs 259 crore. However, the bank claims the divergence consists of 231 borrowers, of which five accounts have been classified as NPAs and 57 stand closed.

• Reports suggest that 69.4 lakh shares (2% equity) of Max Financial Services, amounting to Rs 471.3 crore, change hands on BSE and NSE.

  Max Fin #LargeTrade | 69.4 lk shares (2% equity) worth ?471.3 cr change hands on #BSE and #NSE at an average of ?679/sh pic.twitter.com/mDUQQnkRNy

  — CNBC-TV18 (@CNBCTV18Live) December 21, 2022

• Norwegian Government Pension Fund sells a 1.02% stake (7.03 lakh shares) in Sudarshan Chemical Industries for Rs 26.5 crore in a bulk deal.

• Uno Minda is rising as it enters into a technical license agreement with Korea-based Ascentec to develop, design, manufacture and market wheel speed sensors in India. The stock shows up in a screener for companies with quarterly revenue increasing sequentially for the past four quarters.

• Promoters Gyan Enterprises and Chowdry Associates sell nearly 1% stake in Dabur India through a block deal. The amount will be used to fund other business opportunities. The company shows up in a screener of stocks with zero promoter pledges.

• Reports suggest that Tata Group is in talks with UTI Asset Management Coto buy a majority stake from four financial entities. Currently, Punjab National Bank, Life Insurance Corp of India, State Bank of Indiaand Bank of Barodaown a 45.16% stake in UTI Asset Management Co. However, in a recent clarification issued by UTI Asset Management, it denies being in talks with other parties for a stake sale.

Riding High:

Largecap and midcap gainers today include Dr. Lal Pathlabs Ltd. (2,430.30, 6.26%), Divi's Laboratories Ltd. (3,518.75, 4.99%) and Apollo Hospitals Enterprise Ltd. (4,766.20, 3.69%).

Downers:

Largecap and midcap losers today include General Insurance Corporation of India (167.95, -10.57%), Indian Railway Finance Corporation Ltd. (32.30, -9.40%) and YES Bank Ltd. (19.85, -6.81%).

Movers and Shakers

36 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Thyrocare Technologies Ltd. (700.85, 15.16%), Glenmark Pharmaceuticals Ltd. (440.40, 7.61%) and Metropolis Healthcare Ltd. (1,370.85, 7.01%).

Top high volume losers on BSE were City Union Bank Ltd. (177.25, -6.12%), Chalet Hotels Ltd. (332.35, -4.52%) and Bharat Heavy Electricals Ltd. (81.15, -3.39%).

Shyam Metalics and Energy Ltd. (299.20, 2.62%) was trading at 35.9 times of weekly average. Max Financial Services Ltd. (688.75, -1.56%) and Dr. Lal Pathlabs Ltd. (2,430.30, 6.26%) were trading with volumes 21.3 and 11.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

9 stocks overperformed with 52-week highs, while 9 stocks hit their 52-week lows.

Stocks touching their year highs included - Abbott India Ltd. (21,548.50, 3.11%), Apollo Tyres Ltd. (319.00, -2.57%) and Axis Bank Ltd. (932.30, -1.84%).

Stocks making new 52 weeks lows included - Sunteck Realty Ltd. (352.95, -1.84%) and SIS Ltd. (386.90, -0.87%).

11 stocks climbed above their 200 day SMA including Thyrocare Technologies Ltd. (700.85, 15.16%) and Dr. Lal Pathlabs Ltd. (2,430.30, 6.26%). 24 stocks slipped below their 200 SMA including Deepak Fertilisers & Petrochemicals Corporation Ltd. (706.75, -5.99%) and Chemplast Sanmar Ltd. (454.00, -5.54%).

Trendlyne Analysis

Indian indices recovered from their day’s low but still closed in the red on a volatile day of trade. European stocks followed the global trend and traded below Monday’s levels. Major Asian indices closed in the red, in line with the US indices, which extended their losing streak to three days. On Monday, US indices extended their losses and closed lower for a fourth straight session on a volatile day of trade. US stocks fell as investors continue to analyse the impact of high federal fund rates on the US economic growth as the Fed Chair maintained a hawkish tone to combat high inflation. The tech-heavy Nasdaq 100 fell 1.42% and the Dow Jones closed 0.5% lower on Monday. Brent Crude oil futures traded in the green for a second consecutive day amid traders’ optimism over demand recovery due to China’s reopening.

Nifty Smallcap 100 closed in the red, following the benchmark index. Nifty Realtyand Nifty Auto closed lower than Monday’s levels. Nifty IT closed in the green, despite the tech-heavy Nasdaq 100 closing 1.4% lower on Monday.

Nifty 50closed at 18,385.30 (-35.2, -0.2%), BSE Sensexclosed at 61,702.29 (-103.9, -0.2%) while the broader Nifty 500closed at 15,726.20 (-29, -0.2%)

Market breadth is in the red. Of the 1,938 stocks traded today, 825 were in the positive territory and 1,057 were negative.

• Shriram FinancebeatsMuthoot Financein YoY & QoQ revenue and net profit growth, PE ratio, FII Holdings and broker average rating. But lags in annual RoE & RoCE, MF holdings and broker average target upside.

• Axis Bankrises to an all-time highof Rs 952.75 per share. The stock has a high rank of 57.69% in Trendlyne's checklist score. It also features in a screenerwith strong annual EPS growth.

• Salasar Techno Engineering is rising as it bags two contracts worth Rs 748.5 crore from Pashchimanchal Vidyut Vitran Nigam. Both orders pertain to the construction of electricity distribution circles in Uttar Pradesh. The stock shows up in the screener for companies with quarterly profits increasing sequentially for the past three quarters.

• Capacite Infraprojects is rising as it receives an order worth Rs 117.2 crore from DLF for the construction of a mall in Goa. The company shows up in a screener for stocks in the PE Buy zone with a good durability score and rising momentum.

• Samiran Chakraborty, Chief Economist (India) of Citigroup, says that global slowdown will impact India’s net exports. He expects rural demand to improve over urban demand next year.

  #OnCNBCTV18 | Global slowdown will impact net export for #India. #GDP compression could come back on the fertiliser sector. Global focussed companies may not do much capex next year, says Samiran Chakraborty of Citi pic.twitter.com/t4oevBLU67

  — CNBC-TV18 (@CNBCTV18Live) December 20, 2022

• Mahanagar Gas appoints Ashu Shinghal as an Executive Director (Additional) designated as Managing Director of the Company with effect from December 23.

• Elin Electronics’ Rs 475 crore IPO gets bids for 37% of the available 1.4 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 55% of the available 71.04 lakh shares on offer. The IPO is a fresh issue of Rs 175 crore and an offer for sale of Rs 300 crore.

• KFin Technologies’ Rs 1,500 crore IPO gets bids for 70% of the available 2.37 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 74% of the available 43.2 lakh shares on offer.

• RC Bhargava, Chairman of Maruti Suzuki India, says that high tax rates will hinder the auto sector's growth. His statement comes after the GST Council announced a standard rate for sports utility vehicles (SUVs) across all states—GST of 28% and 22% cess, taking the effective rate to 50%.

  The taxes on motor vehicles in India have historically been among the highest in the world and need to be rationalised, Maruti Suzuki Chairman RC Bhargava has said. @1997_raghav#India#Auto#MarutiSuzuki#RCBhargava#MotorVehicleshttps://t.co/6szcKqOIYu

  — Business Standard (@bsindia) December 20, 2022

• ICICI Securities upgrades its rating on Phoenix Mills to ‘Buy’ from ‘Add’ with a target price of Rs 1,648, indicating an upside of 17.9%. The brokerage turns positive on the company after its acquisition of a 7.2-acre land parcel for a new mall in Surat. It believes the firm’s focus on building new office and mall spaces will increase rental income and drive long-term revenue growth. The brokerage expects the company’s revenue to grow at a CAGR of 34.6% over FY22-25.

• According to Trendlyne's FII dashboard, foreign institutional investors invested a total of Rs 6,487.1 crore in the equity market over the past 30 days, while mutual funds did only Rs 2,823.7 crore. Index options received the highest inflow of Rs 56,826.7 crore from foreign investors.

• Rajesh Gopinathan, CEO of Tata Consultancy Services, expects 2023 to be a balanced year with improving margins. He adds that the company is on the path to increasing its revenue to $50 billion by 2030 and attrition rates will fall in H2FY23.

• #ETReports | "2023 will be a balanced year after two years of very strong growth," says @TCS' Rajesh Gopinathan. Read here- #Recession#Attrition#India#Growthpic.twitter.com/iHn0Lj8i3g

  — ET NOW (@ETNOWlive) December 20, 2022

• NTPC completes capacity (100 MW out of 300 MW) expansion of the Nokhra Solar Project at Bikaner, Rajasthan. The plant is now ready to commence operations. The stock shows up in a screener with improving RoA for the past two years.

• Realty stocks like Godrej Properties, DLF, Oberoi Realty and Macrotech Developers are falling in trade. The broader sectoral index Nifty Realty is also trading in the red.

• The President of India sells a 5% stake in Indian Railway Catering & Tourism Corp for approx Rs 2,726.8 crore, now holds 62.4%.

• Just Dial is falling as the company's promoter, Reliance Retail Ventures, intends to sell 16.8 lakh shares (or 2% stake) through an open market sale to increase public shareholding. As per regulatory norms, the total public shareholding in a company should be at least 25%. Currently, Just Dial's public shareholding is 14%. The promoter plans to complete the sale within eight trading sessions starting Wednesday.

• Dabur falls over 2% in early trade as 1.9 crore shares (1.06% equity) amounting to Rs 1,079 crore change hands, according to reports.

  Dabur Large Trade | 1.9 Cr shares (1.06% Eq) worth Rs 1,079 Cr change hands at an avg of Rs 571/Sh https://t.co/yKcl4qpKOUpic.twitter.com/cJs5gv7oMV

  — CNBC-TV18 (@CNBCTV18Live) December 20, 2022

• NBCC (India) is rising as it secures a contract worth Rs 69.3 crore from the Odisha Power Transmission Corp. The project involves the construction of a quarter complex in Bhubaneswar, Odisha. The stock shows up in a screener for companies with no debt.

• IRB Infrastructure Developers' board will meet on January 4, 2023, to consider a stock split.

• Promoters of Sterling and Wilson Renewable Energy decide to sell their stakes in the company via an offer for sale on December 20 and 21. Shapoorji Pallonji and Co will offload a 3.69% stake, while Khurshed Yazdi Daruvala will sell a 1.58% stake in the company. The floor price for the sale is set at Rs 270 per share.

• Elin Electronics raises Rs 142.5 crore from anchor investors ahead of its IPO by allotting 57.7 lakh shares at Rs 247 per equity share. Investors include SBI Life Insurance, Aditya Birla Sun Life Trustee and Pinebridge Global Funds.

• Adani Group’s arm Vishvapradhan Commercial acquires an additional 8.27% stake for Rs 156.7 crore in New Delhi Television (NDTV) through an open offer. This transaction takes the subsidiary’s overall shareholding to 37.45%.

Riding High:

Largecap and midcap gainers today include Indian Railway Finance Corporation Ltd. (35.65, 8.52%), Max Healthcare Institute Ltd. (437.00, 2.92%) and Adani Enterprises Ltd. (4,165.30, 2.21%).

Downers:

Largecap and midcap losers today include Indian Overseas Bank (30.85, -6.09%), Godrej Properties Ltd. (1,275.80, -2.88%) and SBI Life Insurance Company Ltd. (1,231.25, -2.86%).

Movers and Shakers

13 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Chemplast Sanmar Ltd. (480.65, 9.64%), Indian Railway Finance Corporation Ltd. (35.65, 8.52%) and RHI Magnesita India Ltd. (847.60, 3.79%).

Top high volume losers on BSE were Sterling and Wilson Renewable Energy Ltd. (273.40, -3.56%), Supreme Industries Ltd. (2,500.00, -2.33%) and Dabur India Ltd. (579.50, -1.62%).

Shipping Corporation of India Ltd. (141.25, 0.64%) was trading at 8.6 times of weekly average. JK Paper Ltd. (439.85, 3.47%) and Wockhardt Ltd. (225.65, 0.87%) were trading with volumes 6.6 and 4.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

14 stocks made 52-week highs, while 7 stocks tanked below their 52-week lows.

Stocks touching their year highs included - Abbott India Ltd. (20,898.70, 0.06%), Apollo Tyres Ltd. (327.40, 0.89%) and Axis Bank Ltd. (949.75, 0.38%).

Stocks making new 52 weeks lows included - Aurobindo Pharma Ltd. (438.20, 0.11%) and Sunteck Realty Ltd. (359.55, -0.83%).

8 stocks climbed above their 200 day SMA including Chemplast Sanmar Ltd. (480.65, 9.64%) and Can Fin Homes Ltd. (546.25, 0.86%). 15 stocks slipped below their 200 SMA including Sonata Software Ltd. (531.55, -2.90%) and Prince Pipes & Fittings Ltd. (602.05, -2.01%).

Trendlyne Analysis

Indian indices closed in the green, with the Nifty 50 rising above the 18,400 mark. European indices traded higher than Friday’s levels. However, most major Asian indices closed lower, in line with the US indices, which extended their losing streak to three days. US stocks fell as investors remained worried about high federal funds rate pushing the US economy into recession. US indices posted losses for a second straight week. The tech-heavy Nasdaq 100 fell 0.8% and the S&P 500 closed over 1.1% lower on Friday. Brent crude oil futures rise nearly 1% after falling over 4% in the last two trading sessions as traders weigh supply and demand concerns amid slowing global economic growth.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty Media and Nifty Bank closed higher than Friday’s levels. Nifty IT closed in the red, taking cues from the Nasdaq 100, which closed lower on Friday.

Nifty 50closed at 18,420.45 (151.5, 0.8%), BSE Sensexclosed at 61,806.19 (468.4, 0.8%) while the broader Nifty 500closed at 15,755.20 (118.9, 0.8%)

Market breadth is in the green. Of the 1,968 stocks traded today, 1,114 were on the uptrend, and 794 went down.

• Money Flow Index (MFI) indicates that stocks like Central Bank of India, The Fertilisers and Chemicals Travancore, EPLand Rashtriya Chemicals & Fertilizersare in the overbought zone.

• Elin Electronics, an electronics manufacturing services provider, opens for IPO subscription tomorrow. The price band for the issue is Rs 234-247 per share. The size of the issue is Rs 475 crore, comprising a fresh issue of Rs 175 crore and an offer for sale of Rs 300 crore.

• Crude oil prices rise amid demand recovery as the US plans to buy back oil to fill its state reserves and China relaxes Covid-19 restrictions.

  Oil rises as China recovery, U.S. buyback plan brighten outlook https://t.co/Pr0kEZuMLmpic.twitter.com/Y8QBnOGKah

  — Reuters (@Reuters) December 19, 2022

• KFin Technologies’ Rs 1,500 crore IPO gets bids for 55% of the available 2.37 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 26% of the available 43.2 lakh shares on offer. The IPO is entirely an offer for sale of Rs 1,500 crore.

• Metal stocks like Jindal Steel & Power, Hindustan Zinc, Vedanta, National Aluminium Co and Tata Steel are rising in trade. All the constituents of the broader sectoral index BSE Metal are trading in the green.

• Stocks like Motherson Sumi Wiring India, LTI Mindtree and Easy Trip Planners see their mutual fund holdings rise more than 4% over the past month.

• Reliance Jio gains 14.1 lakh wireless subscribers in October on a net basis, while Bharti Airtel adds 8.1 lakh and Vodafone Idea loses 35.1 lakh.

  #October#TelecomData | Reliance Jio adds 14.14 lakh subscribers vs 7.24 lakh on MoM basis, while Vodafone Idea loses 35.09 lakh subscribers vs loss of 40.11 lakh (MoM)#RelianceJio#BhartiAirtel#VodafoneIdeapic.twitter.com/lC8CNgzjcR

  — CNBC-TV18 (@CNBCTV18Live) December 19, 2022

• HDFC Bank nears 52-week high in trade. Reports suggest that the bank plans to issue 10 lakh credit cards every month in an attempt to double the pace of its current issuance. The bank shows up in a screener of stocks with increasing revenue over the past four quarters.

• Motilal Oswal maintains its ‘Buy’ rating on KNR Constructions with a target price of Rs 310, indicating an upside of 21%. The brokerage is optimistic about the company’s prospects as it expects strong order inflow from the road segment given its robust tender pipeline. It expects a ramp-up in execution and falling input costs to improve profitability in the coming quarters. The brokerage anticipates the company’s revenue to grow at a CAGR of 14.1% over FY22-24.

• Alembic Pharmaceuticals is falling as the US FDA issues form 483 with five procedural observations. The observations were made after a pre-approval inspection (PAI) at the company's solid oral formulation facility in Jarod.

• Upasna Bhardwaj, Senior Economist at Kotak Mahindra Bank, expects a decline in the current account deficit if crude oil prices stay at current levels. She adds that the average price for crude oil will be in the range of $100-$105 per barrel.

  #OnCNBCTV18 | Current account deficit will be lower if crude prices sustain at these levels. Broad-range for rupee is at 79-84/$, likely to see ? at 84/$ probably sooner than later, says Upasna Bhardwaj of Kotak Mahindra Bank pic.twitter.com/edCJrGyfxT

  — CNBC-TV18 (@CNBCTV18Live) December 19, 2022

• Dilip Buildcon is rising as its bags three contracts from the National Highways Authority of India for new hybrid annuity model projects worth Rs 5,191 crore. The orders pertain to the construction of highways in Karnataka, Chhattisgarh and Telangana. The stock shows up in a screener for companies with improving cash flow from operations in the past two years.

• KEC International wins new orders worth Rs 1,313 crore across its various businesses. The orders include transmission and distribution projects in India, East Asia Pacific and SAARC, and a 500 MW solar PV project in India.

• Larsen & Toubro divests its entire 51% stake in L&T Infrastructure Development Projects to Yield Plus II, an infrastructure fund managed by Edelweiss Alternatives. Larsen & Toubro and Canada Pension Plan Investment (holds the remaining 49% stake) will receive Rs 2,723.4 crore from the sale.

• Glenmark Pharmaceuticals is rising as it receives final approval from the US FDA for nicardipine hydrochloride capsules, a generic version of cardene capsules of Chiesi USA. According to IQVIA, cardene capsules achieved annual sales of $10.9 million over the 12 months ending October 2022.

• Sugar stocks like Shree Renuka Sugars, EID Parry (India), Balrampur Chini Mills and Triveni Engineering & Industries are rising in trade. All constituents of the broader Sugar industry are also trading in the green. This comes after the GST rate for biofuel supply to refineries for blending ethanol was reduced to 5% from 18%, according to reports.

  #StocksInNews | Sugar stocks in focus, gain 10-20%, after the council cuts GST rates on biofuel supply to 5%, @Ashesha_A brings us all the buzz. Listen in #StockMarket#StocksToWatchpic.twitter.com/5hA85Kq4Ri

  — ET NOW (@ETNOWlive) December 19, 2022

• Tech Mahindra plans to divest its entire stake in its wholly owned subsidiary Dynacommerce Holdings B.V. for 6.6 million euros. The company will sell its stake to a subsidiary of Comviva Netherlands B.V.

• GMR Airports Infrastructure's arm GMR Airports Infrastructure BV receives Rs 1,389.9 crore for the sale of shares in GMR Megawide Cebu Airport Corp and the issuance of exchangeable notes to Aboitiz InfraCapital, according to reports.

• KFin Technologies raises Rs 675 crore from anchor investors ahead of its IPO by allotting 1.84 crore shares at Rs 366 each. Investors include Carmignac Portfolio, Pinebridge Global Funds and IIFL Special Opportunities Fund.

• Sun Pharma is falling after its Halol facility received a warning letter from the US FDA on Friday regarding its current goods manufacturing practice (cGMP). This is after the import alert raised by the US FDA on December 08.

• Phoenix Mills completes the acquisition of a 7.22-acre land parcel through its indirect subsidiary, Thoth Mall and Commercial Real Estate, in Surat. The total value of the acquisition is Rs 510 crore. The company ranks high in the Trendlyne checklist score.

Riding High:

Largecap and midcap gainers today include General Insurance Corporation of India (187.35, 12.42%), Life Insurance Corporation of India (734.60, 6.69%) and PB Fintech Ltd. (485.60, 4.73%).

Downers:

Largecap and midcap losers today include Delhivery Ltd. (353.25, -2.89%), FSN E-Commerce Ventures Ltd. (163.25, -2.86%) and JSW Energy Ltd. (279.90, -2.17%).

Movers and Shakers

19 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included General Insurance Corporation of India (187.35, 12.42%), UTI Asset Management Company Ltd. (859.55, 11.45%) and Shipping Corporation of India Ltd. (140.35, 8.76%).

Top high volume losers on BSE were Mahindra Logistics Ltd. (458.30, -2.43%), KPR Mill Ltd. (501.85, -1.99%) and Grindwell Norton Ltd. (1,908.00, -1.76%).

SIS Ltd. (390.60, 0.75%) was trading at 9.4 times of weekly average. Varroc Engineering Ltd. (302.90, 3.95%) and Torrent Power Ltd. (515.20, 0.31%) were trading with volumes 7.2 and 7.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

9 stocks took off, crossing 52-week highs, while 9 stocks tanked below their 52-week lows.

Stocks touching their year highs included - Britannia Industries Ltd. (4,526.50, 1.84%), V-Guard Industries Ltd. (271.25, 0.93%) and Engineers India Ltd. (85.55, 4.84%).

Stocks making new 52 weeks lows included - Aurobindo Pharma Ltd. (437.70, -0.94%) and Bata India Ltd. (1,656.00, 1.66%).

10 stocks climbed above their 200 day SMA including IndiaMART InterMESH Ltd. (4,481.15, 3.38%) and Sonata Software Ltd. (547.40, 3.08%). 27 stocks slipped below their 200 SMA including Chemplast Sanmar Ltd. (438.40, -5.05%) and Gujarat State Fertilizer & Chemicals Ltd. (143.75, -2.34%).

Trendlyne Analysis

Nifty 50fell nearly 150 points and closed below the 18,300 mark on a volatile day of trade. European stocks followed the global trend and traded lower than Thursday’s levels. India's merchandise exports recorded a flat growth YoY at $ 31.99 billion in November, with the merchandise trade deficit narrowing marginally to $23.89 billion from $26.91 billion in the previous month.

Most major Asian indices closed in the red, in line with the US indices, which closed sharply lower on Thursday. US stock fell as investors digested the US Fed’s hawkish commentary. In addition, US retail sales fell more than expected in November, as the holiday season kicked off. The European Central Bank (ECB) raised rates by half a percentage point, its fourth successive hike on Thursday, Brent crude oil futures traded lower but is set for a weekly gain amid supply issues.

Nifty Smallcap 100and Nifty Midcap 100 closed in the red, following the benchmark index. Nifty Metaland Nifty Pharma closed lower than Thursday’s levels. Nifty IT closed in the red, taking cues from the tech-heavy Nasdaq 100 index, which fell over 3.3% on Thursday.

Nifty 50closed at 18,269.00 (-145.9, -0.8%), BSE Sensexclosed at 61,337.81 (-461.2, -0.8%) while the broader Nifty 500closed at 15,636.35 (-147.5, -0.9%)

Market breadth is highly negative. Of the 1,942 stocks traded today, 615 were on the uptrend, and 1,267 went down.

• Relative strength index(RSI) indicates that stocks like Central Bank of India, Indian Overseas Bank, RBL Bankand General Insurance Corp of Indiaare in the overbought zone.

• Ashok LeylandbeatsEscorts Kubota in YoY and QoQ revenue and profit growth, MF holdings and broker average rating. But lags in PE ratio, annual RoE and one-year stock price returns.

• KFin Technologies, a financial services provider, opens for IPO subscription on Monday. The price band for the issue is Rs 347-366 per share and is entirely an offer for sale for Rs 1,500 crore.

• Raymondand Mahindra CIE Automotivehit their all-time highs of Rs 1,644 and Rs 334 respectively. Raymond rises for three consecutive sessions, while the other trades higher for two sessions.

• Mutual funds trim stakes in Gujarat Gas, HDFC Life Insurance and ICICI Bank in the past month.

• Power stocks like ABB India, Adani Transmission, JSW Energy, Siemens and Tata Power are falling in trade. All constituents of the broader sectoral index BSE Power are trading in the red.

• GMM Pfaudler falls over 18% in the early trade today. Reports suggest that the promoter entity likely sold 1.34 crore shares (29.88% stake) worth Rs 2,278 crore in the company via a block deal.

  GMM Pfaudler shares plunged more than 18% during the early trade on Friday, recording its biggest percentage fall in five yearshttps://t.co/nU0UDfSN8Q

  — ETMarkets (@ETMarkets) December 16, 2022

• Dilip Buildcon wins an order worth Rs 976 crore from the National Highways Authority of India for four laning of the Mehgama-Hansdila section of NH-133 in Jharkhand.

• Sugar stocks like Ugar Sugar Works, Bajaj Hindusthan Sugar, Dalmia Bharat Sugar and Industries, and Dhampur Sugar Mills are rising in trade as reports suggest that government may hike sugar export quota.

• Sunil Bohra, Executive Director and Group CFO of UNO Minda, says that the company targets an EBITDA margin of 11-12% in FY23 and will improve revenues by 1.5X of the industry’s growth. He adds that the company aims to outperform its industry in the next 8-10 years.

  #OnCNBCTV18 | Target EBITDA margin of 11-12% in FY23, compared with 10.3% in FY22, grow our revenues by 1.5x of industry growth rate. Will outperform industry in 8-10 years, says Sunil Bohra of Uno Minda pic.twitter.com/n0mFiv4I2T

  — CNBC-TV18 (@CNBCTV18Live) December 16, 2022

• CAMS rises more than 1.5% in trade in a weak market. The stock is trading above its second resistance or R2 level. It shows up in a screener of stocks with improving RoA for the past two years. The stock ranks medium on the Trendlyne checklist score.

• Patel Engineering is rising as its board approves raising funds through a rights issue. It plans to raise Rs 350 crore by allotting equity shares with a face value of Rs 1 each to eligible shareholders of the company.

• Public holder Kravis Investment Partners sells a 1.29% stake (3.6 crore shares) in FSN E-commerce Ventures (Nykaa) for Rs 629.06 crore in a bulk deal.

• India’s November merchandise exports grew marginally to $32 billion from $29.8 billion in October. Imports stood at $55.9 billion and the trade deficit in November narrowed to $23.9 billion.

  India's exports on Thursday recorded a flat growth at USD 31.99 billion in November as against USD 31.8 billion in the same month last year.
  https://t.co/RkUbzoqE57

  — Economic Times (@EconomicTimes) December 15, 2022

• Promoter Sapphire Foods Mauritius sells a 6.14% stake (39 lakh shares) in Sapphire Foods for Rs 525.5 crore in a bulk deal. Another holder WWD Ruby sells a 4.5% stake in Sapphire Foods for Rs 385.1 crore. The Government of Singapore, PI Opportunities Fund I and Mirae Asset Mutual Funds, among others, pick up the shares.

• Engineers India is rising as it secures an order from Mundra Solar Technology, a group company of Adani Enterprises. The order pertains to the production of 30,000 metric tonnes per annum (MTPA) of polysilicon and 500 MTPA of monosilane. The stock shows up in a screener for companies with no debt.

• AIA Engineering acquires a 26% stake in Clean Max Meridus for setting up a Hybrid (solar and wind) Power Plant in Gujarat. AIA Engineering shows up in a screener of stocks with improving book value for the past two years.

• The Centre slashes the windfall tax on locally produced crude oil to Rs 1,700 per tonne from Rs 4,900 earlier. It cuts the windfall tax on the export of diesel to Rs 5 per litre (including Rs 1.5 as road infrastructure cess) from Rs 8. The windfall tax on aviation turbine fuel (ATF) falls to Rs 1.5 per litre from Rs 5 earlier.

  ????#BREAKING | Government cuts windfall tax on locally produced oil to ? 1,700 per tonne from ? 4,900 per tonne https://t.co/UETKg2QDzspic.twitter.com/BSNI10mpRo

  — NDTV (@ndtv) December 16, 2022

• Porinju Veliyath buys a 0.5% stake in Max India for approx Rs 2.3 crore in a bulk deal on Thursday.

• IDBI Bank files an insolvency plea against Zee Entertainment (ZEEL) to recover dues worth Rs 149.6 crore. ZEEL has, however, challenged the plea with the National Company Law Tribunal bench.

• Hindustan Foodsis acquiring a pharmaceutical factory from Reckitt Benckiser Health in Himachal Pradesh to expand its healthcare and wellness division. The transaction is worth Rs 156 crore and likely to be completed by H2FY23. The company shows up in a screener of stocks with improving annual profits for the past two years.

Riding High:

Largecap and midcap gainers today include Bayer Cropscience Ltd. (4,830.20, 3.84%), Procter & Gamble Hygiene & Healthcare Ltd. (14,400.00, 3.27%) and Tube Investments of India Ltd. (2,921.85, 3.18%).

Downers:

Largecap and midcap losers today include Polycab India Ltd. (2,753.90, -7.63%), Union Bank of India (84.70, -5.94%) and General Insurance Corporation of India (166.65, -5.90%).

Volume Rockets

27 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included EPL Ltd. (191.05, 13.86%), Kalyan Jewellers India Ltd. (125.45, 5.46%) and Sterlite Technologies Ltd. (186.65, 5.24%).

Top high volume losers on BSE were GMM Pfaudler Ltd. (1,644.50, -14.56%), Medplus Health Services Ltd. (649.60, -6.31%) and Bharat Electronics Ltd. (99.45, -3.68%).

Dr. Reddy's Laboratories Ltd. (4,309.10, -3.58%) was trading at 12.7 times of weekly average. Deepak Fertilisers & Petrochemicals Corporation Ltd. (820.65, 1.10%) and Krishna Institute of Medical Sciences Ltd. (1,451.80, 2.32%) were trading with volumes 12.2 and 7.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

9 stocks made 52-week highs, while 5 stocks tanked below their 52-week lows.

Stocks touching their year highs included - Aegis Logistics Ltd. (358.20, 3.21%), Apollo Tyres Ltd. (323.05, 0.14%) and Indian Overseas Bank (33.40, -3.88%).

Stocks making new 52 weeks lows included - Aurobindo Pharma Ltd. (441.85, -1.13%) and SIS Ltd. (387.70, -0.46%).

6 stocks climbed above their 200 day SMA including Sterlite Technologies Ltd. (186.65, 5.24%) and Procter & Gamble Hygiene & Healthcare Ltd. (14,400.00, 3.27%). 29 stocks slipped below their 200 SMA including GMM Pfaudler Ltd. (1,644.50, -14.56%) and Avenue Supermarts Ltd. (3,990.00, -4.59%).

Trendlyne Analysis

Nifty 50 fell nearly 250 points and closed 1.3% lower, with the volatility index, India VIX, rising sharply. European stocks followed the global trend and traded lower than Wednesday’s levels. Major Asian indices closed lower, in line with the US indices, which closed in the red on Wednesday. US stocks fell after the Fed raised the federal funds rate by an expected 50 basis points. But the Fed’s commentary was more hawkish than expected by analysts. Fed Chair Jerome Powell said the committee wouldn’t consider rate cuts until it is confident that inflation falls to 2% in a sustained way. In reaction, the tech-heavy Nasdaq 100 fell 0.8% and the Dow Jones closed 0.4% lower. Brent crude oil futures traded in the red after rising over 3% on Wednesday due to supply concerns.

Nifty Midcap 100 and Nifty Smallcap 100 closed flat, following the benchmark index. Nifty Pharma and Nifty Energy closed below Wednesday’s levels. Nifty IT closed deep in the red, taking cues from the Nasdaq 100, which fell 0.8% on Wednesday.

Nifty 50closed at 18,414.90 (-245.4, -1.3%), BSE Sensexclosed at 61,799.03 (-878.9, -1.4%) while the broader Nifty 500closed at 15,783.80 (-180, -1.1%)

Market breadth is in the red. Of the 1,935 stocks traded today, 633 showed gains, and 1,255 showed losses.

• Indian Railway Catering & Tourism Corpsees a short buildup in its December 29 future series as its open interest rises 26.8% with a put-call ratio of 0.51.

• Credit rating agency ICRA expects NBFCs’ assets to hit Rs 49 lakh crore by March 2024, according to reports. It adds that the NBFCs’ non-performing assets (NPAs) will likely fall by 40 bps YoY to 3.8% by March 2023.

• Ramkrishna Forgings touches an all-time high of Rs 266.9 in trade today. The company plans to buy a 51% stake in TSUYO Manufacturing, a startup involved in giving powertrain solutions for electric vehicles. It plans to invest nearly Rs 100 crore in the next five years to enhance product portfolio and carry out expansion plans.

• IDBI Bank surges to hit its 52-week high of Rs 61 in trade today. It shows up in a screener for stocks with high TTM EPS growth. It also ranks high in the Trendlyne checklist with a score of 56% and has good durability and momentum scores.

• UCO Bank rises as 4.4 crore shares (0.4% equity) amounting to Rs 160.2 crore change hands, according to reports.

  Uco Bank #LargeTrade | 440.08 lakh shares (0.4% equity) worth ?160.17 cr change hands at an average of ?35/sh pic.twitter.com/5SZI1sTeuW

  — CNBC-TV18 (@CNBCTV18Live) December 15, 2022

• Fertilizers stocks like Madras Fertilizers, The Fertilisers and Chemicals Travancore, National Fertilizers and Mangalore Chemicals & Fertilizers are rising in trade. The broader sector of fertilizers is also trading in the green.

• Indian Railway Catering & Tourism Corp (IRCTC) falls as the Centre starts to offload a 2.5% stake to non-retail investors via an offer for sale today. It will sell another 2.5% stake to retail and non-retail investors who wish to carry forward their unallotted bids on Friday. The floor price is set at Rs 680 per share.

• Landmark Cars’ Rs 552 crore IPO gets bids for 3.1X of the available 80.4 lakh shares on offer on the last day of bidding. The retail investor quota gets bids for 59% of the available 40 lakh shares on offer.

• Larsen & Toubro’s Hydrocarbon business bags two orders worth Rs 1,000-2,500 crore each. L&T Energy Hydrocarbon - Asset Management, a business vertical, secures its first integrated operations and maintenance order from Vedanta. The firm also won an order for the construction of a Hydrogen Generation Unit from Matheson Tri-Gas, a subsidiary of Nippon Sanso Holdings Corp.

• Kishor Rungta, Managing Director of The Fertilisers and Chemicals Travancore, says that fertiliser prices are still high even though they have gone down by 15-20%. He adds that the company’s outstanding subsidy stands at Rs 150-200 crore.

  #OnCNBCTV18 | Have developed Nano urea & process of developing Nano DAP as well. There is no subsidy on Nano urea. Outstanding subsidy for the company is ?150-200 cr, says Kishor Rungta of Fertilisers And Chemicals Travancore (FACT) pic.twitter.com/07uwh1DSy4

  — CNBC-TV18 (@CNBCTV18Live) December 15, 2022

• IT stocks like Tech Mahindra, Infosys, LTIMindtree, Coforgeand Tata Consultancy Servicesare falling in trade. All constituents of the broader sectoral index Nifty IT, barring L&T Technology Services, are trading in the red.

• eClerx Services' board approves share buyback of 17.15 lakh shares (representing 3.38%) worth up to Rs 300 crore at Rs 1,750 per share. The record date is December 27.

• ICICI Direct upgrades its rating on V-Guard Industries to ‘Buy’ from ‘Hold’ with a target price of Rs 310, indicating an upside of 19%. The brokerage turns positive on the firm’s prospects after its acquisition of the kitchen appliance company Sunflame. It believes the acquisition will provide V-Guard with significant synergies in aspects such as distribution network and product portfolio. The brokerage expects the company’s net profit to grow at a CAGR of 18.1% over FY22-25.

• Indian rupee falls to 82.63 from the previous close of 82.46 against the US dollar in early trade. This comes after the US Federal Reserve raises interest rate by 50 bps during the FOMC held on Wednesday.

  #RupeeCheck | #Rupee opens at 82.63/$ vs Wednesday’s close of 82.46/$ pic.twitter.com/B8Kmcd9c0r

  — CNBC-TV18 (@CNBCTV18Live) December 15, 2022

• Poonawalla Fincorp is falling as it announces the sale of its housing finance arm, Poonawalla Housing Finance, for Rs 3,900 crore to TPG affiliate Perseus SG. The company believes this transaction will aid in maximising value creation by optimising resource allocation. The company shows up in a screener for stocks with consistently high returns over the past five years.

• Power Grid Corp of India’s board of directors approves investment of Rs 330.6 crore for the evacuation of power from the renewable energy zone (REZ) in Rajasthan. The stock shows up in a screener for companies with rising quarterly revenue sequentially over the past four quarters.

• AstraZeneca Pharma India's Managing Director Gagandeep Singh Bedi resigns as he gets transferred to a new position within AstraZeneca Group. His resignation is effective from December 31, 2022.

• Sapphire Foods’ promoters and shareholders likely offloaded stake in the company, as 68.2 lakh shares (10.7% equity) change hands in a block deal, say reports.

  Sapphire Foods Large Trade | 68.2 lakh shares (10.7% equity) change hands in a block deal window https://t.co/UJ187AeoNcpic.twitter.com/XG7u81aElt

  — CNBC-TV18 (@CNBCTV18Live) December 15, 2022

• Dilip Buildcon rises in early trade after it reports finishing the Gujarat Metro Rail Corp agreement Wednesday. The project cost Rs 1,061 crore.

• Shriram Properties is rising after it buys the ‘Golden Ira’ project from Golden Gates Group for Rs 125 crore. Golden Ira project is located in North Bangalore with a saleable area of 10 lakh square feet. The company shows up in a screener with improving RoCE in the past two years.

• Glenmark Pharmaceuticals inks a pact with J.B. Chemicals & Pharmaceuticals to divest its cardiac unit (Razel) in Indian and Nepal markets for Rs 313.7 crore. The transaction is likely to be completed by December-end. The stock shows up in a screener of companies with reducing debt.

Riding High:

Largecap and midcap gainers today include General Insurance Corporation of India (177.10, 10.76%), Indian Overseas Bank (34.75, 7.09%) and IDBI Bank Ltd. (58.75, 2.62%).

Downers:

Largecap and midcap losers today include Indian Railway Catering & Tourism Corporation Ltd. (689.05, -6.24%), Bank of India (94.45, -5.12%) and Tube Investments of India Ltd. (2,831.70, -4.96%).

Volume Rockets

23 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included General Insurance Corporation of India (177.10, 10.76%), Mahindra CIE Automotive Ltd. (314.85, 9.72%) and Gujarat State Fertilizer & Chemicals Ltd. (148.90, 6.09%).

Top high volume losers on BSE were Indian Railway Catering & Tourism Corporation Ltd. (689.05, -6.24%), Metropolis Healthcare Ltd. (1,322.10, -3.65%) and Brigade Enterprises Ltd. (457.00, -3.59%).

Johnson Controls-Hitachi Air Conditioning India Ltd. (1,170.00, 0.61%) was trading at 22.2 times of weekly average. Sapphire Foods India Ltd. (1,397.50, 2.74%) and PNC Infratech Ltd. (297.70, 3.19%) were trading with volumes 16.0 and 11.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

24 stocks hit their 52-week highs, while 2 stocks were underachievers and hit their 52-week lows.

Stocks touching their year highs included - Apollo Tyres Ltd. (322.60, 1.02%), Bank of India (94.45, -5.12%) and Bank of Maharashtra (34.35, 0.73%).

Stocks making new 52 weeks lows included - Aurobindo Pharma Ltd. (446.90, -1.67%) and Metropolis Healthcare Ltd. (1,322.10, -3.65%).

15 stocks climbed above their 200 day SMA including Gujarat State Fertilizer & Chemicals Ltd. (148.90, 6.09%) and Sterlite Technologies Ltd. (177.35, 4.11%). 13 stocks slipped below their 200 SMA including Indian Railway Catering & Tourism Corporation Ltd. (689.05, -6.24%) and PVR Ltd. (1,810.10, -3.48%).