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Trendlyne Analysis

Indian indices closed flat after gyrating between losses and gains, with the volatility index, India VIX, at around 20%. European stocks traded in the green as investors look ahead to the US monthly jobs data release later today. However, most major Asian indices closed in the red, despite the US indices closing in the green on Thursday. The US indices snapped their four-day losing streak and closed marginally higher on a volatile day of trade. The S&P 500 rose 0.3% while the Dow Jones closed 0.5% higher. Brent crude oil futures traded higher after falling around 12% in the past three trading sessions.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red, despite the benchmark index closing flat. Nifty Auto and Nifty Realty closed lower than Thursday’s levels. Nifty IT closed in the red, despite the NASDAQ 100 closing flat on Thursday.

Nifty 50 closed at 17,527.85 (-15.0, -0.1%) , BSE Sensex closed at 58,803.33 (36.7, 0.1%) while the broader Nifty 500 closed at 15,191.25 (-20.0, -0.1%)

Market breadth is in the red. Of the 1,925 stocks traded today, 801 were gainers and 1,066 were losers.

• Stocks like Rites, Mazagon Dock Shipbuilders, Cochin Shipyard, Poly Medicure, and Sterlite Technologies are in the overbought zone, according to the Money Flow Index or MFI.

• HBL Power Systems is rising as it wins multiple orders for the deployment of the train protection system Kavach. The orders have a combined value of Rs 753.9 crore.

• ICICI Securities downgrades SRF to 'Hold' rating from 'Add' with a target price of Rs 2,460, indicating a downside of 3.2%. The brokerage downgrades the stock due to the recent run-up in stock price and near-term pressures in the chemical business. It expects the company's revenue to grow at a CAGR of 10.2% over FY22-24.

• Spicejet is rising as it is set to receive Rs 225 crore as part of the Emergency Credit Line Guarantee Scheme (ECLGS), according to reports. The airline will use this funding to clear statutory dues and payments to lessors.

• Cochin Shipyard rises for eight consecutive sessions and hits a 52-week high of Rs 394.3. This comes after the Prime Minister commissions India’s first indigenous aircraft carrier – INS Vikrant in the Navy in Cochin, Kerala. INS Vikrant will meet the Navy's third aircraft carrier needs.

  #CNBCTV18Market | Cochin Shipyard in focus
  PM Modi Commissions India’s first Indigenous Aircraft Carrier into Navy. Vikrant will operate 30 fighter jets & helicopters. Constructed at Cochin shipyard, aircraft carrier has a crew of >1,500 & will meet Navy's need for 3rd carrier pic.twitter.com/zyQWLBz2bd

  — CNBC-TV18 (@CNBCTV18Live) September 2, 2022

• FMCG sector rises over the past month as its market grows 6% MoM in August after consecutive declines in the past months, according to reports. Rise in demand for personal care and commodity products aid the growth of FMCG market. Trendlyne's Dashboard shows that FMCG sector rose 1.4% over the past month.

• Ashika Research maintains its ‘Buy’ rating on Tata Consultancy Services with a target price of Rs 3,650. This indicates an upside of 13.8%. The brokerage believes the company is well-equipped to withstand the weakening business environment given its order book and high exposure to long-duration contracts. It expects the company’s net profit to grow at a CAGR of 11.8% over FY22-24.

• GMR Infrastructure is rising as its subsidiary GMR Airports International BV (GAIBV) inks a pact with Aboitiz InfraCapital (AIC) to acquire shares in GMR-Megawide Cebu Airport Corp (GMCAC)- a JV between GAIBV and Megawide Construction Corp. The companies will sell their existing stake in GMCAC to AIC at an enterprise value of Rs 7,050 crore.

• UPL appoints Mike Frank as the Chief Executive Officer of UPL’s Global Crop Protection business which manages all crop protection assets outside of India.

• Hero MotoCorp’s August wholesales rise 1.9% YoY to 4.62 lakh units, led by a 2.4% YoY growth in motorcycle wholesales. The company expects the demand environment to improve in the coming months on account of the festive season, better monsoons, and positive consumer sentiments.

• NTPC hits a 52-week high of Rs 166.4, after ArcelorMittal, Brookfield, Canada Pension Plan Investment Board, among others, express an interest to buy a stake in its arm NTPC Green Energy.

  Shares NTPC hit 52-week high of Rs 166.35, up 4% on the BSE in Friday’s trade as bids lined up for minority stake sale in its Green Energy arm. #NTPC#StockMarket#Markets#MarketsWithBShttps://t.co/gkN4Qj3YwV

  — Business Standard (@bsindia) September 2, 2022

• Adani Ports & Special Economic Zone is rising as its cargo volumes in August rises 18% YoY to 29.3 million metric tonnes (MMT). From April 2022 to August 2022, the company handled 151.4 MMT of cargo, indicating a growth of 11% YoY.

• Shree Cements is falling as the National Stock Exchange (NSE) removes the stock from Nifty 50 in its semi-annual rearrangement of stocks. Adani Enterprises will replace Shree Cements in the Nifty 50 list from September 30.

• The National Stock Exchange (NSE), as part of its periodic review, rearranges a few stocks in the Nifty Next 50.

  Here's a look at the inclusions and exclusions from #NIFTY Next 50 Companies@Adani_Gas@BEL_CorpCom@HALHQBLR@IRCTCofficial@Mphasis@shms_healthIT@shreecementltd@AdaniOnline#JubilantFood@LupinGlobal@Mindtree_Ltd@pnbindia@SAILsteel@ZydusUniversepic.twitter.com/MuYhLXwXrT

  — ET NOW (@ETNOWlive) September 1, 2022

• Promoter Sunita Sandip Gupta sells a 1.07% stake (6.7 lakh shares) in Route Mobile for Rs 96.7 crore in a bulk deal on Thursday.

• General Atlantic Singapore sells a 2.07% stake (16.6 lakh shares) in Krishna Institute of Medical Sciences (KIMS) for Rs 204.2 crore in a bulk deal on Thursday. In another deal, Emerald Investments picked up a 1.96% stake (15.7 lakh shares) in KIMS for Rs 193.1 crore.

• Eicher Motors’ arm Royal Enfield’s August wholesales rise 53% YoY to 70,112 units. The company’s CEO says that the increase in sales is because of the launch of its new bike at the beginning of the month.

Riding High:

Largecap and midcap gainers today include Astral Ltd. (2,314.45, 6.12%), Patanjali Foods Ltd. (1,256.15, 4.18%) and Adani Enterprises Ltd. (3,355.80, 3.79%).

Downers:

Largecap and midcap losers today include Zomato Ltd. (59.75, -4.32%), Tata Elxsi Ltd. (8,707.25, -3.47%) and Coromandel International Ltd. (1,045.40, -3.35%).

Movers and Shakers

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

Top high volume gainers on BSE included EIH Ltd. (187.95, 17.76%), TCNS Clothing Co. Ltd. (663.15, 11.75%) and GMM Pfaudler Ltd. (1,825.80, 10.29%).

Top high volume losers on BSE were Honeywell Automation India Ltd. (42,202.45, -1.72%), Akzo Nobel India Ltd. (1,940.35, -0.73%) and Finolex Industries Ltd. (147.20, -0.54%).

Sheela Foam Ltd. (3,242.90, 8.50%) was trading at 9.8 times of weekly average. Mahindra Holidays & Resorts India Ltd. (284.05, 7.78%) and FDC Ltd. (273.60, 2.82%) were trading with volumes 8.1 and 8.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

30 stocks hit their 52 week highs, while 3 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Ashok Leyland Ltd. (163.65, 0.55%), Bank of Baroda (131.15, -1.72%) and Bharat Electronics Ltd. (324.55, 1.49%).

Stocks making new 52 weeks lows included - Biocon Ltd. (295.60, -1.99%) and Natco Pharma Ltd. (608.80, -1.02%).

12 stocks climbed above their 200 day SMA including Sheela Foam Ltd. (3,242.90, 8.50%) and Varroc Engineering Ltd. (380.25, 7.40%). 7 stocks slipped below their 200 SMA including Dhanuka Agritech Ltd. (718.95, -2.47%) and DCM Shriram Ltd. (1,023.00, -2.25%).

Trendlyne Analysis

Indian indices closed in the red, with the volatility index, India VIX, rising close to 20%. India’s Q1FY22 GDP rose at the fastest pace in a year at 13.5% but missed the expectations of analysts and the central bank. India’s Manufacturing Purchasing Manager’s Index or PMI fell marginally to 56.2 in August compared to 56.4 in July due to improving demand and a fall in input costs like aluminum and steel.

European indices traded lower than Wednesday, following the global trend. Major Asian indices closed in the red, tracking the US indices, which closed lower on Wednesday for a fourth straight session. The tech-heavy index NASDAQ 100 closed 0.6% lower while the Dow Jones fell 0.9%. Brent crude oil futures traded in the red after falling close to 10% in the previous two trading sessions. Crude oil prices fell amid demand concerns and comments by Iraq’s state-owned oil marketing company saying that the country’s oil exports are unaffected by the geopolitical crisis in Europe.

Nifty Smallcap 100 and Nifty Midcap 100 closed flat, despite the benchmark index trading in the red. Nifty Metal and Nifty FMCG closed lower than Tuesday’s levels. Nifty IT closed in the red, tracking the NASDAQ 100, which closed lower on Wednesday.

Nifty 50closed at 17,563.25 (-196.1, -1.1%), BSE Sensexclosed at 58,766.59 (-770.5, -1.3%) while the broader Nifty 500closed at 15,224.20 (-100.9, -0.7%)

Market breadth is in the green. Of the 1,918 stocks traded today, 1,004 showed gains, and 865 showed losses.

• Ashok Leyland sees a long build-up in its September 29 future series as its open interest rises 17.1% with put to call ratio of 0.9.

• TVS Motor and Ceat hit their 52-week highs of Rs 1,028.8 and Rs 1,425, respectively. Both stocks rise for two consecutive sessions.

• India's digital payments platform - Unified Payments Interface's (UPI) transaction volumes rise 85% YoY to 657 crore in August. Value of transactions is up 67.8% YoY.

  According to data released by NPCI, UPI reported transactions amounting to Rs 10.72 trillion in August.
  
  Read more ????https://t.co/qO9jtRCl8M#NPCI#UPI

  — Moneycontrol (@moneycontrolcom) September 1, 2022

• NCC is rising as it bags a new order worth Rs 292 crore. The water and environment project has been awarded by state government agencies.

• Financial Institutions, Distributors, and Data Processing Servicesindustries rise by more than 3% in trade today.

• August GST revenue collections rise YoY, but fall month on month to Rs 1.43 lakh crore, compared to 1.48 lakh crore in July. Centre GST revenue stands at Rs 24,710 crore, State GST at Rs 30,951 crore and Integrated GST at Rs 77,782 crore.

  ???? ?1,43,612 crore gross GST revenue collected in month of August 2022
  
  ???? Revenues for August 2022 28% higher than the GST revenues in the same month in 2021
  
  ???? Monthly GST revenues more than the ? 1.4 lakh crore for six months in a row
  
  Read more ?? https://t.co/wmSCYdWQ5opic.twitter.com/EcoNDeuMPF

  — Ministry of Finance (@FinMinIndia) September 1, 2022

• Coal India’s production rises 8.5% YoY to 46.2 million tonnes and total coal off-take increases by 5.1% YoY in August 2022. Its supply to the power sector increases by 16% on rising demand from thermal power plants.

• MM Forgings is rising after it announces a strategic investment in Abhinava Rizel. MM forgings will buy an 88% stake (26.4 lakh shares) in an all-cash deal.

• ICICI Securities maintains its ‘Buy’ rating on Piramal Enterprises with a target price of Rs 1,391. This indicates an upside of 30.7%. As the company de-merges its pharmaceuticals business, the brokerage remains optimistic about the prospects of its financial services business. It expects the company’s increasing retail disbursements, new product launches, and network expansion to drive profitability. The brokerage estimates the company’s profit to grow at a CAGR of 56.6% over FY22-24.

• India’s Manufacturing Purchasing Manager’s Index (PMI) falls marginally to 56.2 in August compared to 56.4 in July, because of improving demand and a fall in input costs like aluminum and steel.

  Factory activity in India grew robustly again in August as an improvement in demand and easing input cost inflation boosted output and buoyed confidence. #FactoryActivity#ManufacturingPMI#IndianEconomyhttps://t.co/f5bqe7sd5S

  — Business Standard (@bsindia) September 1, 2022

• Biocon falls and touches a 52-week low of Rs 297.5 after the US FDA issued Form 483 with 11 observations for two sites in Bangalore and six observations for its Malaysia site. The form is issued when the regulator observes a violation of the Food Drug and Cosmetics Act. The observations are for improving microbial control, quality oversight, and bettering software applications to gauge risks.

• Centre raises windfall tax on the sale of locally produced crude oil to Rs 13,300 per tonne from Rs 13,000 per tonne, earlier. Export duty on aviation turbine fuel (ATF) is increased to Rs 9 per litre from Rs 2 per litre. Revenue Secretary Tarun Bajaj previously said that the trend in tax rates will depend on the movement of global crude prices

  Export duty on diesel & ATF today saw an increase of ?6.50/L & ?7/L respectively while duty on petrol remains nil. Windfall tax on crude sees a minor upward revision of ?300/tonne today#WindfallTax#crude#Petrol#Diesel#ATFpic.twitter.com/OhcZMnsnKe

  — CNBC-TV18 (@CNBCTV18Live) September 1, 2022

• Escorts Kubota is rising as its monthly tractor wholesales in August increase by 7.3 % YoY to 6,111 units. The growth in tractor wholesales is due to a 7.9 % YoY rise in domestic tractor wholesales. The company's construction equipment monthly wholesales declines by 26.7% YoY.

• IT stocks like Tata Consultancy Services, Infosys, MindTree among others are falling in trade. All constituents of the broader Nifty IT index are trading in the red.

• Moody’s Investors Service lowers its GDP growth forecast for India to 7.7% from 8.3%, for CY22. It says that an increase in interest rates and uneven monsoons might slow down the momentum.

  #Moody’s Investors Service cuts India’s #GDP growth forecast to 7.7%.
  
  For the latest news & updates visit: https://t.co/gXeGqKQ77Ppic.twitter.com/GRxQ1bsmC8

  — BQ Prime (@bqprime) September 1, 2022

• Competition Commission of India okays acquisition of 7.49% stake by Caladium Investments (affiliate of GIC) in Aditya Birla Fashion and Retail for Rs 2,195 crore. The proposed transaction will be through the issue of preferential equity and warrants on a fully diluted basis.

• Bajaj Auto is rising as its two-wheeler wholesales in August is up 5% YoY to 3.4 lakh units. The growth in two-wheeler wholesales comes on the back of a 48% YoY rise in domestic wholesales. The biggest increase is in the company’s commercial vehicle wholesales, which is up 31% YoY.

• Ashok Leyland is rising as it receives orders worth $ 75.1 million (Rs 598.1 crore) from major fleets for 1,400 school buses in the UAE, according to reports. The orders have been bagged by the company’s UAE distribution partners Swaidan Trading – Al Naboodah Group.

• India's Gross Domestic Product rises 13.5% YoY to Rs 36.9 lakh crores in Q1FY23 and Gross Value Added rises 12.7% YoY to Rs 34.4 lakh crores.

• Infosys divests its entire stake in Trifacta Inc, a data engineering software company based out of San Franciso, for $12 million.

• Tata Motors completes the acquisition of Marcopolo’s 49% stake in its manufacturing joint venture Tata Marcopolo Motors (TMML) for Rs 99.9 crore. TMML is now a wholly owned subsidiary of Tata Motors.

Riding High:

Largecap and midcap gainers today include Zomato Ltd. (62.45, 7.77%), Ashok Leyland Ltd. (162.75, 5.68%) and Gland Pharma Ltd. (2,501.35, 5.63%).

Downers:

Largecap and midcap losers today include Zee Entertainment Enterprises Ltd. (244.75, -4.79%), Hindalco Industries Ltd. (421.95, -3.88%) and Dr. Lal Pathlabs Ltd. (2,476.90, -3.48%).

Volume Rockets

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

Top high volume gainers on BSE included Tata Teleservices (Maharashtra) Ltd. (127.55, 17.61%), Poly Medicure Ltd. (933.40, 9.58%) and Latent View Analytics Ltd. (390.80, 6.12%).

Top high volume losers on BSE were Zee Entertainment Enterprises Ltd. (244.75, -4.79%), Spicejet Ltd. (44.85, -3.24%) and Mahindra Logistics Ltd. (477.90, -0.47%).

Krishna Institute of Medical Sciences Ltd. (1,269.10, 5.43%) was trading at 59.5 times of weekly average. Prestige Estates Projects Ltd. (470.55, 2.87%) and TCNS Clothing Co. Ltd. (593.40, -0.24%) were trading with volumes 8.1 and 6.3 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

31 stocks hit their 52-week highs, while 2 stocks tanked below their 52-week lows.

Stocks touching their year highs included - Aegis Logistics Ltd. (296.45, 0.80%), AIA Engineering Ltd. (2,625.05, 0.67%) and Ashok Leyland Ltd. (162.75, 5.68%).

Stocks making new 52 weeks lows included - Alembic Pharmaceuticals Ltd. (642.30, -0.91%) and Biocon Ltd. (301.60, -2.68%).

15 stocks climbed above their 200 day SMA including Suzlon Energy Ltd. (8.80, 7.32%) and Tata Communications Ltd. (1,257.05, 4.56%). 7 stocks slipped below their 200 SMA including MMTC Ltd. (41.85, -6.17%) and Housing Development Finance Corporation Ltd. (2,404.20, -1.72%).

Trendlyne Analysis

Indian indices closed sharply higher, with the volatility index, India VIX falling below 19%. The Nifty 50 surged over 440 points or 2.6% and closed above the 17,750 mark. European stocks traded higher than Monday, following the Asian indices and US indices futures. Major Asian indices closed in the green, despite the US indices closing in the red on Monday. US stocks fell as investors continue to assess Federal Reserve Chairman Jerome Powell’s hawkish commentary at the central bankers’ conference on Friday. The tech-heavy index NASDAQ 100 extended its decline and fell 1% while the Dow Jones closed 0.6% lower. Brent crude oil futures traded lower after rising over 4% on Monday over supply concerns due to the prospect of OPEC+ output cuts.

Nifty Smallcap 100 and Nifty Next 50 closed in the green, following the benchmark index. Nifty bank and Nifty Realty closed over 3% higher. Nifty IT closed in the green, despite the NASDAQ 100 closing lower on Monday.

Nifty 50 closed at 17,744.20 (431.3, 2.5%) , BSE Sensex closed at 59,537.07 (1,564.5, 2.7%) while the broader Nifty 500 closed at 15,314.75 (342, 2.3%)

Market breadth is overwhelmingly positive. Of the 1,909 stocks traded today, 1,378 were on the uptick, and 469 were down.

• Stocks like Mazagon Dock Shipbuilders, Dhani Services, ABB India, Rites and Poly Medicure are in the overbought zone, according to the relative strength index or RSI.

• Centre is in final stages of talks with the Reserve Bank of India to sell stake in IDBI Bank, according to reports. It is likely to call for expression of interest for the stake sale in September.

• Axis Bank is in talks to acquire a 10% stake worth $9 million in Go Digit Life Insurance, according to reports. This comes after HDFC Bank inked a pact to buy a 9.9% stake in the company last week.

• Automobile wholesales for August can be a mixed bag with passenger and commercial vehicles expected to take the lead. Two-wheeler wholesales will depend on the demand arising in the festive season and tractor sales could go down due to deficit of rainfall in some regions.

  #MarketsWithETNOW | August auto sales to be a mixed bag wherein passenger vehicles and commercial vehicles segment is expected to take the lead, @SrishtiSharma_ tells us more #Motown#Auto#AutoSalespic.twitter.com/L33VFRg0kv

  — ET NOW (@ETNOWlive) August 30, 2022

• Axis Direct maintains its ‘Buy’ rating on Nippon Life Asset Management with a target price of Rs 360, indicating an upside of 17%. The brokerage believes the company is well-placed to make huge market share gains on the back of an extensive distribution network, robust risk management practices, and improving macroeconomic conditions. It expects the company’s net profit to grow at a CAGR of 9.9% over FY22-24.

• Federal Bank and Bajaj Auto hit their 52-week highs of Rs 117.8 and Rs 4,128.9, respectively. Both stocks are rising for two consecutive sessions.

• TD Power Systems rises after its board approves a stock split in the ratio of 1:5. This will need to be approved by shareholders in the upcoming annual general meeting.

• Metal stocks like Hindalco Enterprises, JSW Steel, Tata Steel, and Vedanta are rising in trade. The broader sectoral index Nifty Metal is also trading in green.

• ICICI Securities maintains its ‘Add’ rating on Reliance Industries with a target price of Rs 2,755. This indicates an upside of 6%. In light of the announcements at its Annual General Meeting on Monday, the brokerage is very bullish on the company’s green energy business and consumer business segments. However, it still sees a limited upside for the company given its expensive valuation and muted return ratios over the past three years. It expects the company’s revenue to grow at a CAGR of 13.5% over FY22-24.

• Bank of India files a petition with the national company law tribunal (NCLT) to initiate insolvency proceedings against Future Lifestyle Fashions. The company is in process of taking legal advice in this matter.

• IT Networking Equipment, Distributors, Medical Equipment, and Paper & Paper Products’ industries rise by more than 25% in the past month.

• Granules India is rising as the US Food and Drug Administration approves its abbreviated new drug application for loperamide hydrochloride and simethicone tablets. The drug is used to treat and relieve symptoms of diarrhea. The tablets are a generic equivalent of the Imodium multi-symptom relief tablets. The Imodium brand registered an estimated sales of $60 million in the US over the past 12 months.

• Eicher Motors is rising as BofA Securities reiterates its 'Buy' rating and raises its target price to Rs 3,900, on improving growth outlook. The company’s subsidiary Royal Enfield’s new product Hunter and the momentum is topped by targeted marketing and aggressive financing push for other products as well. It also raises its earnings per share estimates for FY24 by 4%.

  #BrokerageRadar | BofA on @EicherMotorsLtd: Maintain Buy; Growth is coming back at Royal Enfield #StockMarket#StocksToWatch#EicherMotorspic.twitter.com/yeVKaxZjhs

  — ET NOW (@ETNOWlive) August 30, 2022

• Power stocks like Adani Green Energy, Power Grid Corp of India, NTPC, Adani Power and Tata Power Co are rising in trade. The broader sectoral index BSE Power is also trading in the green.

• Public sector bank stocks like State Bank of India, Bank of Baroda, Indian Bank, and Punjab & Sind Bank are rising in trade. The broader sectoral index Nifty PSU Bank is also trading in green.

• Ramkrishna Forgings wins an export order worth Rs 20.5 crore ($2.58 million) per annum for the supply of metal bars in the non-auto segment.

  #JustIN | Ramkrishna Forgings bags export order worth Rs 20.5 cr/annum for the supply of metal bars in the non-auto segment pic.twitter.com/7thnibXmYC

  — CNBC-TV18 (@CNBCTV18Live) August 30, 2022

• Nazara Technologies acquires a 100% stake in WildWorks for a cash consideration of Rs 83 crore. WildWorks is a US-based children’s interactive entertainment company. The company expects this acquisition to help it grow in the gamified learning space.

• Fundsmith Emerging Equities sells a 1.11% stake (5.8 lakh shares) in Thyrocare Technologies for Rs 36.2 crore in a bulk deal on Monday.

• India Grid Trust reappoints Harsh Shah as CEO and whole-time Director effective from today. He earlier resigned from India Grid and was relieved from his duties on June 30.

• Krishna Institute of Medical Sciences (KIMS) inks a pact to acquire a 51% stake in SPANV Medisearch Lifesciences. SPANV Medisearch Lifesciences runs Kingsway Hospitals, a multi-speciality hospital. As part of the transaction, KIMS will infuse Rs 80 crore in SPANV which will be used to repay existing debts and strengthen its balance sheet.

Riding High:

Largecap and midcap gainers today include JSW Energy Ltd. (341.05, 7.23%), Adani Total Gas Ltd. (3,744.95, 5.87%) and NHPC Ltd. (38.15, 5.68%).

Downers:

Largecap and midcap losers today include IDBI Bank Ltd. (43.95, -2.55%), Zomato Ltd. (57.95, -2.11%) and NMDC Ltd. (122.25, -1.29%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Tata Teleservices (Maharashtra) Ltd. (108.45, 19.97%), JSW Energy Ltd. (341.05, 7.23%) and Shilpa Medicare Ltd. (394.40, 6.94%).

Top high volume loser on BSE was V-Mart Retail Ltd. (2,918.15, -1.57%).

PCBL Ltd. (137.50, 6.05%) was trading at 8.5 times of weekly average. Vaibhav Global Ltd. (347.95, 3.68%) and Kansai Nerolac Paints Ltd. (505.30, 4.16%) were trading with volumes 8.1 and 7.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

27 stocks hit their 52 week highs, while 1 stock tanked below their 52 week lows.

Stocks touching their year highs included - Adani Transmission Ltd. (3,960.70, 2.73%), Aegis Logistics Ltd. (294.10, -0.24%) and Bajaj Auto Ltd. (4,084.85, 1.36%).

Stock making new 52 weeks lows included - Sanofi India Ltd. (6,187.70, 0.47%).

19 stocks climbed above their 200 day SMA including CESC Ltd. (81.45, 4.56%) and Tata Motors Ltd. (471.10, 3.92%). 2 stocks slipped below their 200 SMA including UCO Bank (12.00, 0.00%) and Route Mobile Ltd. (1,519.30, 1.30%).

Trendlyne Analysis

Indian indices closed in the red with the volatility index, India VIX, rising over 19.5%. The Nifty 50 lost over 240 points and closed below the 17,350 mark. European indices followed the global trend and traded lower than Friday. Major Asian indices closed in the red, tracking the US indices, which closed deep in the red on Friday. US stocks fell after the US Federal Reserve Chairman Jerome Powell reiterated that the Fed will continue to raise federal funds rates to tame multi-decade high inflation. The Chairman also acknowledged that tighter monetary policy will slow down the economy and potentially lead to job losses. In reaction to Powell’s speech, the tech-heavy index NASDAQ 100 plunged over 4% while the Dow Jones closed 3% lower. Brent crude oil futures traded higher after rising over 5% last week.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red, following the benchmark index. Nifty Metal and Nifty Realty closed lower than Friday. Nifty IT closed deep in the red, taking cues from the NASDAQ 100, which fell over 4% on Friday.

Nifty 50closed at 17,339.10 (-219.8, -1.3%),BSE Sensexclosed at 57,972.62 (-861.3, -1.5%) while the broader Nifty 500closed at 14,992.70 (-154.9, -1.0%)

Market breadth is in the red. Of the 1,942 stocks traded today, 644 were gainers and 1,251 were losers.

• Reliance Industries to invest Rs 75,000 crore on a oil-to-chemicals value chain business over the next three years, according to reports.

  #RILAGM | "To invest Rs 75,000 cr over the next 5 years in oil-to-chemicals businesses", says Mukesh Ambani at the company's 45th AGM #Reliance#RILAGM#RelianceIndustries#NewEnergypic.twitter.com/JF7bUNiEL1

  — ET NOW (@ETNOWlive) August 29, 2022

• Hardware Technology & Equipment and Healthcare Equipment & Supplies sectors rise by more than 3% in trade today.

• MphasiS and Biocon hit their 52-week lows of Rs 2,062.1 and Rs 298.5, respectively. MphasiS falls for seven consecutive sessions, while Biocon trades lower for last two sessions.

• Geojit BNP Paribas upgrades its rating on Bata India to ‘Buy’ from ‘Accumulate’ with a target price of Rs 2,151. This indicates an upside of 16%. The brokerage believes the company can revive its revenue growth trajectory as the economy normalizes. It expects the company’s strong brand recall, extensive distribution reach, and strong balance sheet to drive revenue growth. The brokerage anticipates the company’s revenue to grow at a CAGR of 29.4%.

• Stocks like Thermax, Mazagon Dock Shipbuilders, Indigo Paints, and Tata Communicationsare in the overbought zone, according to the money flow index or MFI.

• IDBI Capital maintains its ‘Buy’ rating on PSP Projects with a target price of Rs 715, indicating an upside of 22%. The brokerage is positive on the company’s prospects given its stable cash flow, project execution ability, consistent order wins, and strong balance sheet. It expects the company’s revenue to grow at a CAGR of 21% over FY22-24.

• Lupin is rising as the company in partnership with Pharmascience receives tentative approval from the US Food and Drug Administration for its abbreviated new drug application Dasatinib tablets. These tablets are used to treat certain cases of leukaemia. The tablets had an estimated annual sales of $ 1.57 billion in the US for the 12 months ended June 2022.

• Reliance Industries subsidiary Reliance Retail bids Rs 5,600 crore to acquire Metro Cash and Carry's India operations, according to reports. Reliance Retail is one of the highest bidders after Charoen Pokphand Group and Lightspeed Venture Partners.

• IT Networking Equipment, Shipping, and Healthcare Supplies industries rise by more than 3% in trade today.

• Axis Bank is likely to raise its stake to 20% in Max Life Insurance (a subsidiary of Max Financial Services) over the next 6-9 months, says Max Life’s CEO Prashant Tripathy. Axis Bank and its subsidiaries currently hold a 12.99% stake in Max Life Insurance.

• Indian Railway Catering & Tourism Corporation (IRCTC) shares fall after the Centre withdraws a tender for appointing a consultant for data monetization. The tender was floated by IRCTC on July 29.

• Axis Direct maintains its ‘Buy’ rating on G R Infraprojects with a target price of Rs 1,620. This indicates an upside of 16%. The brokerage remains optimistic about the company’s prospects given its strong execution prowess, diversified order book, and lean balance sheet. It expects the company’s revenue to grow at a CAGR of 13% over FY22-24.

• M Anandan, Chairman and Managing Director at Aptus Value Housing Finance, says that NPAs have gone up due to COVID-19. He also says that, the company expects a loan growth of about 25-30% in FY23.

  #OnCNBCTV18 | On account of COVID, stage 1, 2 & 3 NPAs have gone up. Looking at loan growth of 25-30% in FY23, says M Anandan of Aptus Value Housing Finance pic.twitter.com/R1J0ZE7TFw

  — CNBC-TV18 (@CNBCTV18Live) August 29, 2022

• US FDA issues from 483 to Aurobindo Pharma with a procedural issue observed at its Raleigh plant in North Carolina which manufactures inhalers and derma products. The form is issued when the regulator observes a violation of the Food Drug and Cosmetics Act. However, no data integrity issues were reported in the inspection.

• Sansera Engineering is rising as its bags a repeat order worth Rs 50.8 crore from a North American electric vehicle manufacturer. The order involves precision forged and machined components for electric passenger vehicles. The company says mass production of the components will start in FY24.

• IT stocks like Tech Mahindra, Infosys, Mindtree, Larsen & Toubro Infotech, and MphasiS are falling in trade. The broader sectoral index Nifty IT is also trading in the red.

• Indian rupee hits a record low of 80.15 against the US dollar in early trade today. This comes after US Federal Reserve Chairman on Friday said that the interest rates in the US will increase and remain at higher levels.

  The Indian rupee hit a record low against the US dollar today. #Rupee#Currency#RupeevsDollarpic.twitter.com/TDwRQ5oK9w

  — Business Standard (@bsindia) August 29, 2022

• L&T Technology Services wins a five-year, multi-million-dollar deal from BMW group. The order pertains to providing high-end engineering services to the BMW Group’s infotainment systems used in its hybrid vehicles.

• Edelweiss Finance sells 3.4 lakh shares (0.54% stake) in Sapphire Foods for Rs 41.8 crore in a bulk deal on Friday. In another bulk deal, PGIM India Mutual Fund sells 13 lakh shares (0.62% stake) in Orient Electric for Rs 34.2 crore.

• RITES is rising as the company and its joint venture partner bag an order worth Rs 361.2 crore to redevelop Kollam railways station in Kerala. The company has a 51% stake in the joint venture.

• New Delhi Television (NDTV) postpones its annual general meeting (AGM) by a week. The AGM will not be held on September 27. The company says that the rescheduling is because of the processes required after the open offer made by Vishvapradhan Commercial (VCPL) to acquire a 26% stake in NDTV.

Riding High:

Largecap and midcap gainers today include Adani Power Ltd. (394.25, 4.99%), Colgate-Palmolive (India) Ltd. (1,630.00, 3.74%) and Patanjali Foods Ltd. (1,172.95, 3.48%).

Downers:

Largecap and midcap losers today include Info Edge (India) Ltd. (4,157.60, -6.29%), Tata Elxsi Ltd. (8,870.85, -5.11%) and One97 Communications Ltd. (726.40, -4.68%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Poly Medicure Ltd. (868.25, 14.49%), Mazagon Dock Shipbuilders Ltd. (399.00, 12.66%) and Aegis Logistics Ltd. (294.80, 10.29%).

Top high volume losers on BSE were Thyrocare Technologies Ltd. (611.25, -2.61%), Oracle Financial Services Software Ltd. (3,154.15, -2.33%) and Westlife Development Ltd. (642.05, -0.39%).

Jubilant Pharmova Ltd. (348.80, 3.49%) was trading at 15.8 times of weekly average. Hathway Cable & Datacom Ltd. (17.45, 3.56%) and Vaibhav Global Ltd. (335.60, 8.59%) were trading with volumes 9.4 and 6.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

13 stocks overperformed with 52-week highs, while 6 stocks were underachievers and hit their 52-week lows.

Stocks touching their year highs included - Adani Transmission Ltd. (3,855.55, 2.78%), Aegis Logistics Ltd. (294.80, 10.29%) and Bharat Electronics Ltd. (308.85, 1.15%).

Stocks making new 52 weeks lows included - Biocon Ltd. (303.50, -1.06%) and MphasiS Ltd. (2,087.30, -3.64%).

9 stocks climbed above their 200 day SMA including Poly Medicure Ltd. (868.25, 14.49%) and Kalpataru Power Transmissions Ltd. (410.75, 5.15%). 18 stocks slipped below their 200 SMA including Route Mobile Ltd. (1,499.75, -4.17%) and Bandhan Bank Ltd. (275.35, -3.84%).