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Trendlyne Analysis

Nifty 50 closed in the green with the Indian volatility index Nifty VIX, falling below 21%. European indices traded in the red amid mixed global cues. However, most major Asian indices closed higher, despite the US indices closing lower on Wednesday. The US indices gave up their intraday gains and closed lower after the US Federal Reserve Chairman Jerome Powell acknowledged the possibility of a recession due to a series of aggressive rate hikes. Crude oil extends losses amid slow global economic growth concerns induced by rate hikes by the central banks.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty Bank and Nifty FMCG closed higher than Wednesday’s levels. Nifty IT closed higher, following NASDAQ futures, which is trading in the green.

Markets closed up today. Nifty 50 closed at 15,556.65 (143.4, 0.9%) , BSE Sensex closed at 52,265.72 (443.2, 0.9%) while the broader Nifty 500 closed at 13,178.80 (131.1, 1%)

Market breadth is ticking up strongly. Of the 1,875 stocks traded today, 1,230 were gainers and 590 were losers.

• 3M India, Mahindra Logistics, Sundram Fasteners, and Aditya Birla Sun Life AMC are trading with higher volumes as compared to Wednesday.

• Nazara Technologies rises as JM Financial initiates coverage with a ‘Hold’ rating and a target price of Rs 1,070, indicating an upside of 6.9%. The brokerage is positive on the company’s prospects given its robust presence across eSports, gamified learning, and simulation. It expects the company’s revenue to grow at a CAGR of 32% over FY22-25.

• Maruti Suzuki India sees a long build-up in its Jun 30 future series as its open interest rises 10.4% with put to call ratio of 1.12.

• Stocks like Indian Oil Corporation, CESC,Tech Mahindra, Vakrangee, and Star Health and Allied Insurance Company are in the oversold zone according to the technical indicator relative strength index or RSI.

• Route Mobile rises after it hit a new 52-week low during trade today after the company announces it will consider a proposal for buyback of shares on Tuesday.

• ICICI Securities maintains a ‘Buy’ rating on Indian Hotels Co with a target price of Rs 284, indicating an upside of 32.7%. The brokerage remains positive on the company’s strategy of increasing the number of hotels in its portfolio, increasing revenue from management contracts and new brands, and implementing cost-saving measures. It expects the company’s revenue to grow at a 12.5% CAGR over FY22-24.

• Devyani International and Sapphire Foods India rise as Kotak Institutional Equities initiates coverage on the companies with 'ADD' and 'BUY' ratings, respectively, according to reports. The brokerage believes a potential resurgence of Yum franchisees in India due to a rise in ordering-in, sharper execution and plans to address under-penetration will help the businesses grow. This could result in revenue CAGR of 18% and 17% for Devyani and Sapphire, respectively. The brokerage set a target price of Rs 151 for Devyani International (an upside of 2.9%) and Rs 1,425 for Sapphire Foods India (an upside of 40.25%).

• BSE Consumer Discretionary Goods and Services index constituents like Asian Paints, DLF, FSN E-Commerce Ventures, Berger Paints (India), and Zomato, among others, are rising in trade today. BSE Consumer Discretionary Goods and Services index is also trading in the green.

• Vinati Organics rises in trade after it plans to expand capacity with a capex of Rs 580 crore to be commissioned by December 2023. This includes a capex of Rs 300 crore towards expanding ATBS capacity from 40,000 MT to 60,000 MT and a Rs 280 crore investment in arm Veeral Organics.

  #JustIn | Vinati Organics to expand capacity with #capex of Rs 580 cr pic.twitter.com/9oJOCngmvB

  — CNBC-TV18 (@CNBCTV18Live) June 23, 2022

• Muthoot Finance and Route Mobile hit their 52-week lows of Rs 980.1 and Rs 1060.6, respectively. Both stocks are trading lower for three consecutive sessions.

• InterGlobe Aviation’s total passengers carried in May rises 6X YoY to 69.9 lakhs and its market share rises 261 bps YoY to 57.9%. The number of passengers carried by airlines in May rises nearly 5X to 1.2 crore.

• Triveni Turbine is trading with more than 22 times its weekly average trading volume. IRB Infrastructure Developers, CreditAccess Grameen, Glenmark Pharmaceuticals, and Sheela Foam are trading at more than three times their weekly average trading volumes.

• Larsen & Toubro rises as the company's hydrocarbon division wins contracts of three offshore packages from an overseas client. The company classifies the contract as 'large' which means that the order value is in the range of Rs 2,500-5,000 crore.

• Sun TV Network falls to a new 52-week low of Rs 402.55. Stock falls 10% in the last two sessions.

• Indian rupee appreciates 9 paise to 78.23 against the US dollar in early trade today. The rupee fell 19 paise to a new all-time low of 78.32 on Wednesday.

• Quess Corp is rising in trade as Allsec Technologies is set to merge with the company in an all-stock deal. Allsec Technologies is valued at an enterprise value of Rs 16.2 crore. Public shareholders of Allsec Technologies will be issued equity shares of Quess Corp in the ratio of 74:100. The transaction is at arm's length basis.

• Spandana Sphoorty rises as it resolves all differences with the promoter and former Managing Director Padmaja Gangireddy. This includes a reconciliation of all historical matters. Gangireddy resigned from her position as Managing Director following which certain disputes arose between her and the board of directors of the company.

  Shares of #SpandanaSphoorty soared 10% to Rs 367.90 in Thursday’s intra-day trade after the firm and ex-MD Padmaja Reddy resolved their differences.#StockMarket#MarketsWithBS#StocksInFocushttps://t.co/9TEnMQmbFQ

  — Business Standard (@bsindia) June 23, 2022

• IRB Infrastructure is rising in trade as it receives Rs 308 crore, which is 75% of the total arbitration award of Rs 419 crore from the National Highway Authority of India. IRB Pathankot Amritsar Toll Road, a special purpose vehicle of the company, receives the award over a dispute in payment related to the Pathankot-Amritsar project.

• Glenmark Pharmaceuticals is falling as the US FDA issues six observations after inspecting its formulation facility at Baddi. The inspection took place from June 13-22

• Auto stocks like MRF, Bosch, Maruti Suzuki, Baja Auto, Eicher Motors, Hero MotoCorp, TVS Motor Co, among others, are rising in trade. The broader sectoral index Nifty Auto is also trading in the green.

• Vodafone Idea is set to raise funds worth Rs 436.2 crore from Euro Pacific Securities, a Vodafone Group entity and promoter of the company. The board approved issuing 42.7 crore equity shares at Rs 10.2 per share or 42.7 crore warrants convertible to equity shares at an issue price of Rs 10.2 per share. This is the company’s second fund raise in two months.

Riding High:

Largecap and midcap gainers today include Maruti Suzuki India Ltd. (8,271.00, 6.27%), Hero MotoCorp Ltd. (2,674.10, 5.93%) and Eicher Motors Ltd. (2,819.05, 5.87%).

Downers:

Largecap and midcap losers today include Star Health and Allied Insurance Company Ltd. (562.50, -5.75%), Reliance Industries Ltd. (2,464.95, -1.62%) and InterGlobe Aviation Ltd. (1,621.50, -1.54%).

Volume Shockers

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

Top high volume gainers on BSE included Responsive Industries Ltd. (128.65, 16.80%), Chemplast Sanmar Ltd. (452.20, 14.79%) and KEC International Ltd. (412.95, 10.87%).

Triveni Turbine Ltd. (158.90, 5.06%) was trading at 34.7 times of weekly average. IRB Infrastructure Developers Ltd. (199.30, 7.12%) and Route Mobile Ltd. (1,193.65, 8.51%) were trading with volumes 9.4 and 7.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

21 stocks were underachievers and hit their 52 week lows.

Stocks making new 52 weeks lows included - Axis Bank Ltd. (629.35, 0.41%) and Chambal Fertilisers & Chemicals Ltd. (280.40, 1.10%).

11 stocks climbed above their 200 day SMA including Hero MotoCorp Ltd. (2,674.10, 5.93%) and NOCIL Ltd. (248.75, 4.47%). 6 stocks slipped below their 200 SMA including Gujarat State Fertilizer & Chemicals Ltd. (133.20, -2.63%) and Power Grid Corporation of India Ltd. (208.55, -1.00%).

Trendlyne Analysis

Nifty 50 closed in the red, with the volatility index Nifty VIX, rising above 21%. European indices trade in the red as UK’s inflation rate hits a new 40-year high of 9.1% in May on the back of high food and energy prices. Asian stocks closed lower as investors remain fearful of the impact of aggressive interest rate hikes by central banks to tame high inflation. However, the US indices closed in the green on Tuesday led by the tech-heavy NASDAQ 100, which rose 2.5%. The S&P 500 closed over 2.4% higher, while Dow Jones advanced 2.2%. Crude oil falls amid slow global economic growth concerns induced by aggressive rate hikes by the central banks.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red, following the benchmark index. Nifty Energy and Nifty Media closed lower than Tuesday’s levels. Nifty IT closed in the red, despite the tech-focused NASDAQ 100 closing in the green on Tuesday.

Indian markets slumped today. Nifty 50 closed at 15,413.30 (-225.5, -1.4%) , BSE Sensex closed at 51,822.53 (-709.5, -1.4%) while the broader Nifty 500 closed at 13,047.75 (-194.2, -1.5%)

Market breadth is highly negative. Of the 1,876 stocks traded today, 518 were on the uptick, and 1,326 were down.

• Procter & Gamble Hygiene & Healthcare, 3M India, IIFL Wealth Management, and Gland Pharma are trading with higher volumes as compared to Tuesday.

• Tata Consultancy Services sees a long build-up in its Jun 30 future series as its open interest rises 7.1% with put to call ratio of 0.59.

• Stocks like Tata Steel Long Products, IndusInd Bank, SpiceJet, Chambal Fertilisers & Chemicals, and HLE Glascoat are in the oversold zone according to the technical indicator relative strength index or RSI.

• Future Enterprises falls in trade by 5%, after it defaults on interest payment of Rs 6 crore on non-convertible debentures.

  #FutureEnterprises shares plunge 5% after defaulting on Rs 6 crore interest payment for NCDs.#ETMarketshttps://t.co/36EbMItpsw

  — ETMarkets (@ETMarkets) June 22, 2022

• Greenlam Industries rises as it enters into an asset purchase agreement with Bloom Decor to buy a laminate manufacturing plant in Gujarat, according to an exchange filing. A total investment of Rs 51 crore (Rs 36 crore to acquire the plant and Rs 15 crore to operationalise it) will be financed through internal accruals.

• Elecon Engineering rises to a 14-year high of Rs 274.90. It's still far from its life high of 343 it touched on December 16, 2007. The stock is up 83% over the past three months.

• Supreme Industries and Axis Bank hit their 52-week lows of Rs 1,687.5 and Rs 621.3, respectively. While Supreme Industries falls for three consecutive sessions, Axis Bank trades lower for two sessions.

• Alembic Pharmaceuticals is falling as it announces that its revenues fell 8% and 12% YoY in April and May 2022, respectively. The company cites a higher base in its anti-infective segment a year ago for the decline. It also adds that the Indian pharmaceutical market shrunk by 9% and 6% in April and May, respectively

• Suprajit Engineering is trading with more than five times its weekly average trading volume. Max Healthcare Institute, 3M India, Sundram Fasteners, and Aditya Birla Sun Life AMC are trading at more than three times their weekly average trading volumes.

• Oil and gas stocks like ONGC, Reliance Industries, Gujarat Gas and GAIL fall as Brent crude oil slides below $110/bbl. The broader BSE Oil & Gas index is also trading in the red today.

  Alert: #Crude prices hit a one-month low#Brent#Nymexhttps://t.co/VXrChoIq1c

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

• UPL falls to a new 52-week low of Rs. 618.05. The stock falls 23% in a month since closure of buyback offer on May 20.

• Dixon Technologies falls as Morgan Stanley maintains its 'Underweight' rating and cut its target price to Rs 2,634, according to reports. The brokerage believes that weak consumer electronics, domestic lighting volumes and high commodity prices are key concerns for the company.

• Nifty Commodities index constituents like Reliance Industries, Adani Green Energy, Oil and Natural Gas Corporation, UltraTech Cement, and NTPC, among others, are falling in trade today. Nifty Commodities index is also trading in the red.

• Indian rupee depreciates 4 paise to 78.17 against the US dollar in early trade today.

• Zomato is rising in trade as it announces that it will consider a potential acquisition on Friday in its board meeting. The company may pay the consideration for this acquisition through a preferential issue of shares.

  Shares of #Zomato rallied 4% to Rs 68.60 on the BSE in Wednesday’s trade after the company said its board will meet on Friday to consider a proposed acquisition.#StockMarket#MarketsWithBS#StocksInFocushttps://t.co/dZ1wKj1LSe

  — Business Standard (@bsindia) June 22, 2022

• IDBI Capital maintains a ‘Hold’ rating on Tata Consultancy Services with a target price of Rs 3,410, indicating an upside of 10%. The brokerage expects the company’s investment in cloud migration and emerging technologies will drive revenue growth. It estimates the company’s revenue to grow at a 12.6% CAGR over FY22-24. However, it expects rising input costs to increase margin pressure in FY23.

• Matrimony.com rises as its board of directors approve a buyback of shares of up to Rs 75 crore. The final buyback price is set at Rs. 1,150 per share . The board of directors fix July 4 as the record date for the buyback.

• Jindal Steel & Power’s subsidiary Jindal Power is set to acquire Simhapuri Energy’s 600 MW power plant for Rs 300 crore, according to reports. The power plant runs on imported coal and the agreement is likely to be completed in over a week. Simhapuri Energy is currently under liquidation.

• Jain Irrigation Systems’ arm, Jain International Trading, to merge with Temasek-owned Rivulis. The company’s international irrigation business is valued at an enterprise value of Rs 4,200 crore, and after the transaction Jain Irrigation will hold a 22% stake in the merged entity. The cash proceeds from the merger will be used to pay off Rs 2,700 crore of overseas debt.

• All metal stocks trade in the red. Stocks like JSW Steel, Tata Steel, Vedanta, Hindalco Industries, Jindal Steel & Power, NMDC, and Steel Authority of India (SAIL), among others, are down by more than 3%. The broader sectoral index Nifty Metal is also falling in trade.

• Securities and Exchange Board of India (SEBI) approves the merger of the multiplex operators PVR and Inox Leisure. According to the agreement, Inox Leisure will merge with PVR in a share swap ratio of 3 shares of PVR for every 10 shares of Inox.

Riding High:

Largecap and midcap gainers today include Indian Overseas Bank (16.70, 5.36%), Bank of India (44.00, 3.65%) and Hindustan Petroleum Corporation Ltd. (224.55, 2.82%).

Downers:

Largecap and midcap losers today include Sun TV Network Ltd. (408.60, -8.71%), Hindalco Industries Ltd. (316.45, -6.72%) and UPL Ltd. (613.65, -6.20%).

Volume Shockers

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

Top high volume gainers on BSE included ITI Ltd. (104.20, 17.21%), Sequent Scientific Ltd. (96.90, 7.49%) and Central Bank of India (17.30, 3.90%).

Top high volume losers on BSE were Aditya Birla Sun Life AMC Ltd. (401.00, -2.34%), 3M India Ltd. (19,764.85, -1.11%) and Cyient Ltd. (792.10, -0.98%).

Max Healthcare Institute Ltd. (364.25, 0.73%) was trading at 5.5 times of weekly average. Sundram Fasteners Ltd. (684.60, 0.53%) and Rossari Biotech Ltd. (863.10, 0.40%) were trading with volumes 4.5 and 3.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

23 stocks were underachievers and hit their 52 week lows.

Stocks making new 52 weeks lows included - Axis Bank Ltd. (626.80, -1.52%) and Chambal Fertilisers & Chemicals Ltd. (277.35, -5.15%).

9 stocks climbed above their 200 day SMA including Crisil Ltd. (3,204.85, 5.74%) and Blue Dart Express Ltd. (7,172.45, 5.25%). 8 stocks slipped below their 200 SMA including Sunteck Realty Ltd. (460.75, -3.23%) and Siemens Ltd. (2,274.20, -3.09%).

Trendlyne Analysis

Nifty 50 closed 1.9% higher with the volatility index, Nifty VIX, falling by 5.7%. Indian indices extended their gains after snapping their six-day losing streak on Monday. European stocks follow the global trend and trade higher than Monday’s levels. Most major Asian indices closed higher, tracking the US indices futures, which is also trading in the green. The Chinese index, Shanghai SE Composite closed lower as investors keep an eye on the Covid breakouts in some parts of the country that may result in another wave of lockdowns. Crude oil rises as tight supply concerns outweigh slow economic growth induced by the aggressive rate hikes by the central banks.

Nifty Smallcap 100 and Nifty Next 50 closed deep in the green, following the benchmark index. Nifty Smallcap 100 fell 3.2% on Monday, despite the Nifty 50 closing in the green. Nifty Media and Nifty Metal closed sharply higher than Monday’s levels. Nifty IT closed deep in the green, tracking the NASDAQ 100 futures, which is trading sharply higher.

The market closed on an upbeat note. Nifty 50 closed at 15,638.80 (288.7, 1.9%) , BSE Sensex closed at 52,532.07 (934.2, 1.8%) while the broader Nifty 500 closed at 13,241.90 (291.2, 2.3%)

Market breadth is ticking up strongly. Of the 1,882 stocks traded today, 1,579 were on the uptrend, and 278 went down.

• Orient Electric, Procter & Gamble Health, Gujarat Pipavav Port, and Cholamandalam Financial Holdings are trading with higher volumes as compared to Monday.

• Tata Steel sees a long build-up in its Jun 30 future series as its open interest rises 5.7% with put to call ratio of 0.36.

• Bank stocks are trading in the green. Stocks like ICICI Bank, State Bank of India, Bank of Baroda, Federal Bank and Punjab National Bank are up more than 3%. The broader sectoral index Nifty Bank is also rising in trade.

• Sadbhav Engineering hit an all-time low of Rs 13.05 after India Ratings downgraded its credit rating on the company to BB+ from BBB+. The rating agency said there is a deterioration in the company’s liquidity position due to a continuous decline in revenue in FY22. It also expects the company’s project execution to remain sluggish in FY23.

• GAIL(India)is rising in trade as the Centre plans to monetise its city gas distribution network and green hydrogen assets. The Centre hopes to raise Rs 5,000 crore from this process.

  #ETNOWExclusive | Govt is planning to monetise GAIL’s CGD & green hydrogen assets. ET NOW has learned from sources that Govt aims to raise Rs 5000 cr from this. @priyadarshi108 has more details@GailIndia@SecyDipam@FinMinIndia@PMOIndia#GAIL#StocksToWatch#StockMarketIndiapic.twitter.com/Gp8r3aYsNd

  — ET NOW (@ETNOWlive) June 21, 2022

• Marksans Pharma's Time-Cap Laboratories Inc recalls Kroger Brand aspirin and ibuprofen due to a label packaging issue to meet child resistant packaging requirement. A total of 12 lots containing 2,09,430 units were recalled.

• Bharat Forge's board of directors approves transfer of the company's stake in Refu Drive GmbH to joint venture company Kalyani Powertrain in a meeting held on Monday.

• Centre's Ministry of Finance, in its latest Monthly Economic Review, warns of the return of the twin-deficit problem arising from higher commodity prices and increased subsidy burden. The ministry expects there could be a fiscal slippage in FY23.

  Finance ministry cautioned re-emergence of the twin deficit problem in the #economy, with higher #commodity prices & rising subsidy burden leading to increase in both fiscal deficit and current account deficit. @aruproytweets reports#IndianEconomyhttps://t.co/brcUypTQam

  — Business Standard (@bsindia) June 21, 2022

• Securities and Exchange Board of India bars asset management companies (AMCs) from selling bundled insurance products with their mutual fund schemes, according to reports. In a letter on Friday to Association of Mutual Funds in India, the market regulators told AMCs to stop this practice for new product launches. AMC companies like HDFC AMC, UTI AMC, and Nippon Life India Asset Management will likely be impacted by this.

• JK Cement and V Mart Retail touch their 52-week lows of Rs 2,025 and Rs 2,430, respectively. Both stocks are falling for six consecutive days.

• 3M India is trading with more than 8 times its weekly average trading volume. Procter & Gamble Hygiene & Healthcare, V Mart Retail, The Fertilisers and Chemicals Travancore, and EID Parry (India) are trading at more than four times their weekly average trading volumes.

• Hindustan Zinc trades lower as LME Zinc falls to a record low on the LME and after floods in the Guangxi province impacted China’s Zinc capacity.

  Hind Zinc in Focus
  
  LME Zinc stock piles at record low on LME
  
  China's 8% Zinc capacity impacted due to Floods
  
  Hind Zinc trading near 52 week lows https://t.co/IZNsWKH8IH

  — Yatin Mota (@YatinMota) June 21, 2022

• ICICI Securities maintains a ‘Buy’ rating on Havells India with a target price of Rs 1,644, indicating an upside of 53.5%. The brokerage remains positive on the company’s prospects due to its distribution expansion, new product launches, and rising investment in research & development. It expects the company’s net profit to grow at a 27.2% CAGR over FY22-24.

• ICICIDirect downgrades textile stocks such as KPR Mills and Gokaldas Exports to 'HOLD' from 'BUY', and cuts their target price to Rs 635 and Rs 400, respectively. Spike in cotton prices and subdued demand from large US retailers like Target, Gap and Walmart on account of inventory pile-up are key reasons behind this downgrade.

• Adani Group loses Rs 5.5 lakh crore market cap after the group's listed companies' stocks fell by 30% on average in the sell-of in Indian markets.

  #Adani Group Lost 5.5 Lk Cr Mcap in Recent fall
  
  Adani Group Companies have lost on an avg 30% fall #adaniports#adanigreen#AdaniEnterprises#Adaniwilmar#adanitotal#Adanitransmissionpic.twitter.com/PmyxbEzHpu

  — Sumit Mehrotra (@SumitResearch) June 21, 2022

• Media stocks like Zee Entertainment Enterprises, Sun TV Network, PVR, Saregama India, and Network 18 Media & Investments, among others, are rising in trade. The broader sectoral index Nifty Media is also trading in the green.

• Indian rupee depreciates 6 paise to 78.04 against the US dollar in early trade. All IT stocks are trading in the green, with stocks like Tata Consultancy Services, Infosys, HCL Technologies, Larsen & Toubro Infotech, MindTree, among others, rising by more than 2%. The broader sectoral index Nifty IT is also rising in trade.

• Suven Life Sciences' stock rises the most in 11 weeks as its board approves a fund raise through rights issue of equity shares.

• Nifty 50 sees a long build-up in its Jun 30 future series as its open interest rises 1.1% with put to call ratio of 1.05.

• Consumer Durables stocks like Titan Company, Havells India, Voltas, Dixon Technologies (India), Aditya Birla Fashion and Retail, Whirlpool of India, among others, are rising in trade. The broader sectoral index BSE Consumer Durables is also trading in the green.

• Happiest Minds Technologies touches a 52-week low of Rs 785.5, as Morgan Stanley Investment Funds Emerging Leaders Equity Fund sold 13.1 lakh shares of the company for Rs 800 per share through a bulk deal on Monday.

• KEC International bags orders worth Rs 1,092 crore across its various business verticals. The company secures orders for transmission & Distribution in India, the Middle East and the Americas. Its civil business segment bags orders in the railways, residential, industrial, and defence segments in India.

Riding High:

Largecap and midcap gainers today include Adani Total Gas Ltd. (2,382.90, 19.79%), JSW Energy Ltd. (211.35, 8.11%) and Adani Transmission Ltd. (2,215.05, 7.51%).

Downers:

Largecap and midcap losers today include Supreme Industries Ltd. (1,739.90, -2.61%), Kansai Nerolac Paints Ltd. (374.55, -1.96%) and Varun Beverages Ltd. (738.70, -1.81%).

Movers and Shakers

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

Top high volume gainers on BSE included EID Parry (India) Ltd. (546.20, 17.69%), Gujarat State Fertilizer & Chemicals Ltd. (139.10, 17.48%) and Asahi India Glass Ltd. (516.10, 16.20%).

Top high volume losers on BSE were Brightcom Group Ltd. (40.50, -4.93%), KPR Mill Ltd. (504.45, -3.89%) and V Mart Retail Ltd. (2,490.90, -2.29%).

3M India Ltd. (19,987.40, 2.01%) was trading at 9.1 times of weekly average. Procter & Gamble Hygiene & Healthcare Ltd. (13,337.70, 0.35%) and IDFC First Bank Ltd. (30.40, 1.84%) were trading with volumes 7.3 and 6.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

12 stocks tanked below their 52 week lows.

Stocks making new 52 weeks lows included - Bharat Petroleum Corporation Ltd. (301.20, 1.74%) and IDFC First Bank Ltd. (30.40, 1.84%).

15 stocks climbed above their 200 day SMA including EID Parry (India) Ltd. (546.20, 17.69%) and Gujarat State Fertilizer & Chemicals Ltd. (139.10, 17.48%). 4 stocks slipped below their 200 SMA including Crisil Ltd. (3,030.95, -0.85%) and Au Small Finance Bank Ltd. (611.75, -0.39%).

Trendlyne Analysis

Indian indices snapped their six-day losing streak and closed in the green. European stocks trade higher than Friday’s levels amid mixed global cues. Major Asian indices closed mixed, tracking the US indices, which also closed mixed on Friday. The Dow Jones closed marginally lower while the tech-heavy NASDAQ 100 rose 1.2%. The S&P 500 lost 5.8% last week, its biggest weekly loss in two years. Investors continue to monitor elevated inflation levels globally and the effect of aggressive interest rate hikes by the central banks on economic growth. Crude oil falls sharply amid demand concerns on the back of slow economic growth induced by interest rate hikes.

Nifty Midcap 100 and Nifty Smallcap 100 closed deep in the red, despite the benchmark index closing in the green. Nifty Bank and Nifty Realty, which opened higher than Friday’s levels, closed in the red. Nifty IT closed in the green, following the tech-focused NASDAQ 100, which closed higher on Friday.

Nifty 50 closed at 15,350.15 (56.7, 0.4%) , BSE Sensex closed at 51,597.84 (237.4, 0.5%) while the broader Nifty 500 closed at 12,950.75 (-44, -0.3%)

Market breadth is highly negative. Of the 1,906 stocks traded today, 234 were in the positive territory and 1,648 were negative.

• Brightcom Group, Gland Pharma, Relaxo Footwears, and Orient Electric are trading with higher volumes as compared to Friday.

• Vedanta sees a short build-up in its Jun 30 future series as its open interest rises 11% with put to call ratio at 0.49.

• Stocks like Persistent Systems, Pidilite Industries, Rashtriya Chemicals & Fertilizers, Angel One, and Varroc Engineering are in the oversold zone according to the technical indicator relative strength index or RSI.

• Axis Bank falls to a new 52-week low of Rs 624.45 per share. The stock is falling for last two consecutive sessions.

• National Aluminium Co is falling as ICICI Securities downgrades its rating on the stock to ‘Sell’ from ‘Reduce’ with a target price of Rs 52. The brokerage cites possible demand-supply surplus in FY23-24, price and delay in the current projects leading to cost overrun for downgrading its rating on the stock. It also cut its FY23 profit estimates for the company by 37% to Rs 1,658.6 crore.

• Delta Corp falls the most in four weeks after Rakesh Jhunjhunwala sells 57 lakh equity shares for Rs 96 crore in the open market, according to reports. Jhunjhunwala previously sold 60 lakh and 15 lakh shares between June 1-14, bringing his holding down to 3.36% from 6.17%. After the current reported transaction, his holding will come down to 1.2%.

  Shares of #DeltaCorp plunged 10% to Rs 166.65 after Rakesh Jhunjhunwala sold an additional 5.7 million equity shares of the company. #StockMarket#StocksInFocus#MarketsWithBS#Marketshttps://t.co/xeggJAQ57G

  — Business Standard (@bsindia) June 20, 2022

• Alkem Laboratories is rising despite its St. Louis manufacturing facility receiving three observations after the conclusion of the US FDA’s facility inspection. The inspection was conducted from June 6 -17.

• Paint companies' stocks like Asian Paints, Berger Paints, and Kansai Nerolac rise in trade today as crude oil falls to a three-week low. Nearly 50% of raw material of paint makers comes from crude oil derivatives.

• IndusInd Bank and Amara Raja Batteries touch their 52-week lows of Rs 780.1 and Rs 446 respectively. Both stocks trade lower for eight consecutive sessions.

• ITI is trading with more than 15 times its weekly average trading volume. The Fertilisers and Chemicals Travancore, Gujarat Pipavav Port, Orient Electric, and Vedanta are trading at more than three times their weekly average trading volumes.

• Greenlam Industries is rising after its board of directors approve a preferential issue of Rs 195 crore for a 4.97% stake in the company to Asian Paints' promoter entity Smiti Holding and Trading.

• FMCG stocks like Hindustan Unilever, ITC, Nestle India, Dabur India, Godrej Consumer Products, United Breweries, among others, are rising in trade. The broader sectoral index Nifty FMCG is also trading in the green.

• JP Morgan initiates coverage on Life Insurance Corp of India with an ‘Overweight’ rating and a target price of Rs 840, indicating an upside of 29%. The brokerage finds the company’s current valuation attractive and believes that the markets are mispricing the stock.

  #StockMarkets | Shares of LIC, the largest life insurer in India, is down 31% since initial public offering (IPO) and analysts at JP Morgan think markets are mispricing the newly listed stock. https://t.co/nuBO6PVo9E

  — Mint (@livemint) June 20, 2022

• Adani Wilmar hits the lower circuit during trade as it cuts edible oil prices by Rs 10, after the Centre reduces import duties on the commodity on Saturday.

• Energy stocks like Reliance Industries, Bharat Petroleum Corp, Power Grid Corporation of India, Tata Power Co, NTPC, Oil and Natural Gas Corp, among others, are falling in trade after oil prices fell 5% to a three-week low on Friday. The broader sectoral index Nifty Energy is also trading in the red.

• Axis Securities maintains a ‘Buy’ rating on Dalmia Bharat with a target price of Rs 1,635, indicating an upside of 30%. The brokerage expects the company’s market share to grow going forward on the back of production capacity expansion, cost optimization, and robust demand. It expects the company’s revenue to grow at a 14.1% CAGR over FY22-24.

• Shares of Sun Pharmaceutical Industries rise as Jefferies upgrades the stock to 'Buy' rating from 'underperform', according to reports. It set a price target of Rs 910, an upside of 12%. The brokerage believes that the next two years' growth will be driven by Ilumya, Cequa and Winlevi while the dependance on US generics is among the lowest in the pharmaceutical sector.

• All metals stocks are trading in the red. Stocks like Hindustan Zinc, Tata Steel, Vedanta, Hindalco Industries, NMDC, National Aluminium Co or NALCO,among others, are down by more than 3%. The broader sectoral index Nifty Metal is also falling in trade.

  #MarketsWithETNOW | #Nifty Metal cracks 4% from morning high. Take a look at the stock fall#Nifty50#TataSteel#Hindalco#StockMarketIndiapic.twitter.com/A1wbZICk4e

  — ET NOW (@ETNOWlive) June 20, 2022

• Vodafone Idea's board to consider raising Rs 500 crore by issuance of equity shares and/or convertible warrants on a preferential basis to one or more entities of Vodafone Group. The meeting is scheduled for Wednesday.

• Indian rupee surges 9 paise to Rs 77.96 against the US dollar in early trade. IT stocks like Tata Consultancy Services, Infosys, HCL Technologies, and Wipro also rise in trade today.

• Vedanta invites bids for its Tuticorin-based smelter--Sterlite Copper--which is shut since mid-2018. The smelter accounted for 40% of India’s copper output before it was shut over alleged violations of environmental norms. The last date for submission of an expression of interest is July 4. Plant units, along with oxygen-generating facilities as well as residential homes, are a part of the sale offer.

Riding High:

Largecap and midcap gainers today include Pidilite Industries Ltd. (2,106.65, 5.36%), Godrej Consumer Products Ltd. (759.00, 4.65%) and Hindustan Unilever Ltd. (2,195.90, 4.05%).

Downers:

Largecap and midcap losers today include Vedanta Ltd. (230.45, -12.69%), Bandhan Bank Ltd. (274.05, -11.71%) and Oil India Ltd. (227.00, -10.86%).

Movers and Shakers

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

Top high volume gainers on BSE included ITI Ltd. (93.00, 12.52%) and DCB Bank Ltd. (75.10, 5.33%).

Top high volume losers on BSE were Vedanta Ltd. (230.45, -12.69%), Rain Industries Ltd. (135.65, -10.08%) and Hindustan Copper Ltd. (84.35, -9.40%).

Gujarat Pipavav Port Ltd. (74.90, -2.60%) was trading at 5.4 times of weekly average. Orient Electric Ltd. (247.75, -3.09%) and Tasty Bite Eatables Ltd. (8,184.00, -6.91%) were trading with volumes 5.1 and 4.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

125 stocks tanked below their 52 week lows.

Stocks making new 52 weeks lows included - Amara Raja Batteries Ltd. (445.30, -3.49%) and Astral Ltd. (1,607.65, -1.52%).

5 stocks climbed above their 200 day SMA including Adani Green Energy Ltd. (1,743.65, 1.89%) and Adani Transmission Ltd. (2,060.25, 1.36%). 24 stocks slipped below their 200 SMA including Bandhan Bank Ltd. (274.05, -11.71%) and Oil India Ltd. (227.00, -10.86%).

Trendlyne Analysis

Nifty 50 closed in the red and extended its losing streak to six days on a volatile day of trade. European stocks trade higher, following the US indices futures, which are trading in the green. Major Asian indices closed lower, tracking the US indices, which closed deep in the red on Thursday. The tech-heavy index, NASDAQ 100 fell 4% and S&P 500 closed 3.3% lower. Investors remain fearful of the impact of aggressive rate hikes by central banks on the global economy. Brent crude oil falls marginally amid demand concerns due to the possibility of slow economic growth induced by rate hikes globally. In the last week, foreign investors have sold over Rs 14,418.7 crore worth of shares of Indian companies.

Nifty Next 50 and Nifty Smallcap 100 closed in the red, following the benchmark index. Nifty Pharma and Nifty FMCG closed lower than Thursday’s levels. Nifty IT closed in the red, tracking the tech-focused NASDAQ 100, which fell sharply lower on Thursday.

Nifty 50closed at 15,293.50 (-67.1, -0.4%), BSE Sensexclosed at 51,360.42 (-135.4, -0.3%) while the broader Nifty 500closed at 12,994.75 (-94.5, -0.7%)

Market breadth is overwhelmingly negative. Of the 1,865 stocks traded today, 501 were on the uptrend, and 1,334 went down.

• Galaxy Surfactants, Emami, G R Infraprojects, and Sundram Fastenersare trading with higher volumesas compared to Thursday.

• Coforge sees a long build-up in its Jun 30 futures series as its open interest rises 19.9% with put to call ratio at 0.45.

• Stocks likeZee Entertainment Enterprises, Firstsource Solutions, BSE, Jubilant Pharmova, and HLE Glasscoat are in the oversold zone according to the technical indicator relative strength index or RSI.

• Aster DM Healthcare announces the opening of a 550-bed super-specialty hospital in Trivandrum, Kerala. The company will invest around Rs 500 crore for the entire project. The first phase is expected to be operational by FY26.

• Shares of Coal India rise after reports that the company is exploring to ramp up its underground mine production by four times to 100 million tonnes from 25.6 million tonnes by FY30.

• Sugar stocks like Shree Renuka Sugars, EID Parry(India), Balrampur Chini Mills, Banmari Amman Sugars, among others, are falling after reports say that the Centre might cap the sugar exports at 6-7 million tonnes for the second straight year starting this October.

  Industry and government sources said that the country could cap exports of the sweetener at 6 million to 7 million tonnes in the 2022/23 October-September season, about one-third less than the total to be shipped out in the current season.https://t.co/Os4G6ZKc06

  — Mint (@livemint) June 17, 2022

• Shares of Gujarat Gas and Petronet LNG are falling as Jefferies expects high liquified natural gas (LNG) prices to increase margin pressure on city gas distribution (CGD) companies. However, GAIL rises as Jefferies expects the company to be a key beneficiary of rising LNG prices.

• Reliance Industries might be considering a bid for bankrupt beauty and personal care products maker Revlon, according to reports.

  #ETNOWExclusive#RIL considers buying out @Revlon in USA#Revlon filed for #bankruptcy in USA this week
  RIL has big plans for #beauty & personal care@nayantararai has the scoop#RelianceIndustries#MukeshAmbani#StocksToWatch
  https://t.co/kBtdNXLgQ5

  — ET NOW (@ETNOWlive) June 17, 2022

• ICICI Securities recommends a ‘Buy’ rating on diagnostic stocks like Dr Lal Pathlabs, Metropolis Healthcare, Thyrocare Technologies, and Vijaya Diagnostic Centre. The brokerage is positive on the prospects of the diagnostic industry given the high business-to-consumer contribution, increasing specialty tests, geographical expansion, and high margins

• Motilal Oswal initiates coverage on Motherson Sumi Wiring India with a ‘Buy’ rating and a target price of Rs 80, indicating an upside of 28%. The brokerage believes the company is well-placed to benefit from the increasing electrification of vehicles in the Indian market. It is positive on the company’s prospects given its capital efficiency and strong competitive positioning. The brokerage expects the company’s profit to grow at a 23% CAGR over FY22-25.

• Honeywell Automation India is trading with more than four times its weekly average trading volume. Delta Corp, Rites, Titan Company, and Prestige Estates Projects are trading at more than three times their weekly average trading volumes.

• Sun TV Network is rising as Kotak Institutional Equities upgrades the stock to 'Buy' rating from 'Reduce', according to reports. The brokerage believes that the company's core TV business is in a sweet spot, gaining share from Zee Tamil. The sale of IPL media rights for 2023-27 seasons for Rs 48,390 crore is another positive as the valuation of Sun Risers Hyderabad will rise to Rs 7,500-Rs 9,000 crore. The brokerage raised its target price to Rs 540 from Rs 460, an upside of 28.56%.

• Stocks of hotel companies like Indian Hotels Co, EIH, Chalet Hotels, and Lemon Tree Hotels are down as India reports 12,847 fresh covid cases in the last 24 hours.

• Promoters of Dabur India (Burman family) acquire 14.3% shares in Eveready Industries in an open offer that closed on Thursday, according to reports. The Burmans now hold up to 38.3%. In February, the Burmans gave JM Financial Services a mandate to acquire a 5.26% stake in Eveready at the same price as that of the open offer price with an intent to take over the reins at the company.

• Pharma stocks like Dr. Reddy's Laboratories, Laurus Labs, Cipla, and Divi's Laboratories, among others are falling in trade. The broader sectoral index Nifty Pharma is also trading in red.

• Shares of Axis Bank, Housing Development Finance Corp, Tata Consultancy Services, Bharat Petroleum, Pidilite Industries, among others, touch 52-week lows in trade.

• IT stocks like Tata Consultancy Services, Infosys, HCL Technologies, Wipro, Tech Mahindra, Larsen & Toubro Infotech, among others, touch their 52-week lows due to growing fears of a recession in the US. The broader sectoral index BSE IT Sector also touches its new 52-week low.

  Shares of IT companies continued to remain under pressure, with the S&P BSE IT index registering a fresh 52-week low in Friday’s trade. #StockMarket#MarketsWithBS#ITShares#ITsector#Wipro#Infosys#TCShttps://t.co/wL9XkIBGVW

  — Business Standard (@bsindia) June 17, 2022

• The Reserve Bank of India (RBI) turns net buyer of dollars in April. Recent data shows that RBI bought $1.96 billion in the foreign exchange market. RBI sold $20 billion in March to arrest the volatility of the rupee.

• Paint stocks like Asian Paints, Berger Paints, Kansai Nerolac Paints, and Indigo Paints, among others, are falling in trade today. The fall comes amid Brent crude prices hovering around $120 per barrel. The broader Furniture-Furnishing-Paints industry is also trading in the red.

• Delta Corp rises after its subsidiary Deltatech Gaming files for a Rs 550-crore IPO. The proposed IPO will comprise of a fresh issue of equity shares worth Rs 300 crore and an offer for sale worth Rs 250 crore.

• RITES bags a contract worth Rs 364.56 crore from Container Corporation of India. The order relates to the operation and maintenance of shunting locomotives for a period of 10 years.

Riding High:

Largecap and midcap gainers today include Sun TV Network Ltd. (433.05, 5.78%), Hindustan Aeronautics Ltd. (1,898.70, 5.65%) and Bajaj Finance Ltd. (5,419.55, 2.57%).

Downers:

Largecap and midcap losers today include Adani Total Gas Ltd. (2,149.05, -9.57%), Bajaj Holdings & Investment Ltd. (4,471.70, -6.36%) and Titan Company Ltd. (1,936.45, -6.04%).

Volume Rockets

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

Top high volume gainers on BSE included Delta Corp Ltd. (184.20, 12.39%), KIOCL Ltd. (190.10, 12.02%) and Sun TV Network Ltd. (433.05, 5.78%).

Top high volume losers on BSE were Adani Total Gas Ltd. (2,149.05, -9.57%), Titan Company Ltd. (1,936.45, -6.04%) and Avenue Supermarts Ltd. (3,460.55, -6.03%).

Indus Towers Ltd. (208.00, 0.73%) was trading at 6.9 times of weekly average. Hindustan Aeronautics Ltd. (1,898.70, 5.65%) and Honeywell Automation India Ltd. (32,856.90, -0.23%) were trading with volumes 6.4 and 6.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

1 stock hit their 52-week highs, while 133 stocks were underachievers and hit their 52-week lows.

Stock touching their year highs included - Hindustan Aeronautics Ltd. (1,898.70, 5.65%).

Stocks making new 52 weeks lows included - Akzo Nobel India Ltd. (1,701.60, -2.49%) and Amara Raja Batteries Ltd. (461.40, -0.33%).

7 stocks climbed above their 200 day SMA including Asahi India Glass Ltd. (464.20, 8.51%) and Jyothy Labs Ltd. (153.60, 3.99%). 19 stocks slipped below their 200 SMA including Linde India Ltd. (2,843.35, -5.18%) and Vinati Organics Ltd. (1,851.90, -4.47%).

Trendlyne Analysis

Nifty 50 fell over 500 points from the day’s high and hit a 52-week low with the volatility index, India VIX rising above 22.5%. Indian indices closed deep in the red and extended their losing streak to five days. European Indices trade in the red, tracking the US indices futures, which is trading sharply lower. Major Asian indices, which opened higher, closed in the red amid weak global cues.

US indices rose on Wednesday after the US Federal Reserve increased its federal funds rate by 75 bps, its biggest hike in 28 years. However, Chairman Jerome Powell doesn’t expect moves of this size to be common going forward but clarified that in its next meeting rates could rise by 50 bps or 75 bps. Brent crude oil edges higher after falling on Wednesday. Tight crude oil supply due to the geopolitical crisis, fears of slow economic growth, and lockdowns in China remain the key levers affecting the crude oil price.

Nifty Next 50 and Nifty Smallcap 100 closed deep in the red, following the benchmark index. Nifty Media and Nifty Pharma, which opened higher, closed sharply lower than Wednesday’s levels. Nifty IT also closed in the red, tracking the tech-heavy NASDAQ 100 futures, which is trading sharply lower.

Nifty 50closed at 15,360.60 (-331.6, -2.1%), BSE Sensexclosed at 51,495.79 (-1,045.6, -2.0%) while the broader Nifty 500closed at 13,089.20 (-291.7, -2.2%)

Market breadth is sharply down. Of the 1,878 stocks traded today, 185 were on the uptrend, and 1,676 went down.

• ZF Commercial Vehicle Control Systems India, PNC Infratech, Nuvoco Vistas Corporation, and Kansai Nerolac Paints are trading with higher volumes as compared to Wednesday.

• Maruti Suzuki India sees a short build-up in its Jun 30 futures series as its open interest rises 3.1% with put to call ratio at 0.62.

• Stocks like MMTC, LIC Housing Finance, Laxmi Organic Industries, Gland Pharma, and Tata Communications are in the oversold zone according to the technical indicator relative strength index or RSI.

• Infosys falls to a new 52-week low of Rs 1,401.87 per share. The stock is falling for the last five sessions.

• Metal stocks like Vedanta, Jindal Steel & Power,Tata Steel, APL Apollo Tubes, and Hindalco Industries among others, are falling in trade. The broader sectoral index BSE Metal is also trading in red.

• Zomato and Jio-bp (a joint venture between Reliance Industries and bp) sign an agreement for electric vehicle (EV) services, according to reports. Jio-bp will provide EV services to Zomato and access to ‘Jio-bp pulse’ the battery swapping stations for last-mile delivery.

• All realty stocks are trading in the red. Stocks like, DLF, Godrej Properties, Oberoi Realty, Phoenix Mills, Prestige Estates Projects, Sunteck Realty and Indiabulls Real Estate are down by more than 2%. The broader sectoral index Nifty Realty is also falling in trade.

• Hem Securities maintains a ‘Buy’ rating on PNC Infratech with a target price of Rs 294, indicating an upside of 22.5%. The brokerage company expects the company to remain profitable for the coming quarters on the back of a robust order book, a strong balance sheet, and its tendering activities. It expects the company's profit to grow at a 14.1% CAGR over FY22-24.

• Nifty 50 falls over 400 points from the day's high and hits a 52-week low of 15,369.8 with all sectoral indices trading in the red. Nifty Bank falls over 20% from its record high and falls into the bear market territory.

  Bank Nifty in Bear Market territory
  Bank Nifty down 20.6% from record high
  Bank Nifty 600 points away from 52-week low
  
  Nifty hits fresh 52-week low
  Nifty down 17% from its record high#stockmarketcrash#marketcrash#Nifty#BANKNIFTYFUTURE#banknifty

  — Deepanshu Bhandari (@deepdbhandari) June 16, 2022

• The Reserve Bank of India approves Equitas Small Finance Bank’s request of reappointing MD and CEO Vasudevan for a period of one year. The re-appointment comes in effect from July 23, 2022.

• Sudarshan Chemical Industries is trading with more than 31 times its weekly average trading volume. Galaxy Surfactants, Brigade Enterprises, Vakrangee, and Chemplast Sanmarare trading at more than three times their weekly average trading volumes.

• Media stocks are falling in trade, with stocks like Nazara Technologies, Zee Entertainment Enterprises, Network 18 Media & Investments, TV18 Broadcast, and Dish TV India falling below 2%. The broader sectoral index Nifty Media is also trading in the red.

• Dredging Corp of India is rising as it secures a Rs 250 crore yearly maintenance contract from Jawaharlal Nehru Port at Navi Mumbai. The contract includes the maintenance of the Mumbai and Jawaharlal Nehru Port navigational channels.

• Indian Overseas Bank’s board approves the raising of Rs 1,000 crore equity capital through the issuance of shares for FY23. The company will seek shareholders' approval for raising the capital soon.

• Stocks of airline companies like Interglobe Aviation (Indigo), SpiceJet, and Jet Airways fall amid hike in ATF prices by oil marketing companies. According to reports, Chairman and SpiceJet's Managing Director Ajay Singh say that a minimum of 10-15% increase in air fares is required due to the hike in ATF prices and depreciation of the rupee. India still has a cap on air fares to prevent soaring ticket fares.

  #StocksToWatch | #Aviation stocks in focus as ATF prices have been hiked by 16% - biggest hike in last 3 months
  
  New rates are applicable till June 30, 2022 #SpiceJet#Indigo#StockMarketIndia#ATF#Crudepic.twitter.com/TZbXpKpA49

  — ET NOW (@ETNOWlive) June 16, 2022

• UPL receives approval for its resolution plan submitted to National Company Law Tribunal for the revival of Kudos Chemie. UPL's arm UPL Speciality Chemicals acquires a 100% stake in Kudos Chemie for Rs 40 crore and has to invest Rs 237 crore in Kudos over a period of two years.

• Diagnostic companies' stocks like Dr Lal Pathlabs, Metropolis Healthcare, Thyrocare Technologies and Krsnaa Diagnostics trade higher due to the gradual increase in Covid-19 cases and increased testing. Diagnostic lab stocks are in a downtrend after the third Covid-19 wave receded in January 2022.

  #CNBCTV18Market | Diagnostic companies in focus
  
  Last 24 hours saw highest #COVID testing tally in 2 months pic.twitter.com/yJ2uSpiqPw

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

• Shares of Reliance Industries rise after JP Morgan upgrades the stock to 'overweight', according to reports. The brokerage believes that the company's outperformance to Nifty50 will continue and increases its target price to Rs 3,170 per share from Rs 2,575, which is an upside of 22.10%.

• Securities and Exchange Board of India (SEBI) initiates recovery action on BSE and National Stock Exchange for non-payment of a fine and interest relating to regulatory actions on the two exchanges. These relate to the fine imposed by the regulator for the exchanges not detecting misuse of clients' securities by Karvy Stock Broking.

• Motilal Oswal upgrades its rating on ITC to ‘Buy’ from ‘Neutral’ with a target price of Rs 335, indicating an upside of 27%. The brokerage turns positive on the company’s prospects due to better-than-expected demand recovery in cigarettes, healthy sales traction in the FMCG segment, and lower drag from the hotels segment. It expects the company’s profit to grow at a 13.7% CAGR over FY22-24.

• The Reserve Bank of India approves the merger of Shriram Capital and Shriram City Union Finance into Shriram Transport Finance. The merger was approved by the companies in December 2021 as part of a restructuring of the Shriram Group's lending businesses.

Riding High:

Largecap and midcap gainers today include Adani Transmission Ltd. (2,124.65, 3.27%), General Insurance Corporation of India (115.85, 3.25%) and Bayer Cropscience Ltd. (5,103.20, 1.92%).

Downers:

Largecap and midcap losers today include Vedanta Ltd. (267.45, -8.20%), Jindal Steel & Power Ltd. (326.65, -6.28%) and Tata Steel Ltd. (901.70, -6.03%).

Volume Rockets

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

Top high volume gainers on BSE included Vakrangee Ltd. (27.10, 9.05%), Gujarat Alkalies & Chemicals Ltd. (731.95, 1.67%) and Cera Sanitaryware Ltd. (4,082.70, 1.01%).

Top high volume losers on BSE were eClerx Services Ltd. (1,917.05, -7.63%), Spicejet Ltd. (41.05, -6.70%) and InterGlobe Aviation Ltd. (1,649.20, -4.97%).

Sudarshan Chemical Industries Ltd. (419.85, -3.36%) was trading at 41.8 times of weekly average. Heidelberg Cement India Ltd. (173.50, -2.53%) and Galaxy Surfactants Ltd. (2,906.70, -0.95%) were trading with volumes 23.7 and 7.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

80 stocks hit their 52-week lows.

Stocks making new 52 weeks lows included - Amara Raja Batteries Ltd. (462.95, -3.41%) and Bajaj Consumer Care Ltd. (130.80, -0.23%).

8 stocks climbed above their 200 day SMA including Gujarat Alkalies & Chemicals Ltd. (731.95, 1.67%) and Au Small Finance Bank Ltd. (624.65, -0.44%). 22 stocks slipped below their 200 SMA including Aegis Logistics Ltd. (213.55, -6.69%) and Tata Teleservices (Maharashtra) Ltd. (119.75, -5.89%).