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Trendlyne Analysis

Nifty 50 closed lower after starting the day on a positive note. Asian indices closed mixed despite strong gains by the US indices led by technology stocks on Thursday. Crude oil prices ease but still trade at elevated levels. Investors continue to monitor the effect of rising commodity prices on already high inflation levels. Indian state fuel retailers raise petrol and diesel prices by 80 paise a litre each today, making it the third hike in four days.

Nifty Next 50 closed flat despite the benchmark index closing in the red. Nifty Metal extends its six-day winning streak by closing marginally higher. Nifty Media, which rose 6% yesterday, closed flat. Nifty IT ended the trading session sharply lower despite the tech-heavy NASDAQ 100 rising 2.2% yesterday.

Nifty 50 closed at 17,153.00 (-69.8, -0.4%), BSE Sensex closed at 57,362.20 (-233.5, -0.4%) while the broader Nifty 500 closed at 14,651.70 (-47.7, -0.3%).

Market breadth is overwhelmingly negative. Of the 1,883 stocks traded today, 586 showed gains, and 1,269 showed losses.

• Bajaj Holdings & Investment, Ujjivan Small Finance Bank, Max Healthcare Institute, and IIFL Finance are trading with higher volumes as compared to Thursday.

• Torrent Power announces the completion of the acquisition of a 50 MW solar power plant from Lightsource bp and UKCI for an enterprise value of Rs 300 crore.

• Consumer facing companies are trading in red with stocks like Titan Company, Whirlpool of India, Voltas, Crompton Greaves and Bajaj Electricals falling. The broader sectoral index i.e. BSE Consumer Durables is also down today.

• Inox Leisure surges to touch its 52-week high of Rs 479.45 as the business outlook improves on the easing of pandemic-related restrictions with a strong content line-up for the next few months.

• Sugar stocks like Balrampur Chini Mills, Dhampur Sugar Mills, Andhra Sugars, Uttam Sugar Mills among others are falling as reports suggest that India could cap sugar exports to meet domestic demand. India is considering restrictions on sugar exports for the first time in six years and may cap exports at around eight million tonnes.

• Axis Securities initiates coverage on G R Infraprojects with a ‘BUY’ rating and a target price of Rs 1,775, indicating an upside of 23%. The brokerage has a positive outlook on the company as it has a cumulative order book of Rs 16,692 crore with comfortable revenue visibility for the next 2 years. The brokerage expects the company’s revenue to grow a 12% CAGR over FY22-FY24

• Bharti Airtel prepays Rs 8,815 crore to clear deferred liabilities for spectrum acquired in 2015, the prepayment is for installments due in FY2027 and FY2028. Over the last four months, the company has cleared Rs 24,334 crore of its deferred spectrum liabilities ahead of schedule.

• Container Corporation of India is trading with more than nine times its weekly average trading volume. Poly Medicure, Tata Teleservices (Maharashtra),Muthoot Finance, and EIH are trading at more than four times their weekly average trading volumes.

• G R Infraprojects receives a letter of award from the National Highways Authority of India for a new highway project in Madhya Pradesh for a total length of 69.1 Km. The bid cost of the project is Rs 907 crore.

• Zen Technologies is rising as it receives a project sanction order (PSO) from the Indian Army. The project includes the design and development of a prototype of the Integrated Air Defence Combat Simulator (IADCS). The prototype is to be made ready for user trial readiness review (UTRR) within a period of 30 weeks.

• Moody’s Investors Service's report suggests that fuel retailers like Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation are losing Rs 19,000 crore in revenue. This is because of constant prices of petrol and diesel from November 4, 2021 – March 21, 2022, despite the rise in crude oil prices. The companies are losing over Rs 1,900 per barrel with the current market prices.

• Lumax Auto Technologies receives approval for application under component champion incentive scheme of production linked incentive scheme for automobile and auto component industry.

• Chloride Metals, a wholly-owned subsidiary of Exide Industries, starts commercial production at its new green field manufacturing facility of battery recycling in the state of West Bengal. The 21-acre recycling plant has a total installed capacity of 1,08,000 MT p.a.

• Canada Pension Plan Investment Board sells a 2.01% stake (4 crore shares) of Kotak Mahindra Bank on Thursday. This bulk deal is worth Rs 6,800 crore.

Riding High:

Largecap and midcap gainers today include Container Corporation of India Ltd. (689.80, 10.99%), Tata Elxsi Ltd. (8,438.20, 10.93%) and Adani Power Ltd. (143.20, 8.36%).

Downers:

Largecap and midcap losers today include Indus Towers Ltd. (203.10, -5.00%), Ajanta Pharma Ltd. (1,894.35, -4.32%) and Astral Ltd. (1,957.10, -3.89%).

Volume Shockers

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

Top high volume gainers on BSE included Container Corporation of India Ltd. (689.80, 10.99%), Tata Elxsi Ltd. (8,438.20, 10.93%) and Lemon Tree Hotels Ltd. (60.90, 9.83%).

Top high volume losers on BSE were Muthoot Finance Ltd. (1,307.65, -3.19%), Abbott India Ltd. (16,021.85, -2.72%) and India Tourism Development Corporation Ltd. (401.05, -0.64%).

Shriram City Union Finance Ltd. (1,621.75, 4.28%) was trading at 9.1 times of weekly average. Poly Medicure Ltd. (847.85, 2.06%) and EIH Ltd. (149.00, 7.43%) were trading with volumes 8.6 and 7.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

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

Stocks touching their year highs included - Cholamandalam Investment & Finance Company Ltd. (732.25, 0.12%), Cummins India Ltd. (1,086.35, -0.70%) and Delta Corp Ltd. (320.15, 2.27%).

Stocks making new 52 weeks lows included - Castrol India Ltd. (102.90, -0.68%) and Max Financial Services Ltd. (732.10, -2.08%).

18 stocks climbed above their 200 day SMA including Container Corporation of India Ltd. (689.80, 10.99%) and NLC India Ltd. (64.15, 4.22%). 9 stocks slipped below their 200 SMA including Asahi India Glass Ltd. (408.55, -2.54%) and Maruti Suzuki India Ltd. (7,415.45, -1.87%).

Trendlyne Analysis

Nifty 50 closed flat after moving from green to red between gains and losses on a volatile day of trade. This volatility is expected to continue amid rising commodity prices. Crude oil prices inch higher as Russian President Vladimir Putin said that Russia will seek payment in roubles for gas sold to “unfriendly” countries. US indices fell on Thursday after volatile commodity prices add pressure to the market already dealing with record inflation level. Russian markets partially reopen after a month-long shutdown following the invasion of Ukraine.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green despite the benchmark index closing flat. Nifty Media closed 6% higher led by the heavyweights' Zee Entertainment and TV18 broadcast. Nifty Metal closed in the green to extend its winning streak to six days. Nifty IT closed higher, tracking the tech heavy NASDAQ 100 futures, which is trading higher.

Nifty 50 closed at 17,222.75 (-22.9, -0.1%), BSE Sensex closed at 57,595.68 (-89.1, -0.2%) while the broader Nifty 500 closed at 14,699.35 (4.2, 0.0%)

Market breadth is in the red. Of the 1,880 stocks traded today, 723 showed gains, and 1,123 showed losses.

• V-Guard Industries, Kalpataru Power Transmissions, Prism Johnson, and Cholamandalam Financial Holdings trading with higher volumes as compared to Wednesday.

• Emkay Global recommends a ‘Buy’ on State Bank of India with a target price of Rs 680 as it expects credit growth to be around 9-10% in FY22. The brokerage also sees the bank’s operating profit to increase by CAGR 20% over FY22-24 led by rise in net interest income and fee income.

• Media stocks like Zee Entertainment, Dish TV India, TV18 Broadcast, Network 18 Media & Investments among others are rising in trade. The broader sectoral index Nifty Media is also rising in trade.

• Lupin is rising as it receives US Food and Drug Administration (USFDA) approval for its abbreviated new drug application (ANDA), Sildenafil for oral suspension, 10 mg/mL. The product is a generic equivalent of Revatio, which has an estimated annual sales of $66 million in the US. Sildenafil is used to treat pulmonary arterial hypertension.

• HCL Technologies ties-up with Latin American company NEORIS, a leading global digital accelerator, to strengthen its digital transformation capabilities and expand its market presence in Mexico and South America

• Indraprastha Gas increases the prices of compressed natural gas by Rs 0.50 per kg and piped natural gas by Rs 1 per standard cubic metre for Delhi with effect from today. This is the third price hike after the company hiked gas prices back in October 2021 and January 2022.

• Bajaj Holdings & Investment is trading with more than nine times its weekly average trading volume. SIS, Minda Corporation, Kotak Mahindra Bank, and Zee Entertainment Enterprises are trading at more than five times their weekly average trading volumes.

• Ruchi Soya is falling as its Rs 4,300 crore follow-on public offering (FPO) opens for subscription. The company raises Rs 1,290 crore from anchor investors ahead of its FPO. At the upper end of the price band of Rs 650, the company’s FPO is available at more than a 40% discount to its current market price.

• Pharma stocks like Dr. Reddy's Laboratories, Aurobindo Pharma, Lupin, and Glenmark Pharmaceuticals are rising in trade. The broader sectoral index Nifty Pharma is also trading in the green.

• Sharekhan maintains a ‘Buy’ rating on APL Apollo Tubes with a target price of Rs 1,100 indicating an upside of 28%. The brokerage believes the company’s investment in Shankara Building Products’ can potentially double its sales and improve its volumes as it will be able to use extensive retail and wholesale network. The brokerage expects the company to expand distribution into untapped markets through its investment.

• Zee Entertainment surges as Invesco Developing Markets Fund (Invesco) withdraws its requisition notice, seeking the removal of MD and CEO Punit Goenka from the board of the company. Invesco withdraws its notice a day after winning its appeal in the Bombay High Court. Invesco is the largest shareholder in the company with a stake of 18%.

• Motilal Oswal maintains a ‘BUY’ rating on Ajanta Pharma with a target price of Rs 2,500, indicating an upside of 29%. However, the brokerage reduces the target price by 10% as it expects the slow pace of abbreviated new drug application (ANDA) filings to hinder growth over the medium term. The brokerage remains positive on the long term on the back of robust outlook in the Branded Generics segment.

• RBI approves SBI Mutual Fund, along with other SBI Group companies for acquiring 9.99% stake in ICICI Bank. SBI Mutual Fund holds 5.72% stake in ICICI Bank, till December 2021.

Riding High:

Largecap and midcap gainers today include Zee Entertainment Enterprises Ltd. (298.90, 16.74%), Dr. Reddy's Laboratories Ltd. (4,328.50, 4.87%) and Adani Total Gas Ltd. (1,979.75, 4.31%).

Downers:

Largecap and midcap losers today include L&T Finance Holdings Ltd. (80.05, -8.25%), Hindustan Petroleum Corporation Ltd. (275.00, -3.39%) and Kotak Mahindra Bank Ltd. (1,714.15, -3.14%).

Volume Rockets

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

Top high volume gainers on BSE included Zee Entertainment Enterprises Ltd. (298.90, 16.74%), India Tourism Development Corporation Ltd. (403.65, 13.82%) and Sequent Scientific Ltd. (139.45, 12.87%).

Top high volume losers on BSE were Kotak Mahindra Bank Ltd. (1,714.15, -3.14%), IIFL Finance Ltd. (283.35, -1.01%) and eClerx Services Ltd. (2,349.80, -0.44%).

SIS Ltd. (490.55, 2.11%) was trading at 11.9 times of weekly average. Bajaj Holdings & Investment Ltd. (5,057.65, 0.23%) and Minda Corporation Ltd. (206.85, 5.11%) were trading with volumes 9.9 and 8.3 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 3 stocks tanked below their 52-week lows.

Stocks touching their year highs included - Cholamandalam Investment & Finance Company Ltd. (731.35, 1.33%), Cummins India Ltd. (1,094.00, 0.64%) and Hindalco Industries Ltd. (621.95, 2.22%).

Stocks making new 52 weeks lows included - Max Financial Services Ltd. (747.65, -2.90%) and Procter & Gamble Health Ltd. (4,266.00, 0.13%).

15 stocks climbed above their 200 day SMA including Zee Entertainment Enterprises Ltd. (298.90, 16.74%) and India Tourism Development Corporation Ltd. (403.65, 13.82%). 10 stocks slipped below their 200 SMA including L&T Finance Holdings Ltd. (80.05, -8.25%) and Hatsun Agro Products Ltd. (1,131.30, -3.34%).

Trendlyne Analysis

Nifty 50 closed in the red after opening higher on a volatile day of trade. Barring Indian indices, all Asian indices closed in the green, tracking the US indices. The US index S&P 500 has risen in five of the last six trading sessions. US stocks have been climbing since the Federal Reserve handed down an expected quarter percentage point interest rate hike last week to curb high inflation levels. The current trend in the markets suggests that the investors believe that the US economy is strong enough to weather the higher borrowing costs. Crude oil prices edge higher as investors continue to monitor the war situation in Ukraine.

Nifty Smallcap 100 closed lower while Nifty Midcap 100 closed in the green to outperform the benchmark index. Nifty Metal closed sharply higher to extend its four-day winning streak. Nifty IT closed flat despite the tech-heavy NASDAQ 100 closing in the green yesterday.

Gloom in markets in today's trading. Nifty 50 closed at 17,245.65 (-69.9, -0.4%), BSE Sensex closed at 57,684.82 (-304.5, -0.5%) while the broader Nifty 500 closed at 14,695.15 (-28.9, -0.2%).

Market breadth is in the red. Of the 1,878 stocks traded today, 728 were on the uptrend, and 1,107 went down.

• AIA Engineering, J B Chemicals & Pharmaceuticals, CSB Bank, and SKF India trading with higher volumes as compared to Tuesday.

• Motilal Oswal maintains a ‘Neutral’ rating on Nestle India and increases the target price to Rs 18,700 from Rs 18,085, indicating an upside of 5%. The brokerage believes the company is well placed to capitalize on immense growth opportunities due to its strong brand and distribution strength. The brokerage finds the long-term narratives for earnings growth to be very attractive.

• ICICI Direct initiates coverage on Star Health and Allied Insurance with a ‘Buy’ rating and target price of Rs 800, indicating an upside of 23%. The brokerage expects the company to maintain its market dominance due to its focus on product innovation, competitive pricing, and a strong distribution push.

• Mtar Technologies gets declared lowest bidder by NPCIL for fuel transfer system of reactors and FM bridge & carriage assemblies of nuclear reactors. The total value of projects is approximately Rs 135 crore.

• Hero MotoCorp is falling on the bourses as Income Tax Department conducts search operations at the company’s 25 premises for suspected tax evasion. According to reports, the search operation is ongoing at the offices and residences of Hero MotoCorp senior management in Delhi, Gururgram, and in other parts of North India

• Indian Hotels’ stock surges as its qualified institutional placement (QIP) committee of the board approves its QIP issue. The company plans to mobilize around Rs 2,000 crore through the QIP and has fixed the floor price at Rs 203.48 per share.

• V-Guard Industries is trading with more than seven times its weekly average trading volume. Jyothy Labs, TeamLease Services, Zydus Wellness, and Gland Pharma are trading at more than three times their weekly average trading volumes.

• SBI Life Insurance announces an interim dividend of Rs 2 per share for FY22. The total payout amounts to Rs 200 crore. The record date is March 30, 2022.

• Adani Ports & SEZ records cargo volumes of 300 million tonnes on a year to date basis in FY22. APSEZ had achieved the target of handling 200 million tonnes of cargo three years back. The company is all set to reach the volumes milestone of 500 million tonnes by 2025, according to its latest press release.

• SBI Cards and Payments announces an interim dividend of Rs 2.50 per share for FY22. The total payout amounts to Rs 235.8 crore. The record date is March 31, 2022.

• Infosys announces acquisition of Oddity, a Germany-based digital experience and marketing agency, for Rs 419 crore in an all-cash deal. The company expects the acquisition to bolster its creativity, branding, and experience design capabilities.

• Piramal Capital and Housing Finance (PCHFL) initiates bankruptcy proceedings against Reliance Power and its subsidiary Reliance Natural Resources (RNRL) on default of Rs 526-crore loan. The housing finance company acquired Dewan Housing Finance (DHFL) for a total consideration of Rs 34,250 crore in 2021, merging it with PCHFL. DHFL went bankrupt as it owes more than Rs 90,000 crore to various lenders.

Riding High:

Largecap and midcap gainers today include L&T Finance Holdings Ltd. (87.25, 16.18%), Adani Power Ltd. (130.20, 5.21%) and Tata Communications Ltd. (1,184.30, 3.64%).

Downers:

Largecap and midcap losers today include Atul Ltd. (9,686.95, -2.86%), Info Edge (India) Ltd. (4,626.25, -2.82%) and Muthoot Finance Ltd. (1,336.50, -2.37%).

Movers and Shakers

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

Top high volume gainers on BSE included L&T Finance Holdings Ltd. (87.25, 16.18%), Suven Pharmaceuticals Ltd. (589.95, 10.43%) and IFB Industries Ltd. (1,005.95, 7.28%).

Top high volume losers on BSE were Lakshmi Machine Works Ltd. (9,957.45, -6.01%), TeamLease Services Ltd. (3,845.35, -3.63%) and Zydus Wellness Ltd. (1,470.60, -0.16%).

Jyothy Labs Ltd. (144.65, -0.07%) was trading at 15.5 times of weekly average. MOIL Ltd. (182.35, 5.40%) and Kalpataru Power Transmissions Ltd. (371.55, -0.01%) were trading with volumes 14.9 and 10.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

12 stocks took off, crossing 52-week highs, while 1 stock tanked below their 52-week lows.

Stocks touching their year highs included - Century Plyboards (India) Ltd. (719.70, 1.29%), Cholamandalam Investment & Finance Company Ltd. (721.75, 1.38%) and Cummins India Ltd. (1,087.05, 3.35%).

Stock making new 52 weeks lows included - Procter & Gamble Health Ltd. (4,260.60, -0.67%).

19 stocks climbed above their 200 day SMA including L&T Finance Holdings Ltd. (87.25, 16.18%) and MOIL Ltd. (182.35, 5.40%). 2 stocks slipped below their 200 SMA including BEML Ltd. (1,534.50, -0.83%) and Welspun Corp Ltd. (147.60, 1.79%).

Trendlyne Analysis

Nifty 50 erased losses and closed in the green on a volatile day of trade. All Asian indices closed higher than Monday’s levels despite the US indices closing in the red yesterday. US stocks fell as US Federal Reserve Chairman Jerome Powell adopted a more hawkish tone on monetary policy. The Fed Chairman said that the Fed is prepared to hike the interest rates by a half percentage point if needed. Indian state fuel retailers raise petrol and diesel prices by 80 paise per litre as crude oil prices continue to trade at elevated levels due to the ongoing Russia-Ukraine war.

Nifty Smallcap 100 closed in the green but underperformed the benchmark index. Nifty Next 50 closed lower after opening in the green. Nifty Metal, which has gained over 5% in the last three trading sessions, ended the day in the green for the fourth consecutive trading session. Nifty IT closed sharply higher tracking the tech-heavy NASDAQ 100 futures, which is trading in the green.

Upbeat trading today. Nifty 50 closed at 17,315.50 (197.9, 1.2%), BSE Sensex closed at 57,989.30 (696.8, 1.2%) while the broader Nifty 500 closed at 14,724.05 (121.7, 0.8%)

Market breadth is in the red. Of the 1,886 stocks traded today, 820 were on the uptrend, and 1,030 went down.

• Kalpataru Power Transmissions,Procter & Gamble Health, Tube Investments of India, and Cholamandalam Financial Holdings trading with higher volumes as compared to Monday

• Jubilant Foodworks (JFL) issues notice to Golden Harvest QSR to exercise its call option to acquire the remaining 10% equity stake in Jubilant Golden Harvest Limited (JGHL) as agreed on March 6, 2018. Accordingly, JFL will acquire the complete 49% equity stake of Golden Harvest QSR in JGHL. Post the exercise of call options, JGHL will become a wholly owned subsidiary of JFL.

• FMCG stocks are trading lower with stocks like Hindustan Unilever, Nestle India, Dabur India, and Marico among others falling in trade. The broader sectoral index Nifty FMCG is also trading lower today.

• Axis Securities maintains a ‘Buy’ rating on CreditAccess Grameen with a target price of Rs 831, indicating an upside of 10%. The brokerage remains bullish on the company due to its deep rural presence, expanding branch network, and improving traction on customer addition.

• Tata Motors announces price hike of 2-2.5% of its commercial vehicle range with effect from April 1, 2022. The increase in the prices of steel, aluminium and other precious metals, in addition to higher costs of other raw materials, has incited the price hike of commercial vehicles.

• HDFC Securities upgrades rating on BPCL to 'BUY' with a target price upside of 15.4%. The brokerage is positive on the OMC owing to its attrative valuation, robust refining margins of $12.3/bbl and possible resumption in daily revision of retail auto fuel prices.

• Stocks of upstream oil company ONGC are trading higher on the back of rise in international crude oil prices. Additionally, stocks of oil marketing companies like BPCL and HPCL are trading up on account of an 80 paise hike in petrol, diesel prices as well as a Rs 50 hike in LPG cylinder prices.

• KSB is trading with more than sixteen times its weekly average trading volume. Mahindra Holidays & Resorts India, Ratnamani Metals & Tubes, Graphite India, and Rain Industries are trading at more than three times their weekly average trading volumes.

• Hindustan Unilever falls after reports suggest of discussions to buy majority stake in Mahashian Di Hatti (MDH).

• Future Retail hits its all-time low of Rs 29.7 as banks announce to initiate debt recovery proceedings this week against the company. The banks have initiated the proceedings to safeguard their interests after Reliance unexpectedly took over some of the retailer’s stores. Future Group has more than $ 4 billion in debt.

• Indoco Remedies receives approval from the United States Food & Drug Administration (USFDA) for Lacosamide tablets in the strengths of 50 mg, 100 mg, 150 mg and 200mg. Lacosamide tablets are the generic version of Vimpat tablets, which has a market size of $ 1.7 billion. Lacosamide tablets are used for the prevention and control of seizures

• IT major Wipro's board will consider the interim dividend for FY22 in the board meeting to be held on Friday. The company had earlier approved an interim dividend of Rs 1 per share in January 2022 and paid the same on February 5, 2022

• CLSA maintains ‘Buy’ on ICICI Bank but cuts target price to Rs 1,050 from Rs 1,125 as it expects RBI’s unchanged repo rate (4%) will affect margins in near term. Repo-linked loans account for 38% of the bank’s books and margins will face constraint if RBI decides to keep rates on hold for another few months. The recent spike in operating expenses is also a sign of concern as employee cost inflation remains high. However, the brokerage expects the bank to grow by 17% CAGR over FY22-24.

• Equitas Small Finance Bank (SFB) and Equitas Holdings are rising as their boards approve a merger of the two companies. This merger proposes the amalgamation of Equitas Holdings into and with Equitas SFB and the dissolution without winding-up of the transferor company (Equitas Holdings). Shareholders of Equitas Holdings will be allotted 231 equity shares for every 100 shares of the Equitas SFB.

• Sun Pharmaceutical Industries inks pact with Japan’s Daiichi Sankyo Company to acquire its 11.28% stake in Zenotech Laboratories. Sun Pharma will acquire 68.8 lakh equity shares worth Rs 5.32 crore. After the acquisition, Sun Pharma’s stake in the company will increase to 68.84% from 57.56%.

Riding High:

Largecap and midcap gainers today include Tech Mahindra Ltd. (1,538.20, 3.95%), Adani Total Gas Ltd. (1,883.95, 3.85%), and L&T Finance Holdings Ltd. (75.10, 3.73%).

Downers:

Largecap and midcap losers today include Macrotech Developers Ltd. (1,064.40, -3.97%), Abbott India Ltd. (16,685.60, -3.28%) and Zee Entertainment Enterprises Ltd. (248.55, -3.21%).

Movers and Shakers

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

Top high volume gainers on BSE included Chalet Hotels Ltd. (303.65, 12.82%), Mahindra Holidays & Resorts India Ltd. (233.25, 9.84%) and Ratnamani Metals & Tubes Ltd. (2,509.85, 9.69%).

Top high volume losers on BSE were Sun TV Network Ltd. (459.85, -1.29%), Hawkins Cookers Ltd. (5,340.00, -1.25%) and J B Chemicals & Pharmaceuticals Ltd. (1,599.30, -0.22%).

KSB Ltd. (1,237.70, 6.31%) was trading at 18.8 times of weekly average. Graphite India Ltd. (515.15, 4.58%) and Rain Industries Ltd. (194.35, 5.80%) were trading with volumes 6.2 and 5.6 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 2 stocks hit their 52-week lows.

Stocks touching their year highs included - Century Plyboards (India) Ltd. (710.50, 2.67%), GHCL Ltd. (557.30, 3.63%) and Linde India Ltd. (3,332.70, -1.32%).

Stocks making new 52 weeks lows included - Castrol India Ltd. (103.75, -1.47%) and Mishra Dhatu Nigam Ltd. (168.25, -0.59%).

13 stocks climbed above their 200 day SMA including KSB Ltd. (1,237.70, 6.31%) and Alok Industries Ltd. (25.60, 3.23%). 16 stocks slipped below their 200 SMA including Macrotech Developers Ltd. (1,064.40, -3.97%) and Welspun Corp Ltd. (145.00, -3.27%).

Trendlyne Analysis

Nifty 50 closes in the red with the Indian volatility index, India VIX rising 8.9%. Asian indices close mixed after recouping some losses last week on hopes of a peace deal between Russia and Ukraine. US indices continued their climb on Friday after the US Federal Reserve commenced the interest rate hikes with an expected quarter percentage point on Thursday. Crude oil prices rise to trade higher as investors fear its supply chain disruption with the war in Ukraine showing no sign of stopping.

Nifty Smallcap 100 closes in the green despite the benchmark index closing lower than Thursday’s level. Nifty Midcap 100 gives up its gains towards the end of the trading session to close in the red. Nifty Metal closes sharply higher while Nifty Bank and Nifty FMCG close in the red.Nifty IT closes lower tracking the NASDAQ 100 futures, which is trading in the red.

Markets fell in today's trading. Nifty 50 closed at 17,117.60 (-169.5, -1.0%), BSE Sensex closed at 57,292.49 (-571.4, -1.0%) while the broader Nifty 500 closed at 14,602.35 (-119.4, -0.8%).

Market breadth is in the red. Of the 1,904 stocks traded today, 758 were on the uptick, and 1,103 were down.

• AIA Engineering, KPR Mill, WABCO India, and Vardhman Textiles trading with higher volumes as compared to Thursday.

• Greaves Cotton rises as its retail business Greaves Retail enters a partnership with Bounce Infinity, a two-wheeler electric ride-sharing app, to provide battery swapping stations for Greaves electric vehicles (EV). Bounce Infinity launched its in-house EV mobility solutions for Bounce in June 2019.

• ICICI Securities maintains a ‘Buy’ rating on Prince Pipes & Fittings but has reduced its target price to Rs 804 from Rs 833, indicating a 23% upside. The brokerage remains bullish for the company’s long-term prospects due to its comprehensive product portfolio, focus on enhancing distribution reach, and emphasis on branding.

• ICICI Securities maintains a ‘BUY’ rating on Shyam Metallics with a target price of Rs 400, indicating an upside of 23.5%. The brokerage remains positive as the company announces a capex of Rs 990 crore in addition to the committed capex of Rs 3,000 crore to be incurred over the next three-four years. The brokerage expects the company’s revenue to grow at 24% CAGR over FY21-FY24.

• NBCC surges on receiving work orders from the Ladakh government worth Rs 500 crore. The work order involves comprehensive design, engineering, and project management consultancy services.

• Jubilant Pharmova is trading with more than nine times its weekly average trading volume. Valiant Organics, Uflex, Wockhardt and Aurobindo Pharma are trading at more than three times their weekly average trading volumes.

• Reliance Industries' wholly owned subsidiary i.e. Reliance Retail Ventures is set to acquire 89% stake in Purple Panda Fashions for Rs 950 crore. The target company owns women's innerwear and loungewear D2C brand Clovia. Reliance Industries looks to strengthen its innerwear portfolio which already consists of brands like Zivame and Amante with this acquisition.

• Godrej Properties achieves sales worth Rs 1,002 crore in FY22 for it's township project Riverhills in Mahalunge, Pune. Since the launch of their first phase in the township in September 2019, the company has sold over 3,600 homes for a booking value of over Rs 2,100 crore.

• Aurobindo Pharma and Strides Pharma are rising as they partner with Medicines Patent Pool (MPP) to commercialize the generic version of Pfizer’s COVID-19 oral treatment across 95 low and middle-income countries. Kovidax is a generic version of Pfizer’s COVID-19 oral treatment that consists of Nirmatrelvir tablets co-administered with Ritonavir tablets. Strides Pharma will manufacture Kovidax at its flagship facility in Bengaluru.

• Maruti Suzuki rises after its parent company Suzuki Motor Corp announces investment of Rs 10,450 crore in Suzuki Motor Gujarat, its wholly owned subsidiary, to produce electric vehicles and batteries. The planned investment outlay will be spent over a period of 4 years. Maruti Suzuki India handles the sales and marketing of products manufactured by Suzuki Motor Gujarat.

• Wockhardt enters into a collaboration agreement with Serum Life Sciences, UK, a subsidiary of the Serum Institute of India (SII). This collaboration is a profit-sharing arrangement between the two parties with an overall term of 15 years. The companies expect to deliver up to an additional 150 million doses of multiple vaccines each year from SII's new facility in the UK.

• Ruchi Soya announces a price band of Rs 615 - 650 a share for its Rs 4,300 crore follow-on public offer. The issue opens on March 24 and closes on March 28, 2022. The minimum bid lot is 21 and in multiples of 21 equity shares thereafter. Through this issue, the promoters of the company seek to reduce their shareholding to comply with the minimum shareholding rules of the Securities and Exchange Board of India (SEBI).

• Jindal Steel & Power’s (JSP) wholly-owned subsidiary Jindal Steel & Power (Mauritius) prepays $357 million to its lenders. Post this payment JSP’s overseas debt comes down to $130 million from $1.8 billion. Majority of the overseas debt now rests with its Australian subsidiary worth $113 million which the company plans to repay by September 2022.

Riding High:

Largecap and midcap gainers today include Aurobindo Pharma Ltd. (679.40, 6.10%), Oil India Ltd. (233.20, 6.05%) and Vedanta Ltd. (400.05, 5.71%).

Downers:

Largecap and midcap losers today include Ruchi Soya Industries Ltd. (910.15, -9.38%), Petronet LNG Ltd. (194.85, -5.62%) and GAIL (India) Ltd. (144.30, -4.63%).

Volume Rockets

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

Top high volume gainers on BSE included Wockhardt Ltd. (326.35, 11.67%), Jubilant Pharmova Ltd. (449.65, 10.36%) and Sterlite Technologies Ltd. (209.15, 9.76%).

Top high volume loser on BSE was Procter & Gamble Health Ltd. (4,342.20, -0.41%).

Uflex Ltd. (610.15, 8.37%) was trading at 8.8 times of weekly average. Delta Corp Ltd. (312.75, 9.60%) and Aurobindo Pharma Ltd. (679.40, 6.10%) were trading with volumes 5.8 and 4.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

14 stocks hit their 52-week highs, while 2 stocks hit their 52-week lows.

Stocks touching their year highs included - Cummins India Ltd. (1,054.00, 3.00%), Delta Corp Ltd. (312.75, 9.60%) and Gujarat State Fertilizer & Chemicals Ltd. (148.95, 1.46%).

Stocks making new 52 weeks lows included - Thyrocare Technologies Ltd. (772.85, -0.95%) and Sequent Scientific Ltd. (122.65, -0.93%).

19 stocks climbed above their 200 day SMA including Sun Pharma Advanced Research Company Ltd. (292.90, 7.47%) and IDBI Bank Ltd. (44.75, 4.43%). 11 stocks slipped below their 200 SMA including Ruchi Soya Industries Ltd. (910.15, -9.38%) and GAIL (India) Ltd. (144.30, -4.63%).

Trendlyne Analysis

Nifty 50 extended its gains throughout the day and closed higher with the Indian volatility index, India VIX falling sharply for the second consecutive day. Asian indices closed in the green, tracking the rally in the US indices. US stocks closed sharply higher on Wednesday as the US Federal Reserve commenced the interest rate hikes with an expected quarter percentage point and signaled hikes at all six remaining meetings. Fed Chairman Jerome Powell assured investors that the US economy is “very strong” and can handle monetary tightening. Crude oil prices rise to trade over $100 per barrel as uncertainties prevail over the Ukraine crisis.

Barring Nifty IT, all sectoral indices closed in the green. Nifty Next 50 and Nifty Smallcap 100 closed in the green to extend their gains from Wednesday. Nifty Metal, which gained 2.6% yesterday, closed 1.9% higher. Nifty IT closed marginally lower despite the tech-heavy NASDAQ 100 surging 3.7% yesterday.

Markets rose in today's trading.Nifty 50 closed at 17,287.05 (311.7, 1.8%), BSE Sensex closed at 57,863.93 (1,047.3, 1.8%) while the broader Nifty 500 closed at 14,721.70 (239.9, 1.7%)

Market breadth is in the green. Of the 1,881 stocks traded today, 1,170 were in the positive territory and 660 were negative.

• SKF India, KEI Industries, IIFL Wealth Management, and Adani Total Gas trading with higher volumes as compared to Wednesday.

• Hindustan Construction Company and Om Infra's joint venture receives a contract worth Rs 609 crore from the public health engineering department, the government of Rajasthan, for the construction of the Nokha water supply project to provide functional household tap connection in Bikaner.

• Jefferies initiates coverage on Nykaa with a 'BUY' rating and a target price upside of 10.3%. The brokerage is positive on this company as it leads the online beauty segment and its fashion segment is scaling up fast. The company also enjoys customer stickness due to its diverse and authentic product portfolio.

• Voltas is rising as its board approves a joint venture (JV) arrangement with Highly International (Hong Kong), a wholly-owned subsidiary of Shanghai Highly Company. The companies plan to engage in the business of development, manufacture, marketing, sale, and service of inverter compressors.

• In its buyback offer of nearly Rs 180-crore, KPR Mills will buy 1 share for every 16 shares held by the retail investors on the record date i.e. Febuary 19, 2022. KPR will buy back 5 shares for a lot of 891 shares held by all other eligible investors.

• IFB Industries is trading with more than 35 times its weekly average trading volume. Timken India, Trent and Jindal Saw are trading at more than six times their weekly average trading volumes.

• Macquirie slashes the target price on Paytm by 36% to Rs 450 citing concerns on its long-term growth and cash flow generation. The brokerage holds a negative view on the company after RBI directed Paytm Payments Bank to stop onboarding new customers. The chances of the company getting a small finance banking license are now bleak.

• Hem Securities initiates coverage on Endurance Technologies with a ‘Buy’ rating and a target price of Rs 1,342, indicating an upside of 15%. The brokerage is bullish on the company’s strong positioning in the 2-wheeler segment, expansion plans into various segments like disk brakes & alloy wheels, new customer wins, and increasing EV penetration.

• JSW Energy is rising on the bourses as it completes the reorganization of its green (renewable) and grey (thermal) business areas to focus on renewable and thermal power segments. As a result, three overseas subsidiaries of the Company have been transferred to JSW Neo Energy.

• Godrej Properties rises as it achieves sales of Rs 1,650 crore from Godrej Woods project in Noida. The company sold 855 homes within a year of the launch of the project.

• Jindal Poly Films (JPFL) is rising as it signs an agreement for the sale of a minority stake in its packaging films business to Brookfield Asset Management. The asset management company agrees to a Rs 2,000 crore deal with JPFL for the acquisition of a non-controlling minority stake in JPFL Films, which is subject to the approval of the members of the Company

• BOB Capital Markets initiates coverage on Zydus Wellness with a ‘BUY’ rating and a target price of Rs 2,185, indicating an upside of 45%. The brokerage has a positive outlook on the company on the back of its product expansion, distribution expansion, and Heinz India merger. The brokerage expects the company’s net profit to grow at a CAGR of 11% over FY21-24.

• Adani Power acquires Essar power's 1,200 MW thermal power project in Mahan, Madhya Pradesh for Rs 4,250 crore. The cost of acquisition of Essar Power M P includes the cost of compliance with environmental and emission norms. Essar Power M P is undergoing an insolvency resolution.

Riding High:

Largecap and midcap gainers today include Trent Ltd. (1,262.05, 7.75%), L&T Finance Holdings Ltd. (71.35, 7.13%) and Sona BLW Precision Forgings Ltd. (684.50, 6.21%).

Downers:

Largecap and midcap losers today include Ruchi Soya Industries Ltd. (1,004.35, -6.25%), Oil India Ltd. (219.90, -6.15%) and Max Healthcare Institute Ltd. (334.60, -4.58%).

Volume Shockers

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

Top high volume gainers on BSE included Angel One Ltd. (1,619.05, 14.23%), IFB Industries Ltd. (996.70, 13.22%) and Brigade Enterprises Ltd. (529.15, 10.47%).

Top high volume losers on BSE were Max Healthcare Institute Ltd. (334.60, -4.58%), Vardhman Textiles Ltd. (2,639.95, -4.19%) and ABB India Ltd. (2,101.35, -4.09%).

Grindwell Norton Ltd. (1,837.90, -0.11%) was trading at 12.8 times of weekly average. Timken India Ltd. (2,198.75, 6.47%) and YES Bank Ltd. (12.95, 1.17%) were trading with volumes 10.6 and 10.3 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

10 stocks made 52-week highs, while 1 stock was underachiever and hit their 52-week lows.

Stocks touching their year highs included - Cholamandalam Investment & Finance Company Ltd. (719.85, 3.22%), GHCL Ltd. (531.60, 0.83%) and Sun Pharmaceutical Industries Ltd. (911.60, 2.52%).

Stock making new 52 weeks lows included - Thyrocare Technologies Ltd. (780.25, -0.83%).

33 stocks climbed above their 200 day SMA including EIH Ltd. (139.25, 8.45%) and Motilal Oswal Financial Services Ltd. (892.25, 7.27%). 4 stocks slipped below their 200 SMA including Max Healthcare Institute Ltd. (334.60, -4.58%) and Au Small Finance Bank Ltd. (1,163.40, -1.31%).

Trendlyne Analysis

Nifty 50 extended its gains throughout the day and closed sharply higher with the Indian volatility index, India VIX falling 9.8%. Most Asian stocks closed in the green with Chinese stocks easing after a sell-off on Tuesday. Crude oil prices continue to fall as investors expect positive developments in the Russia-Ukraine ceasefire talks. US indices rallied yesterday ahead of the US Federal Reserve’s monetary policy meeting, to be concluded today. Investors expect the Fed to commence the interest rate hikes despite the uncertainty of the impact of the Russia-Ukraine war on the US economy.

All sectoral indices closed in the green. Nifty Next 50 and Nifty Midcap 100 closed sharply higher, outperforming the benchmark index. Nifty Metal, which shed over 4% on Tuesday, closed in the green. Nifty IT also ended the day in green, tracking the tech-heavy NASDAQ 100, which rose 3.2% yesterday.

Markets rose in today's trading. Nifty 50 closed at 16,975.35 (312.4, 1.9%), BSE Sensex closed at 56,816.65 (1,039.8, 1.9%) while the broader Nifty 500 closed at 14,481.80 (266.0, 1.9%)

Market breadth is overwhelmingly positive. Of the 1,876 stocks traded today, 1,331 were on the uptrend, and 499 went down.

• WABCO India, Sundram Fasteners, Westlife Development, and CG Power and Industrial Solutions trading with higher volumes as compared to Tuesday.

• HDFC Securities maintains a 'Reduce' rating on Jubliant Foodworks but cuts the target price by 27%. The brokerage holds a negative view on the company post the resignation of its CEO Pratik Pota and believes that the execution risk is higher w.r.t its medium-term massive store expansion. HDFC Sec also reduces the profit growth estimates by 4% for next two years.

• Consumer facing companies are trading up with stocks like Havells, Voltas, Aditya Birla Fashion and Retail and Bajaj Electricals rising. The broader sectoral index i.e. BSE Consumer Durables is also trading in green today.

• Unichem Laboratories is rising as it receives approval for abbreviated new drug application of Nebivolol Tablets from the USFDA to market a generic version of Bystolic Tablets, of Allergan Sales, LLC. Nebivolol is used in the treatment of hypertension.

• General Insurance Corporation of India is trading with more than 25 times its weekly average trading volume. The New India Assurance Company, RHI Magnesita and Sundram Fasteners are trading at more than seven times their weekly average trading volumes.

• ICICI Bank rises after it announces a partnership with Emirates Skywards to offer co-branded credit cards in India. These credit cards will allow consumers to earn reward points or miles on travel and lifestyle related spending activities. The company consistently gained market share from HDFC Bank in terms of credit card spends in FY22

• Zomato’s board of directors approve a $150 million loan to Grofers India Private Limited (GIPL) in one or more tranches. This loan to Blinkit (formerly Grofers) will carry an interest rate of 12% or higher per annum for a period of up to one year. Reports suggest that Zomato is in discussions to acquire Blinkit (formerly Grofers) in a share swap deal. Shareholders of Zomato are expected to get 10 Blinkit shares for each held in their company.

• ICICI Securities maintains a ‘Hold’ rating on Mahanagar Gas with a target price of Rs 850, indicating an upside of 9%. The brokerage expects the company to benefit from the proposal by the Maharashtra Government to reduce VAT from 13.5% to 3%, as the company can pass on the benefit to its customers and maintain its prices in the near term.

• Macrotech Developers rises as its arm Lodha Developers International pre-pays $ 170 million (Rs 1,298 crore) of debt after recording its best-ever quarter sales of Rs 1,900 crore from two projects in London

• IT major Infosys is rising as the Board will consider the final dividend for FY22 in the board meeting to be held on April 12 and 13, 2022. The company will also finalize the results for year ended March 31, 2022 in this meeting.

• InterGlobe Aviation is rising as it resumes flights between India and Thailand from Tuesday after a span of two years. The company plans to operate the Thailand flights under air bubble agreement till March 26 and thereafter as part of its scheduled commercial international operations. Previously, the Centre had announced that scheduled commercial international flights will resume in India from March 27.

• Punjab National Bank reports a borrowal fraud of Rs 2,060.1 crore in one of its non-performing asset (NPA) account. The NPA account belongs to M/s IL&FS Tamil Nadu Power Co. Ltd. at Extra Large Corporate Branch at Delhi. The lender has provisions of Rs 824 crore as per prescribed prudential norms. This account was classified as a fraud account by Punjab & Sind Bank in February 2022.

Riding High:

Largecap and midcap gainers today include The New India Assurance Company Ltd. (124.75, 8.76%), General Insurance Corporation of India (122.30, 7.05%) and Nippon Life India Asset Management Ltd. (335.70, 6.28%).

Downers:

Largecap and midcap losers today include MphasiS Ltd. (3,098.00, -2.80%), Kansai Nerolac Paints Ltd. (448.60, -2.06%) and Ruchi Soya Industries Ltd. (1,071.35, -1.78%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included The New India Assurance Company Ltd. (124.75, 8.76%), General Insurance Corporation of India (122.30, 7.05%) and Bharat Dynamics Ltd. (555.10, 6.24%).

Top high volume losers on BSE were TCI Express Ltd. (1,770.40, -2.19%), KEI Industries Ltd. (1,004.25, -1.90%) and Blue Star Ltd. (980.40, -0.23%).

RHI Magnesita India Ltd. (569.85, 4.47%) was trading at 12.3 times of weekly average. Sundram Fasteners Ltd. (862.40, 5.16%) and Balaji Amines Ltd. (3,081.25, 6.23%) were trading with volumes 8.7 and 6.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

6 stocks hit their 52-week highs, while 1 stock were underachiever and hit their 52-week lows.

Stocks touching their year highs included - Cholamandalam Investment & Finance Company Ltd. (697.40, 1.69%), Linde India Ltd. (3,192.40, -1.97%) and Bharat Dynamics Ltd. (555.10, 6.24%).

Stock making new 52 weeks lows included - Thyrocare Technologies Ltd. (786.80, -0.69%).

22 stocks climbed above their 200 day SMA including Century Textiles & Industries Ltd. (804.40, 6.56%) and IDFC Ltd. (58.95, 5.74%). 5 stocks slipped below their 200 SMA including IIFL Finance Ltd. (288.95, -1.01%) and MMTC Ltd. (47.25, -0.94%).