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Trendlyne Analysis

Nifty 50 closed at 20,070.00 (76.8, 0.4%), BSE Sensex closed at 67,466.99 (245.9, 0.4%) while the broader Nifty 500 closed at 17,526.75 (66.2, 0.4%), of the 1,917 stocks traded today, 1,250 showed gains, and 630 showed losses.

Indian indices maintained their gains from the afternoon session and closed in the green, with the Nifty 50 closing above the 20,070 mark. The Indian volatility index, Nifty VIX, rose 1.2% and closed at 11.8 points. India’s Index of Industrial Production or IIP grew to a five-month high of 5.7% in July, up from 3.7% in June, led by robust growth in the mining and power sector.

Nifty Smallcap 100 outperformed the benchmark Nifty 50 index and closed 1% higher. Nifty Metal and Nifty Media closed higher than their Tuesday close. According to Trendlyne's sector dashboard, Telecommunications Equipment was the top-performing sector of the day as it rose 9.4%.

Major Asian indices closed flat or lower, except for India’s BSE Sensex, which closed in the green. European indices traded in the red amid mixed global cues. US index futures traded flat, indicating a cautious start to the trading session. Brent crude oil futures extended their gains from Tuesday and traded in the green for a fourth straight trading session.

• Money flow index (MFI) indicates that stocks like ITI, Cholamandalam Financial Holdings, Indian Railway Finance Corp and TVS Motor are in the overbought zone.

• Can Fin Homes is rising as Jefferies reportedly maintains its ‘Buy’ rating on the stock with a target price of Rs 970, implying an upside of 25%. The brokerage believes that the firm is well-placed to benefit from the rising home loan demand. It points out that the company has tightened internal controls following the Ambala branch fraud case.

• Indiabulls Housing Finance rises after 22.5 lakh shares worth Rs 40.8 crore exchange hands in a large block deal.

• Motilal Oswal maintains its ‘Buy’ rating on ICICI Bank with a target price of Rs 1,150, implying an upside of 16%. The brokerage remains positive about the bank’s prospects due to its healthy growth in the retail segment, robust asset quality, strong balance sheet and improving digital capabilities. It expects the company’s net profit to grow at a CAGR of 17.4% over FY23-25.

• Alkem Laboratories, Titan Company, Ajanta Pharma, Bharti Airtel and Glenmark Pharmaceuticals are trading above their third resistance or R3 levels.

• Supreme Industries, VIP Industries, Ashok Leyland, and Campus Activewear witness a decrease in mutual fund holdings in the past month.

• Rail Vikas Nigam's joint venture with MPCC emerges as the lowest bidder in a Rs 245.7 crore auction held by the Vadodara Division of Western Railway. The bid focuses on civil engineering tasks for a gauge conversion project between Nadiad and Petlad.

• UBS maintains its ‘Buy’ rating on MCX but raises the target price to Rs 2,100 citing strong options volume. The brokerage notes that options trading has been robust in India since August, with an average daily value (ADV) of Rs 87,000-89,000 crore.

  Brokerage firm UBS maintains "buy" rating for Multi Commodity Exchange of India (MCX), raising the target price to Rs 2,100 (up from Rs 1,950 per share).
  
  More details here ????https://t.co/Ej3JgIqmkH#UBS#Markets

  — Moneycontrol (@moneycontrolcom) September 13, 2023

• R R Kabel's Rs 1,964 crore IPO gets bids for 0.3X the available 1.3 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 0.4X the available 66 lakh shares on offer.

• Mining companies like Coal India, Vedanta, MOIL, Nalco and NMDC are rising as the government proposes a 25% incentive to exploration agencies under the National Mineral Exploration Trust to promote exploration of essential minerals.

• Coffee Day Enterprises is rising as it reportedly reaches a settlement with IndusInd Bank to withdraw insolvency litigation. This resolution was addressed in the Chennai bench of NCLAT. Meanwhile, IDBI Trusteeship Services has filed a case against the company for an alleged default of Rs 228.5 crore in the Bengaluru bench of NCLAT.

• India’s Index of Industrial Production or IIP grows to a five-month high of 5.7% in July, up from 3.7% in June, led by robust growth in the mining and power sector.

  India’s factory output rose to a five-month high of 5.7% in July, up from 3.7% in June, driven by strong growth in mining and power, official data showed.
  
  (@RhikKundu reports)https://t.co/rBLqUQwAPI

  — Mint (@livemint) September 13, 2023

• PSU Bank stocks like Punjab National Bank, Central Bank of India, Canara Bank and Union Bank of India are rising in trade. All constituents of the broader Nifty PSU Bank index are also trading in the green.

• GMR Power and Urban Infra is rising as its arm, GMR Smart Electricity Distribution, bags a project worth Rs 2,469.7 crore. The order is from Dakshinanchal Vidyut Vitran Nigam to install 25.2 lakh smart meters in the Dakshinanchal area (Agra and Aligarh zone), Uttar Pradesh.

• GE Power India surges as it wins an order worth Rs 25 crore from Vedanta for the combustion modification of a boiler.

• India’s CPI inflation eases to 6.8% in August compared to 7.4% in July, due to a moderation in food and vegetable prices MoM.  Food inflation declined to 9.9% from 11.5% in July. However, the inflation rate remains above RBI’s tolerance limit of 2-6% for the second consecutive month.

  India's retail #inflation remained higher in August, staying above #RBI's target range.https://t.co/IR3k2wiyk7

  — BQ Prime (@bqprime) September 13, 2023

• Tata Power rises as its subsidiary, Tata Power Solar Systems, signs an MoU with Small Industries Development Bank of India (SIDBI) to offer easy financing to MSMEs for solar adoption. Together they are launching The Big Solar Fest, offering customized & innovative financing solutions with zero processing fees for solar loans. It appears in a screener for stocks with strong momentum.

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

• ICICI Securities upgrades its rating on NMDC to ‘Buy’ from ‘Add’ and raises the target price to Rs 180 from Rs 130. This implies an upside of 30.9%. The brokerage expects the company's sales volumes and production volumes to see robust growth as its focus returns to the mining business after the steel plant demerger. It expects the firm’s revenue to grow at a CAGR of 15.1% over FY23-25.

• Sanjeev Singhal, the Director of Finance at Mazagon Dock Shipbuilders, expects the company’s revenue to grow by 12-15% in FY24, up from the earlier guidance of 10-12%. He adds that its order book stands at 39,000 crore as of June 30, and believes that order visibility will improve in the next 6-12 months.

  #OnCNBCTV18 | Sanjeev Singhal of Mazagaon Docks tells CNBC-TV18 that co expects 12-15% revenue growth in FY24 compared to 10-12% guided earlier, its order book stands at ?39,000 cr as of June 30
  
  Foresee ?2.5 lakh cr potential from next-generation vessels, he adds pic.twitter.com/XvIm4KydmX

  — CNBC-TV18 (@CNBCTV18Live) September 13, 2023

• R R Kabel raises Rs 585.6 crore from anchor investors ahead of its IPO by allotting around 56.6 lakh shares at Rs 1,035 each. Investors include HSBC Global, Elara India Opportunities Fund, Abu Dhabi Investment Authority, TIMF Holdings, HDFC Mutual Fund, Franklin Mutual Fund and Mirae Asset.

• Setu Securities sells a 0.6% stake (16.1 lakh shares) in Shyam Metalics and Energy for nearly Rs 71 crore in a bulk deal on Tuesday.

• NTPC rises as it concludes the unit 1 (800 MW) trial run for the Telangana Super Thermal Power Project's first stage. This project has a total capacity of 2 X 800 MW. NTPC now has a total installed capacity of 57,838 MW. The company appears in a screener of stocks nearing their 52-week highs with significant volumes.

• KEC International bags orders worth Rs 1,012 crore across its various business segments. These projects include the construction of a data centre, the establishment of a manufacturing facility for an FMCG company, transmission & distribution projects, and the supply of cables

Riding High:

Largecap and midcap gainers today include Punjab National Bank (72.55, 8.53%), Indian Overseas Bank (35.00, 8.19%) and GlaxoSmithKline Pharmaceuticals Ltd. (1,542.50, 5.52%).

Downers:

Largecap and midcap losers today include Max Healthcare Institute Ltd. (582.70, -5.78%), Indian Railway Finance Corporation Ltd. (78.90, -4.71%) and Schaeffler India Ltd. (3,295.70, -4.15%).

Movers and Shakers

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

Top high volume gainers on BSE included Indiabulls Housing Finance Ltd. (188.35, 12.18%), Poly Medicure Ltd. (1,424.75, 6.36%) and Ajanta Pharma Ltd. (1,821.25, 6.15%).

KEC International Ltd. (683.15, 2.69%) was trading at 20.2 times of weekly average. Suven Pharmaceuticals Ltd. (518.35, 0.95%) and Restaurant Brands Asia Ltd. (119.00, 2.45%) were trading with volumes 17.9 and 16.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

24 stocks overperformed with 52 week highs,

Stocks touching their year highs included - Ajanta Pharma Ltd. (1,821.25, 6.15%), Aurobindo Pharma Ltd. (902.50, 3.59%) and Axis Bank Ltd. (1,014.45, 1.35%).

7 stocks climbed above their 200 day SMA including Eureka Forbes Ltd. (505.50, 5.87%) and EID Parry (India) Ltd. (519.50, 2.82%). 18 stocks slipped below their 200 SMA including Honeywell Automation India Ltd. (39,344.65, -1.49%) and Sumitomo Chemical India Ltd. (424.50, -1.22%).

Trendlyne Analysis

Nifty 50 closed at 19,993.20 (-3.2, 0.0%), BSE Sensex closed at 67,221.13 (94.1, 0.1%) while the broader Nifty 500 closed at 17,460.55 (-192.8, -1.1%). Market breadth is highly negative. Of the 1,932 stocks traded today, 162 showed gains, and 1,749 showed losses.

Indian indices pared the gains from the afternoon session and closed flat, with the Nifty 50 closing at 19,993. The volatility index, Nifty VIX, rose by 3% and closed at 11.7 points. Coal India has planned a capex of Rs 24,750 crore for 61 First Mile Connectivity (FMC) projects over the next few years.

Nifty Midcap 100 and Nifty Smallcap 100 closed sharply lower, with the benchmark index closing flat. Nifty IT and Nifty Pharma closed higher, compared to Monday’s closing levels. All other sectoral indices closed in the red. According to Trendlyne’s sector dashboard, software & services emerged as the top-performing sector of the day, with a rise of over 0.6%.

Most European indices trade in the red, except for England’s FTSE 100 and Switzerland’s SMI, which are trading in the green. US indices futures trade lower, indicating a negative start. The data released by the German Federal Statistical Office indicate that Germany’s wholesale price index (WPI) for August has increased by 0.2% MoM, against the estimates of a decline of 0.1%. The WPI for July declined by 0.2% MoM.

• Larsen & Toubro sees a long buildup in its September 28 future series as its open interest rises 18.8% with a put-call ratio of 0.8.

• Consumer Electricals company R R Kabel opens for IPO subscription tomorrow. The price band for the issue is Rs 983-1,035 per share. The size of the issue is Rs 1,964 crore, comprising a fresh issue of Rs 180 crore and an offer for sale for Rs 1,784 crore.

• Realty stocks like Indiabulls Real Estate, Prestige Estates Projects, Sobha, Brigade Enterprises and Oberoi Realty are rising in trade. The broader sectoral index, BSE Realty, is also trading in the red.

• CareEdge Ratings projects GRMs (gross refinery margins) of Indian refinery companies to remain in the range of $9-10 per barrel for the rest of FY24. This is despite increasing crude oil prices and possible constraints in the availability of Russian crude.

  CareEdge ratings: India's refiners are expected to maintain gross refinery margins (GRMs) of $9 to $10 per barrel for the remainder of FY24, despite rising #crudeprices & potential restrictions on the supply of Russian crude.https://t.co/f7bvzZgEGW

  — Mint (@livemint) September 12, 2023

• Axis Direct keeps its ‘Buy’ rating on HG Infra Engineering with a target price of Rs 1,140, implying an upside of 19.5%. The brokerage maintains its favourable outlook toward the firm’s prospects due to its robust order book, strong execution capabilities and focus on diversification. It expects the company’s net profit to grow at a CAGR of 19.7% over FY23-25.

• Transport Minister Nitin Gadkari clarifies that the government is not actively considering any proposal on imposing an additional 10% GST on diesel vehicles.

• Media stocks like Dish TV India, TV18 Broadcast, Hathway Cable & Datacom, Navneet Education and Network18 Media and Investments are falling. The broader sectoral index, Nifty Media, is also trading in the red.

• EMS' Rs 321.3 crore IPO gets bids for 75.3X the available 1.1 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 29.8X the available 54.6 lakh shares on offer.

• Jefferies maintains its ‘Hold’ rating on Havells India but raises the target price to Rs 1,420 as it expects the company to expand its network into tier 3 cities and rural areas. It also highlights Llyod’s healthy sales growth. However, it keeps its recommendation as the current valuation already reflects the positives.

  #MarketsWithMC | #Jefferies has retained a 'Hold' rating on Havells India stock while raising the target price from Rs 1,360 to Rs 1,420, which is still lower than the stock's current price of Rs 1,427.5.
  
  Read more ??https://t.co/Fc5kg4o28T#Havells

  — Moneycontrol (@moneycontrolcom) September 12, 2023

• Coal India plans a capex of Rs 24,750 crore for 61 First Mile Connectivity (FMC) projects over the next few years. The total capacity of the projects is 763.5 MTPA and they will be completed in three phases.

• Ajmera Realty & Infra India declines in trade despite receiving an order worth Rs 330 crore to redevelop four residential societies at Yogi Nagar Borivali West, Mumbai. It appears on a screener of volume shocker stocks.

• Hindalco Industries signs a technology partnership with Italy-based Metra SpA to utilise Metra's aluminium extrusion and fabrication technology to construct high-speed rail coaches in India.

• Indian rupee appreciates 10 paise to 82.93 against the US dollar in early trade today, led by a positive trend in domestic equities and foreign fund inflows.

  The #rupee appreciated by 10 paise to 82.93 against the US dollar in early trade on Tuesday, tracking a positive trend in domestic equities and foreign fund inflows.https://t.co/HQwngWutck

  — businessline (@businessline) September 12, 2023

• Auto stocks like Ashok Leyland, Escorts Kubota, Mahindra & Mahindra and Tata Motors are falling as Transport Minister Nitin Gadkari says he will propose imposing an additional 10% tax on diesel engine vehicles.                            

• SpiceJet is falling as it announces its plan to complete the payment of Rs 100 crore to Kal Airways by paying Rs 22.5 crore today, in addition to the Rs 77.5 crore already paid. The company also acknowledges to pay $1.5 million to Credit Suisse as per a court directive. It has already paid a total of $8 million to Credit Suisse as per consent terms.               

• TVS Supply Chain Solutions is falling as its Q1FY24 net loss widens to Rs 65.3 crore from Rs 1.8 crore in Q1FY23. Its revenue also drops by 12.3% YoY on the back of a 35% YoY decline in the network solutions segment. The stock features in a screener for companies with zero promoter pledge.                                                                                        

• Ramesh Iyer, Vice-Chairman & MD of Mahindra & Mahindra Financial Services, says that growth in H2FY24 will be significantly higher than in H1. He anticipates the growth rate to be in the mid-teens for FY24, with disbursal growth similar to FY23 levels. He adds that the NIM guidance of more than 7% will be maintained in the long-term perspective.

  #OnCNBCTV18 | #Growth in #H2 will be much higher than #H1. Expect growth rate around mid-teens. 45% of our book comes from #Mahindra. Retain #NIM#guidance of more than 7% from long-term perspective, says Ramesh Iyer of Mahindra & Mahindra Financial Services pic.twitter.com/vNAikpgKCK

  — CNBC-TV18 (@CNBCTV18Live) September 12, 2023

• Power Grid Corp receives a Letter of Intent to establish an interstate transmission system project in Rajasthan. The company will build, own and operate a 20-gigawatt interstate transmission project. The stock shows up in a screener for companies with Return on Capital Employed (RoCE) improving over the past two years.

• HDFC Mutual Fund buys a 0.6% stake in KNR Constructions for approx Rs 42.4 crore in a bulk deal on Monday.

• Norges Bank sells a 1.1% stake in Mahanagar Gas for approx Rs 111.8 crore in a bulk deal on Monday.

• UBS maintains its ‘Neutral’ rating on Hindustan Unilever with a target price of Rs 2,860. The brokerage expects the company’s volume recovery to be moderate in the near term and the pace of volume recovery to be impacted by the increasing regional competition.

  Brokerage Radar | UBS on #HUL: Maintain 'Neutral'; Heightened regional competition may impact pace of volume recovery pic.twitter.com/m80SuJcNU0

  — ET NOW (@ETNOWlive) September 12, 2023

• Reliance Industries' subsidiary, Reliance Retail Ventures, announces KKR's plan to invest Rs 2,069.5 crore in the company for a 0.3% stake. This will take KKR's holding in the company to 1.4%.

• Power stocks like NHPC, JSW Energy, Bharat Heavy Electricals and Adani Power fall more than 3% in trade. All constituents of the broader BSE Power index are also trading in the red.

• Larsen & Toubro touches its all-time high of Rs 3,009 per share as its board increases the buyback price to Rs 3,200 from Rs 3,000 per share. The board also reduces the number of shares proposed to be bought back to 3.1 crore (or 2.2% stake) from 3.3 crore.

• Lupin is rising as its board of directors approves a business transfer agreement with its subsidiary, Lupin Manufacturing Solutions, for approximately Rs 800 crore. The agreement involves the transfer of the company's active pharmaceutical ingredients (API) manufacturing plants at Dabhasa and Visakhapatnam, and select R&D operatioins.

Riding High:

Largecap and midcap gainers today include Tata Consultancy Services Ltd. (3,580.80, 2.88%), Larsen & Toubro Ltd. (2,944.10, 1.72%) and Infosys Ltd. (1,501.10, 1.67%).

Downers:

Largecap and midcap losers today include Tube Investments of India Ltd. (3,365.60, -8.82%), REC Ltd. (248.35, -8.17%) and JSW Energy Ltd. (397.15, -7.91%).

Volume Shockers

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

Top high volume gainers on BSE included ITI Ltd. (167.25, 12.02%), Blue Dart Express Ltd. (6,628.05, 3.22%) and J B Chemicals & Pharmaceuticals Ltd. (2,924.10, 2.83%).

Top high volume losers on BSE were NLC India Ltd. (128.00, -9.51%), Indiabulls Housing Finance Ltd. (167.90, -9.12%) and SJVN Ltd. (70.35, -8.40%).

Elgi Equipments Ltd. (498.95, 2.09%) was trading at 23.6 times of weekly average. Quess Corp Ltd. (426.10, -0.23%) and Shyam Metalics and Energy Ltd. (437.90, -2.96%) were trading with volumes 8.3 and 7.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

44 stocks made 52 week highs, while 2 stocks hit their 52 week lows.

Stocks touching their year highs included - Adani Power Ltd. (386.30, -3.04%), Alembic Pharmaceuticals Ltd. (751.05, -1.80%) and Axis Bank Ltd. (1,000.90, 0.05%).

Stocks making new 52 weeks lows included - Bajaj Electricals Ltd. (1,132.10, -3.24%) and Vedanta Ltd. (231.80, -2.73%).

4 stocks climbed above their 200 day SMA including Blue Dart Express Ltd. (6,628.05, 3.22%) and Honeywell Automation India Ltd. (39,858.20, 1.25%). 20 stocks slipped below their 200 SMA including Sterlite Technologies Ltd. (162.65, -7.40%) and Eureka Forbes Ltd. (479.60, -5.97%).

Trendlyne Analysis

Nifty 50 closed at 19,996.35 (176.4, 0.9%) , BSE Sensex closed at 67,127.08 (528.2, 0.8%) while the broader Nifty 500 closed at 17,653.35 (165.9, 1.0%) of the 1,960 stocks traded today, 1,034 were on the uptick, and 879 were down.

Indian indices extended their gains from the afternoon session and closed in the green. The benchmark Nifty 50 index hit its new all-time high and breached the 20,000 mark but settled just below it at 19,996.4 points. The Indian volatility index fell 1.6% and closed at 11.4 points. The Society of Indian Automobile Manufacturers (SIAM) reported a 0.6% YoY rise in two-wheeler sales to 15.7 lakh units in August, while passenger vehicle sales increased by 9.4% YoY to reach 3.6 lakh units.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, outperforming the benchmark index. Nifty Auto and Nifty Energy closed higher than their Friday close. According to Trendlyne’s sector dashboard, Telecommunications Equipment was the top-performing sector of the day as it rose 7.1%.

Major European indices traded in the green, despite the Asian indices closing mixed. US index futures traded higher, indicating a positive start to the trading session. Brent crude oil futures traded lower after closing in the green on Friday.

• Money flow index (MFI) indicates that stocks like BSE, Cochin Shipyard, Coal India and Indian Railway Finance Corp are in the overbought zone.

• Automobile stocks like Tube Investments of India, Sona BLW Precision Forgings, Maruti Suzuki India, Samvardhana Motherson International and Hero MotoCorp are rising in trade. All the constituents of the broader sectoral index, Nifty Auto, are also trading in the green.

• Medplus Health Services, Coforge, Suzlon Energy and BSE witness an increase in mutual fund holdings in the past month.

• Geojit BNP Paribas upgrades its rating on Equitas Small Finance Bank to ‘Buy’ from 'Hold' and raises the target price to Rs 102 from Rs 74. This implies an upside of 16.8%. The brokerage believes the bank’s growth will be driven by strong business growth, investments in technology, product innovations and improving asset quality. It expects the bank’s net profit to grow at a CAGR of 29.9% over FY23-25.

• Railway companies like Rail Vikas Nigam, Indian Railway Finance Corporation and Ircon International touch their 52-week highs following the US-EU agreement on the Mideast-India Rail and Shipping Corridor at the G-20.

  Railway Stocks News: Rail stocks surge as US, EU, and India agree on the Mideast-India Rail and Shipping Corridor at the #G20Summit.https://t.co/iv7HFkuaWe

  — Mint (@livemint) September 11, 2023

• Tata Consultancy Services is rising as it enters a partnership with Dassault Systems to refine its model and simulation to develop accurate, personalized digital human heart models for the Living Heart project.

• HFCLrises as its subsidiary HTL bags an order worth Rs 82.6 crore from domestic telecom service providers for the supply of optical fiber cables. It appears on a screener for stocks with high TTM EPS growth.

• EMS' Rs 321.3 crore IPO gets bids for 15X the available 1.1 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 16.6X the available 54.6 lakh shares on offer.

• KV Pradeep, MD of Olectra Greentech, says that the company currently has around 9,000 bus orders valued at more than Rs 10,000 crore. He adds that their plan to deliver 1,200 buses in FY24 and over 2,500 buses in FY25 is on track, and they are seeking tenders for around 10,000 buses.

  Olectra Greentech says
  
  Delivery of buses
  FY24 ????1200 buses ????
  FY25 ????2500+ buses ????
  
  Average revenue per bus is ?1.5 cr/bus
  
  ????Will maintain margins around 10%-12%#StockMarket#ElectricVehiclehttps://t.co/bhtEdFNdEF

  — Nigel D'Souza (@Nigel__DSouza) September 11, 2023

• Utilities stocks like SJVN, JSW Energy, Gujarat Industries Power and Adani Power surge more than 7% in trade. The broader S&P BSE Utiliti index is trading 2% higher.

• ITI surges as it develops a laptop and micro PC. Branded as ‘SMAASH’, the products have already been deployed in the market, and ITI has won many tenders.

• ICICI Securities maintains its ‘Buy’ rating on GAIL (India) and raises the target price to Rs 154 from Rs 149. This implies an upside of 21.2%. The brokerage believes that the company will grow in the coming two to three years, driven by the increasing domestic gas supplies, LNG liquefaction capacity, and the normalisation of LPG prices.

• Mutual Funds' net equity inflow surges MoM to Rs 20,161 crore in August, according to data released by the Association of Mutual Funds in India (AMFI).

  August Mutual Fund Data | Net Equity Inflow at ?20,161 cr vs ?7,505 cr Inflows (MoM)
  
  Alert: August Equity Inflows highest in last 5 months #MutualFund#MutualFundData#AugustMutualFundData#AMFIpic.twitter.com/RidzPhBL4e

  — CNBC-TV18 (@CNBCTV18Live) September 11, 2023

• Telecom stocks like ITI, Vodafone Idea, Tata Teleservices (Maharashtra), Tata Communication andIndus Towers are rising in trade. The broader sectoral index, S&P BSE Telecom, is also trading in the green.

• Tata Communications touches a new 52-week high as reports suggest that it has signed an agreement with the US-based chipmaker Nvidia to assist the company in establishing an AI cloud in India. It aims to supply crucial infrastructure to support the next generation of computing. This partnership will enable swift data processing for businesses. It appears in a screener of stocks with strong momentum.

• Coffee Day Enterprises plunges more than 10% as IDBI Trusteeship Services files an insolvency and bankruptcy plea before the National Company Law Tribunal. The move comes after the company defaults on a loan worth Rs 228.4 crore owed to IDBI Trusteeship.

• Reliance Industries is rising as reports suggest that it has partnered with the US-based chipmaker Nvidia to set up cloud-based AI Infrastructure in India. Nvidia will provide Reliance Jio Infocomm access to its most advanced cloud-based supercomputing service to build AI applications.

• The Society of Indian Automobile Manufacturers (SIAM) reports a 0.6% YoY rise in two-wheeler sales to 15.7 lakh units in August, while passenger vehicle sales increase by 9.4% YoY to reach 3.6 lakh units.

  Passenger vehicle sales in August rise 9.4% to 3,59,228 units year-on-year.
  
  For the latest news and updates, visit: https://t.co/gXeGqKPzihpic.twitter.com/afUYoIgW40

  — BQ Prime (@bqprime) September 11, 2023

• SJVN surges as its arm, SJVN Green Energy, inks a power purchase agreement with Bhakra Beas Management Board for 18 MW solar power.

• Ratnaveer Precision Engineering’s shares debut on the bourses at a 25.7% premium to the issue price of Rs 98. The Rs 165 crore IPO has received bids for 94 times the total shares on offer.

• Rishabh Instruments’ shares debut on the bourses at a 4.3% premium to the issue price of Rs 441. The Rs 490.8 crore IPO has received bids for 31.6 times the total shares on offer.

• Citi maintains its 'Sell' rating on Persistent Systems with a target price of Rs 3,790. The brokerage believes that its Q2FY24 results will likely be muted compared to expectations. Although the company has fared well in recent months, the stock price does not account for the near-term downturn. It also keeps the stock on a 90-day downside catalyst watch.

  Brokerage Radar | @Citi on Persistent Systems: Maintain 'Sell': Stock is not factoring near-term softness – decision making has not improved pic.twitter.com/OZUWBVIvq5

  — ET NOW (@ETNOWlive) September 11, 2023

• IDFC First Bank is rising as GQG Partners acquires 5.1 crore shares of the bank from V Vaidyanathan, the MD & CEO of the bank, in a block deal worth Rs 478.7 crore. Vaidyanathan plans to use the proceeds from the deal to increase his stake in the bank to 1% from 0.6% by exercising stock options.

• PSU banks like Bank of India, Canara Bank, Indian Overseas Bank, Union Bank of India, Bank of Maharashtra and Punjab National Bank are rising in trade. All constituents of the broader sectoral index, Nifty PSU Bank, are also trading in the green.

• Anand Vijay Sankeshwar, the promoter of VRL Logistics, sells 35 lakh shares (4% stake) of the company for Rs 238.4 crore on Friday. SBI Mutual Funds buys 19.3 lakh shares (2.2% stake) for Rs 131.4 crore.

Riding High:

Largecap and midcap gainers today include Tube Investments of India Ltd. (3,691.25, 11.42%), Indian Railway Finance Corporation Ltd. (84.75, 9.92%) and JSW Energy Ltd. (431.25, 9.30%).

Downers:

Largecap and midcap losers today include Star Health and Allied Insurance Company Ltd. (654.85, -1.57%), United Breweries Ltd. (1,658.00, -1.31%) and Indian Railway Catering & Tourism Corporation Ltd. (717.40, -1.12%).

Volume Shockers

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

Top high volume gainers on BSE included SJVN Ltd. (76.80, 20.00%), ITI Ltd. (149.30, 19.97%) and Infibeam Avenues Ltd. (18.50, 14.91%).

Top high volume losers on BSE were Natco Pharma Ltd. (813.30, -7.76%), Shyam Metalics and Energy Ltd. (451.25, -3.54%) and Mahanagar Gas Ltd. (1,051.70, -0.47%).

Praj Industries Ltd. (591.65, 14.12%) was trading at 5.8 times of weekly average. Quess Corp Ltd. (427.00, 0.05%) and Computer Age Management Services Ltd. (2,604.60, 5.68%) were trading with volumes 5.8 and 5.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

78 stocks overperformed with 52 week highs,

Stocks touching their year highs included - AIA Engineering Ltd. (3,803.00, 2.14%), Axis Bank Ltd. (1,000.40, 2.05%) and Bank of Maharashtra (44.30, 5.35%).

9 stocks climbed above their 200 day SMA including Infibeam Avenues Ltd. (18.50, 14.91%) and Adani Enterprises Ltd. (2,614.95, 3.80%). 1 stock slipped below their 200 SMA including Chambal Fertilisers & Chemicals Ltd. (284.05, 0.21%).

Trendlyne Analysis

Nifty 50 closed at 19,819.95 (92.9, 0.5%), BSE Sensex closed at 66,598.91 (333.4, 0.5%) while the broader Nifty 500 closed at 17,487.45 (102.0, 0.6%), of the 1,911 stocks traded today, 962 showed gains, and 906 showed losses.

Indian indices extended the gains from afternoon session and closed in the green, with the Nifty 50 closing at 19,820. The volatility index, Nifty VIX, dropped by 0.8% and closed at 10.8 points. Exide Industries invests Rs 100 crore in its subsidiary Exide Energy Solutions (EESL) by rights issue. EESL is involved in manufacturing advanced chemistry battery cells.

Nifty Midcap 100 and Nifty Smallcap 100 closed higher following the benchmark index. Nifty Realty and Nifty Infra closed sharply higher, compared to Thursday’s closing levels. According to Trendlyne’s sector dashboard, coal emerged as the top-performing sector of the day, with a rise of over 2.4%.

Most European indices trade in the red. US indices futures trade lower, indicating a negative start. The data released by the German Federal Statistical Office indicated that Germany’s consumer price index (CPI) for August increased by 6.1% YoY, in line with market expectations. The CPI for July stood at 6.2%.

• Relative strength index (RSI) indicates that stocks like BSE, MMTC, Cochin Shipyard and Coal India are in the overbought zone.

• Indian Railway Catering & Tourism Corporation (IRCTC) rises as the Ministry of Railways has determined that catering services for all coaches and trains reserved under the full tariff rate (FTR) will be provided by IRCTC. The customers must exclusively arrange catering services through IRCTC for special coaches and trains, except when booking FTR trains with a pantry car.

• Axis Direct maintains its ‘Buy’ rating on Birla Corp and raises the target price to Rs 1,400 from Rs 1,250. This implies an upside of 9.3%. The brokerage expects the firm’s operating performance to improve on the back of a healthy demand environment, ramp up in production capacity, and increase in sales of premium products.

• Landmark Cars is surging as it announces the signing of a letter of intent with Mahindra & Mahindra (M&M) to open a dealership in Howrah, West Bengal. The deal will include the sale and after-sale of M&M’s vehicles, catering to the regions of Howrah, Hooghly, Kolkata, North 24 Parganas, and South 24 Parganas.

• Brent crude price falls by 0.4% to $89.59 per barrel amid concerns about slow global demand. Earlier in the week, the price reached a 10-month high as Saudi Arabia and Russia extended their voluntary supply curbs through the end of the year.

  Oil prices fell for a second day amid global demand concerns, though they remained poised for a second consecutive weekly increase.
  
  Read on????https://t.co/WHiPY8VBjE#CrudeOil#UAE#GulfCountries#PetrolDieselPrice

  — Moneycontrol (@moneycontrolcom) September 8, 2023

• EMS' Rs 321.3 crore IPO gets bids for 3.7X the available 1.1 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 4.7X the available 54.6 lakh shares on offer.

• Puneet Chhatwal, MD and CEO of Indian Hotels Co, expects inbound tourism to improve and recover to pre-covid levels from November. He says the upcoming festive season, the cricket World Cup and the opening of new hotels in Tier 2 and 3 cities will drive occupancies and rates for hotels.

  We are expecting November or December of this year to get back to pre-Covid level of inbound tourism, says Puneet Chhatwal, MD & CEO, Indian Hotelshttps://t.co/fR0QpyZJ9W

  — ETMarkets (@ETMarkets) September 8, 2023

• Jupiter Life Line Hospitals' Rs 869.1 crore IPO gets bids for 63.7X the available 85 lakh shares on offer on the third day of bidding. The retail investor quota gets bids for 7.7X the available 42.9 lakh shares on offer.

• Realty stocks like Sobha, Macrotech Developers, Mahindra Lifespace Developers and DLF are rising in trade. The broader sectoral indices, Nifty Realty and BSE Realty, are also trading in the green.

• PB Fintech rises as reports suggest that the company is looking to enter into the insurance manufacturing market. Following necessary approvals, the company will move up in the value chain from being an insurance aggregator. The company appears in a screener of stocks with strong momentum.

• BSE sees four analyst target price upgrades and two recommendation upgrades in the past month. Bharat Forge, Berger Paints, Astral and ABB India see three analyst target price upgrades over the same time period.

• According to a poll of economists, retail inflation in India may have decreased to 7% in August, from a 15-month high of 7.44% in July, due to a decline in vegetable prices from their recent highs.

  India’s #retailinflation likely eased to 7% in August from July’s 15-month high of 7.44% as vegetable prices cooled off from recent highs, according to the median of estimates by 18 economists in a Mint poll.
  
  (@ManjulPaul reports)
  
  Read more: https://t.co/tsxgXYAUyDpic.twitter.com/fhnhx39VhK

  — Mint (@livemint) September 8, 2023

• Shipping stocks likeMazagon Dock Shipbuilders, Great Eastern Shipping Co, Shipping Corp of India and Seamec are rising in trade. The broader shipping industry is also trading in the green.

• Sanofi India's annual return on equity (RoE) stands at 48.6% in FY24, showing a rise of 32.5 percentage points over the past five years.

• HDFC Securities maintains its ‘Buy’ rating on Sobha and raises the target price to Rs 1,024 from Rs 935. This implies an upside of 52.7%. The brokerage is optimistic about the firm’s prospects on the back of new launches, declining debt and healthy cash-flow generation. It also believes that the stock is trading at an attractive valuation and sees the company’s revenue growing at a CAGR of 11.3% over FY23-26.

• Tata Power Co rises over 3% in trade and touches a new 52-week high today. According to reports, 52.5 lakh shares (0.2% equity) of the company, amounting to Rs 155 crore, have changed hands.

  Tata Power Large Trade | 52.5 lakh shares (0.2% equity) worth ?155 cr change hands at ?270/sh#TataPower#LargeTradepic.twitter.com/k51I0OqeZk

  — CNBC-TV18 (@CNBCTV18Live) September 8, 2023

• Tejas Networks rises to an all-time high of Rs 934.9 as it receives a mobilization advance payment of Rs 750 crore from Tata Consultancy Services. This payment is for the supply of radio access network equipment for BSNL’s 4G/5G network. The company appears in a screener of stocks with improving net cash flow.

• Natco Pharma declines as it is named a defendant in a US antitrust lawsuit. The lawsuit is filed by Blue Cross & Blue Shield of Louisiana and HMO Louisiana, regarding Pomalidomide. It appears in a screener for companies with their current TTM PE ratios less than the 3-year, 5-year and 10-year PE.

• CLSA maintains its 'Buy' rating on Bharti Airtel with a target price of Rs 1,100. The brokerage believes that there has been a significant increase in data customers and postpaid subscribers. It highlights that the company's market share has improved significantly.

  Brokerage Radar | CLSA Bullish on Bharti Airtel: Strong growth potential with target price of Rs 1,100 pic.twitter.com/FqySyMNKsr

  — ET NOW (@ETNOWlive) September 8, 2023

• Power stocks like Tata Power Co, NTPC, JSW Energy, CG Power and Industrial Solutions and Bharat Heavy Electricals are rising. Barring NHPC, all other constituents of the broader sectoral index, BSE Power, are also trading in the green.

• Mazagon Dock Shipbuilders rises to an all-time high of Rs 2280 as it signs a master ship repair agreement with the US Government. The company appears in a screener of stocks with strong annual EPS growth.

• Exide Industries rises to a new 52-week high of Rs 276.9 as it invests Rs 100 crore in its subsidiary, Exide Energy Solutions (EESL), through a rights issue. EESL is involved in manufacturing advanced chemistry battery cells. The company appears in a screener of stocks with strong momentum.

• Reserve Bank of India approves the appointment of Dipak Gupta as the interim Managing Director and CEO of Kotak Mahindra Bank for a period of two months, with effect from September 2. The stock shows up in a screener for companies with high TTM EPS growth.

Riding High:

Largecap and midcap gainers today include Power Finance Corporation Ltd. (305.10, 12.23%), REC Ltd. (270.15, 10.02%) and Havells India Ltd. (1,450.25, 5.83%).

Downers:

Largecap and midcap losers today include Zee Entertainment Enterprises Ltd. (277.15, -2.19%), NHPC Ltd. (52.80, -2.13%) and General Insurance Corporation of India (225.00, -2.07%).

Volume Shockers

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

Top high volume gainers on BSE included Bombay Burmah Trading Corporation Ltd. (1,276.70, 15.31%), Power Finance Corporation Ltd. (305.10, 12.23%) and Sobha Ltd. (682.15, 10.89%).

Top high volume loser on BSE was Honeywell Automation India Ltd. (39,000.00, -0.36%).

Graphite India Ltd. (518.30, 8.05%) was trading at 21.8 times of weekly average. HEG Ltd. (1,821.15, 3.62%) and Sunteck Realty Ltd. (401.15, 7.14%) were trading with volumes 16.6 and 14.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

69 stocks made 52 week highs,

Stocks touching their year highs included - Bank of Maharashtra (42.05, -0.59%), Bharat Electronics Ltd. (143.30, 2.47%) and Bharat Heavy Electricals Ltd. (145.30, 5.52%).

6 stocks climbed above their 200 day SMA including Infibeam Avenues Ltd. (16.10, 8.05%) and Indian Energy Exchange Ltd. (142.00, 2.90%). 1 stock slipped below their 200 SMA including Chambal Fertilisers & Chemicals Ltd. (283.45, -1.51%).

Trendlyne Analysis

Nifty 50 closed at 19,727.05 (116, 0.6%), BSE Sensex closed at 66,265.56 (385.0, 0.6%) while the broader Nifty 500 closed at 17,385.50 (100.9, 0.6%). Of the 1,923 stocks traded today, 1,137 were gainers and 757 were losers.

Indian indices extended their gains from the afternoon session and closed in the green, with the Nifty 50 rising above the 19,700 mark. The Indian volatility index, Nifty VIX, rose 1.8% and closed at 10.9 points. Hitachi Energy closed 3.1% higher after it won a contract from Ayana Renewable Power to provide a grid connection solution to its upcoming 300 MW solar power plant in Rajasthan.

Nifty Smallcap 100 and Nifty Midcap100 closed in the green, taking cues from the benchmark index. Nifty Bank and Nifty Energy closed higher than their Wednesday close. According to Trendlyne's sector dashboard, Coal was the top-performing sector of the day as it rose 6.6%.

Major Asian indices closed in the red, except for India’s BSE Sensex, which closed in the green. European indices recovered from their day lows and traded higher. However, US index futures traded in the red, indicating a negative to the trading session. Brent crude oil futures traded lower after rising for seven consecutive trading sessions.

• Money flow index (MFI) indicates that stocks like BEML, MMTC, HFCL and Triveni Engineering & Industries are in the overbought zone.

• Power Mech Projects is rising as it bags two contracts worth Rs 625.2 crore. The first contract, worth Rs 229.2 crore, comes from Hindustan Zinc to operate and maintain a captive power plant in Rajasthan. The second, valued at Rs 396 crore, is from Vedanta to erect, test and commission a boiler, generator and turbine at the firm’s power plant in Chhattisgarh.

• GAIL (India) plans to secure around 20-25% of its LNG supply on a short-term or spot market basis to address seasonal demand or volatility.

  .@gailindia, the state-run natural gas distributor, expects to secure about 20% to 25% of its supply of liquefied natural gas (LNG) on a short-term or spot market basis. https://t.co/bvyd5CprmM

  — Mint (@livemint) September 7, 2023

• United Breweries appoints Vivek Gupta as its Managing Director and Chief Executive Officer, effective from September 25, subject to approvals.

• Hitachi Energy is rising on the back of winning a contract from Ayana Renewable Power to provide a grid connection solution to its upcoming 300 MW solar power plant in Rajasthan. The stock shows up in a screener for companies with book value per share increasing over the past two years.

• Jupiter Life Line Hospitals' Rs 869.1 crore IPO gets bids for 1.9X the available 85 lakh shares on offer on the second day of bidding. The retail investor quota gets bids for 2.2X the available 42.9 lakh shares on offer.

• SBI Life, HDFC Life and Max Life’s new business premiums rise by over 15% in August, while ICICI Prudential and LIC see a decline. Meanwhile, retail APE (annual premium equivalent) has increased for all five firms.

  August Life Insurance Business Update | #HDFC Life: New Biz Premium Up 24.9% YoY; Retail APE Up 16% YoY
  
  ?? #LIC: New Biz Premium Down 34.7% YoY; Retail APE Up 3% YoY#LifeInsurance#LifeInsuranceUpdate#BusinessUpdate
  
  Here’s more???? pic.twitter.com/wljtEDOwTL

  — CNBC-TV18 (@CNBCTV18Live) September 7, 2023

• Angel One, Dr. Reddy's Laboratories, Craftsman Automation, Apar Industries and Mangalore Refinery And Petrochemicals outperform their industries in terms of annual growth and capital returns.

• HCL Technologies touches a new 52-week high as it gets selected by Siemens to accelerate a cloud-led digital transformation. This partnership aims to support Siemens in innovating and scaling effortlessly on a strong cloud foundation. It appears on a screenerfor stocks with strong momentum.

• Nazara Technologies falls despite raising funds from SBI Mutual Funds on a preferential issue basis. The company will issue 57.4 lakh shares at an average price of Rs 714 per share for Rs 409.9 crore to SBI Mutual Fund. It appears in a screener of stocks with improving RoE.

• Larsen & Toubro touches a new 52-week high as it reportedly bags two orders worth approximately Rs 33,260 crore from Saudi Aramco, as part of the second expansion phase of its Jafurah unconventional gas production project.

  #Larsen and Toubro Ltd has bagged two orders worth nearly $4 billion from #SaudiAramco, as per reports.
  
  Details ??https://t.co/saN0NL8iKw#Construction

  — Moneycontrol (@moneycontrolcom) September 7, 2023

• RHI Magnesita India rises as the Competition Commission of India (CCI) approves the acquisition of a 29.9% stake in RHI Magnesita NV by the US-based Rhone Capital. The company appears in ascreener of stocks with no promoter pledge.

• Motilal Oswal re-initiates coverage on Voltas with a ‘Buy’ rating and a target price of Rs 1,000. This implies an upside of 11.8%. The brokerage expects the company to retain its market share of over 21% in the coming years due to its leadership position in the room air-conditioning segment. It anticipates the company's long-term growth to be fueled by increasing sales volumes and a strong order book in the electrical, mechanical and plumbing solutions segment.

• Strides Pharma Science rises in trade as it's board approves to acquire 100% shareholding in Strides Pharma Services (SPSPL) in a deal worth Rs 5 lakh. It appears in a screenerof stocks with strong momentum.

• Varroc Engineering rises to a new 52-week high of Rs 451.9, as it enters into a power purchase agreement with AMP Energy for special purpose vehicles (SPVs) worth Rs 13.1 crore. This agreement involves the acquisition of a 26% stake in the SPVs for establishing renewable energy power plants with a capacity of 33.1 MWp in Maharashtra. The company appears in a screener of stocks with strong momentum.

• Anupam Rasayan India appoints Gopal Agrawal as Chief Executive Officer of the company, with effect from September 11, 2023.

• Morgan Stanley gives an "Overweight" rating to Bank of Baroda with a target price of Rs 235. The brokerage believes that the bank's margins have increased in FY23 but will moderate due to funding costs. The firm's management reiterates its loan growth projection of 14-15% YoY for FY24 and foresees higher employee costs due to wage hike-related contingencies.

  Here's what #MorganStanley makes of #BankofBaroda.
  
  For more, visit our Research Reports section:https://t.co/x9gNkEkYp6pic.twitter.com/FWXCrkYUJD

  — BQ Prime (@bqprime) September 7, 2023

• Responsive Industries is surging as it bags a contract for the Garib Rath initiative from the Indian Railways. This comes after the firm won orders for the Vandhe Bharat trains in August. The stock shows up in a screener for companies with low debt.

• Power Finance Corp rises as it sets September 21, 2023, as the record date for a bonus issue of equity shares in a 1:4 ratio.

• Smallcap World Fund sells a 0.6% stake in Aavas Financiers for approx Rs 75.1 crore in a bulk deal on Wednesday.

• Nomura expects revenue growth of IT companies to pick up in FY25 on the back of large deals. The brokerage remains cautious about the IT sector due to the limited visibility of a significant improvement in the discretionary demand for IT services. It maintains a 'Reduce' rating on TCS, while it has 'Neutral' ratings on Infosys, Wipro, HCL Tech, and others.

  Brokerage Radar | @Nomura's insight on IT sector: Balancing growth prospects with margin challenges???? pic.twitter.com/a98A31ctn7

  — ET NOW (@ETNOWlive) September 7, 2023

• Tata Consumer Products falls as it clarifies on Wednesday that it is not in negotiations to buy a 51% stake in Haldiram.

• Force Motors rises as its wholesales for August 2023 improve by 47.1% YoY to 3,276 units. Its domestic wholesales and exports also increase by 43.5% YoY and 63% YoY respectively.

• Adani Total Gas surges after securing an order from Ahmedabad Municipal Corporation to build and operate a 500-tonne per day (TPD) Bio-CNG plant. The project is a 20-year concession-based public-private partnership in Pirana/Gyaspur, Ahmedabad. The company appears in a screener of stocks with improving cash flow from operations.

• Tata Consultancy Services inks an agreement with Jaguar Land Rover to transform, simplify, and help manage its digital estate. The new partnership is valued at 800 million pounds (Rs 8,313.5 crore) over the next five years.

Riding High:

Largecap and midcap gainers today include Coal India Ltd. (274.00, 7.11%), Indian Railway Finance Corporation Ltd. (73.15, 6.40%) and Power Finance Corporation Ltd. (271.85, 5.57%).

Downers:

Largecap and midcap losers today include APL Apollo Tubes Ltd. (1,727.20, -3.53%), Tata Consumer Products Ltd. (858.70, -2.30%) and Polycab India Ltd. (5,185.40, -2.05%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Cochin Shipyard Ltd. (1,146.15, 20.00%), Mazagon Dock Shipbuilders Ltd. (2,087.90, 9.54%) and Asahi India Glass Ltd. (595.05, 8.00%).

Great Eastern Shipping Company Ltd. (815.50, 5.70%) was trading at 25.5 times of weekly average. FDC Ltd. (401.45, 4.16%) and RHI Magnesita India Ltd. (762.20, 4.92%) were trading with volumes 11.0 and 10.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

50 stocks took off, crossing 52-week highs,

Stocks touching their year highs included - Bharat Forge Ltd. (1,106.35, 0.67%), Castrol India Ltd. (160.15, 3.19%) and Coal India Ltd. (274.00, 7.11%).

11 stocks climbed above their 200 day SMA including Deepak Fertilisers & Petrochemicals Corporation Ltd. (659.25, 4.31%) and Page Industries Ltd. (42,440.75, 4.01%). 2 stocks slipped below their 200 SMA including Uflex Ltd. (453.40, -1.25%) and Britannia Industries Ltd. (4,528.00, -0.90%).

Trendlyne Analysis

Nifty 50 closed at 19,611.05 (36.2, 0.2%) , BSE Sensex closed at 65,880.52 (100.3, 0.2%) while the broader Nifty 500 closed at 17,284.60 (32.5, 0.2%), of the 1,932 stocks traded today, 975 were in the positive territory and 918 were negative.

Indian indices recovered from their day lows and closed marginally higher, with the Nifty 50 rising above the 19,600 mark. The Indian volatility index, Nifty VIX, fell 1.3% and closed at 10.7 points. Syrma SGS Technology rose 4.5% and hit its all-time high after the company acquired a 51% stake in Johari Digital Healthcare for Rs 229.5 crore.

Nifty Smallcap 100 and Nifty Midcap 100 closed flat, despite the benchmark index closing in the green. Nifty FMCG and Nifty Pharma closed higher than their Tuesday close. According to Trendlyne's sector dashboard, Fertilizers was the top-performing sector of the day as it rose 6.1%.

Major European indices traded in the red. Asian indices closed flat or lower, except for India’s BSE Sensex and Japan’s Nikkei 225 index, which closed in the green. US index futures traded lower, indicating a negative start to the trading session.

• Lupin sees a long buildup in its September 28 future series as its open interest rises 16.5% with a put-call ratio of 0.8.

• Tata Consumer Products rises as reports suggest that it may acquire at least 51% stake in Haldiram's. Haldiram's expects a valuation of $10 billion (Rs 83,142.8 crore) for this acquisition, which Tata Consumer Products deems too high. The company appears in a screener of stocks with low debt.

• HDFC Securities upgrades its rating on Mahanagar Gas to ‘Buy’ from ‘Add’ and raises the target price to Rs 1,210 from Rs 1,170. This implies an upside of 12.6%. The brokerage believes that the stock is trading at an attractive valuation. It also expects the company to maintain peer-leading margins and witness volume growth.

• Syrma SGS Technology rises to an all-time high of Rs 588 as it acquires a 51% stake in Johari Digital Healthcare for Rs 229.5 crore. This acquisition will expand Syrma SGS's offerings in the field of electro-medical devices. The company appears in a screener of stocks with low debt.

• JM Financial touches its 52-week high as 1.28 crore shares (1.34% equity), amounting to Rs 116.8 crore, reportedly change hands in a large trade.

  #JMFinancial has 1.28 crore shares change hands in a large trade. #BQStocks
  
  Read latest #stockmarket updates: https://t.co/STzIUiLjb2pic.twitter.com/qxR0j9vUZN

  — BQ Prime (@bqprime) September 6, 2023

• ICICI Securities maintains its ‘Buy’ rating on Five-Star Business Finance with a target price of Rs 860, implying an upside of 20.2%. The brokerage is optimistic about the firm’s prospects due to healthy growth in its assets under management, robust underwriting process and focus on branch expansion. It expects the company’s net profit to grow at a CAGR of 26% over FY23-25.

• Jupiter Life Line Hospitals' Rs 869.1 crore IPO gets bids for 0.9X the available 85 lakh shares on offer on the first day of bidding. The retail investor quota gets bids for 1.1X the available 42.9 lakh shares on offer.

• Ratnaveer Precision Engineering's Rs 165 crore IPO gets bids for 94X the available 1.2 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 54X the available 58.9 lakh shares on offer.

• Sanjay Agarwal, Managing Director of AU Smal Finance Bank, anticipates the bank’s deposits to increase by around 25-27% and assets to grow around 26-27% in FY24. He adds that its NIM will likely improve in the next 12-18 months as the interest rate cycle turns.

  Believe we will #grow our deposits in the range of 25-27% in #FY24. Expect our assets to grow in a similar range of 26-27%. NIM is the biggest challenge as 65% of our assets are fixed, says Sanjay Agarwal, AU Small Finance Bank To CNBC-TV18 pic.twitter.com/7l0cl6a3Dl

  — CNBC-TV18 (@CNBCTV18Live) September 6, 2023

• SpiceJet surges as it allots 3.4 crore equity shares and 13.1 crore warrants to its promoter, Spice Healthcare, on a preferential basis.

• Tata Power's subsidiary, Tata Power Renewable Energy, partners with Tata Motors to develop a 12 MWp solar project at Tata Motors CVBU (Commercial vehicle) manufacturing facility in Pune. This 12 MWp will add to the existing 8.7 MWp, resulting in a total of 20.7 MWp.

• Sugar companies like Shree Renuka Sugars, EID Parry, Balrampur Chinni Mills and Triveni Engineering & Industries are rising. The broader sugar industry is also trading in the green.

• Padam Kumar Jain, the CFO & Whole Time Director of Sarda Energy & Minerals, says that long steel demand has been high, with current prices over Rs 3,000 per tonne. Pellet prices have also rebounded to Rs 10,300 per tonne. He adds that their hydropower plant's EBITDA will range between Rs 240 core and Rs 250 crore in FY24.

  Sarda Energy says
  
  ????Demand for long steel has been strong, prices +3k/tn
  ????Pellet prices recovered to ?10300/tn
  ????Hydro power plant EBITDA will hit ?240-250 cr in FY24
  ????SKS matter is reserved , expect a favorable verdict#StockMarkethttps://t.co/mZYYdUiLfM

  — Nigel D'Souza (@Nigel__DSouza) September 6, 2023

• Life Insurance Corporation of India, United Spirits, Page Industries, Syngene Internationaland Voltas are trading above their third resistance or R3 levels, despite market trading in the red.

• Best Agrolife rises as its subsidiary, Seedlings India, receives a 20-year patent from the government for a synergistic pesticidal composition effective against fungal diseases in rice crops. The company appears in a screener of stocks with improving RoA.

• ICICI Prudential Mutual Fund sells 14.5 lakh shares (2.2% stake) of LIC Housing Finance on September 4, 2023.

• RBI Governor Shaktikanta Das says the central bank remains focused on bringing down inflation to 4%. He highlights that CPI inflation, which reached 7.4% in July, has started to moderate.

  The central bank is committed to bring down #inflation to 4%, says RBI Governor #ShaktikantaDas.#RBI#economy#indianeconomyhttps://t.co/cg9i5XAy5r

  — Business Standard (@bsindia) September 5, 2023

• ABB India is rising as Jefferies reportedly keeps its ‘Buy’ rating on the company with a target price of Rs 5,260, indicating an upside of 23%. The brokerage expects an increase in order inflows and execution. The company shows up in a screener for stock with consistently high returns over the past five years.

• Bikaji Foods International rises as Plutus Wealth Management purchases a 0.5% stake (13.5 lakh shares) at an average price of Rs 480.1 per share for Rs 64.8 crore. However, Lighthouse India Fund III sells a 1.3% stake (32.4 lakh shares) at an average price of Rs 480 per share, amounting to Rs 155.6 crore. The company appears in a screener of stocks with increasing FII/FPI shareholding.

• Jio Financial Services is falling as NSE announces that it will be removed from the NSE indices, including the Nifty 50, starting from September 7, 2023.

• Motilal Oswal maintains its ‘Buy’ rating on Voltas with a target price of Rs 1,000. The brokerage believes that the company’s EMPS (electro-mechanical project & services) division has rebounded, driven by a solid order book. It expects the RAC (room air conditioners) segment's market share to be in the range of 21-22% for FY24/25.

  Brokerage Radar | MOSL on Voltas: Maintain 'Buy'; Expect RAC segment’s market share at 21-22% in FY24/25 pic.twitter.com/7nf24qOMCW

  — ET NOW (@ETNOWlive) September 6, 2023

• Vedanta is rising as the Zambian government reportedly agrees to return ownership of the Konkola copper mines to Vedanta Resources. This resolution comes after a four-year-long legal battle between the company and ZCCM Investments Holding, a Zambian government-owned entity, regarding the ownership of the mining complex. The mines have an estimated 16 million tonnes of copper reserves.

• Metal stocks like APL Apollo Tubes, Hindalco Industries, Jindal Steel & Power, NMDC and National Aluminium Co are falling in trade. Barring Vedanta, all the other constituents of the broader sectoral index, BSE Metal, are trading in the red.

• Power Grid Corporation of India rises as it bags an order for an inter-state transmission project in Rajasthan. The project includes building, owning, operating and transferring the transmission system for power evacuation from a renewable energy zone in Rajasthan. The company appears in a screener of stocks with strong momentum.

• NBCC (India) signs an MoU with the Kerala State Housing Board to develop a 17.9-acre land parcel in Kochi. The project is worth Rs 2,000 crore. The stock shows up in a screener for companies with book value per share improving over the past two years.

Riding High:

Largecap and midcap gainers today include Vodafone Idea Ltd. (10.65, 7.58%), Petronet LNG Ltd. (244.90, 6.87%) and Adani Energy Solutions Ltd. (855.95, 5.22%).

Downers:

Largecap and midcap losers today include Indian Railway Finance Corporation Ltd. (68.75, -4.84%), Dixon Technologies (India) Ltd. (4,998.15, -2.52%) and Aditya Birla Capital Ltd. (186.70, -2.46%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included EID Parry (India) Ltd. (522.25, 8.00%), JK Paper Ltd. (398.00, 7.00%) and KRBL Ltd. (435.30, 6.98%).

Top high volume losers on BSE were SIS Ltd. (462.10, -1.63%), ZF Commercial Vehicle Control Systems India Ltd. (15,170.15, -1.17%) and Aavas Financiers Ltd. (1,632.00, -0.29%).

Adani Energy Solutions Ltd. (855.95, 5.22%) was trading at 8.3 times of weekly average. SKF India Ltd. (5,285.00, 0.64%) and Castrol India Ltd. (155.20, 4.16%) were trading with volumes 6.9 and 6.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

50 stocks overperformed with 52 week highs,

Stocks touching their year highs included - Bharat Forge Ltd. (1,099.00, 0.15%), Caplin Point Laboratories Ltd. (1,093.10, -1.88%) and Castrol India Ltd. (155.20, 4.16%).

16 stocks climbed above their 200 day SMA including EID Parry (India) Ltd. (522.25, 8.00%) and Petronet LNG Ltd. (244.90, 6.87%).

Trendlyne Analysis

Nifty 50 closed at 19,574.90 (46.1, 0.2%) , BSE Sensex closed at 65,780.26 (152.1, 0.2%) while the broader Nifty 500 closed at 17,252.10 (71.2, 0.4%), of the 1,941 stocks traded today, 1,069 were on the uptick, and 834 were down.

Indian indices recovered from the day’s low and closed in the green, with the Nifty 50 closing at 19,575. The volatility index, Nifty VIX, dropped by 1.3% and closed at 10.8 points. According to a Fitch report, India’s power demand is expected to grow more than 70% by 2032.

Nifty Midcap 100 and Nifty Smallcap 100 closed higher following the benchmark index. Nifty Pharma and Nifty Media closed sharply higher, compared to Monday’s closing levels. According to Trendlyne’s sector dashboard, coal emerged as the top-performing sector of the day, with a rise of over 3.4%.

Most European indices trade in the red except for England’s FTSE 100 trading in the green US indices futures trade lower, indicating a negative start. The data released by Hamburg Commercial Bank (HCOB) indicated that the Eurozone’s composite PMI for August contracted to 46.7 against estimates of 47. The composite PMI for July stood at 48.6.

• Relative strength index (RSI) indicates that stocks like Indian Railway Finance Corp, BSE, Linde India and Rail Vikas Nigam are in the overbought zone.

• Som Distilleries & Breweries rises as its board approves the raising of Rs 350 crore through public and private offerings or qualified institutional placements, or a mix of these options. The company appears in a screener of stocks with improving RoE.

• Indian Energy Exchange rises as its total electricity volumes grow by 21% YoY to 8,469 million units. The overall volume traded during the month has also increased by 13.3% YoY. The company appears in a screener of stocks with no debt.

• GAIL’s Executive Director, KB Singh, has reportedly been arrested by the Central Bureau of Investigation (CBI) for allegedly accepting a bribe of Rs 50 lakh. The arrest followed raids at multiple locations, including Singh’s residence. The CBI has also arrested four others, including the person who paid the bribe.

• Jupiter Life Line Hospitals, a multi-specialty healthcare provider, opens for IPO subscription tomorrow. The price band for the issue is Rs 695-735 per share. The issue size is Rs 869.1 crore, with a fresh issue of Rs 542 crore and an offer for sale of Rs 327.1 crore.

• HDFC Securities keeps its ‘Buy’ rating on Nuvoco Vistas Corp with a target price of Rs 475, implying an upside of 26.6%. The brokerage remains positive about the firm’s prospects due to its premium brand presence and focus on reducing debt. It expects the company’s revenue to grow at a CAGR of 8.8% over FY23-25.

• Patel Engineering rises as it, along with a joint venture (JV) partner, wins an urban infrastructure development project worth Rs 1,275.3 crore from Madhya Pradesh Jal Nigam. With a 35% stake in the JV, the company's share in the project amounts to Rs 446.36 crore.

• Ratnaveer Precision Engineering's Rs 165 crore IPO gets bids for 21.8X the available 1.2 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 23.1X the available 58.9 lakh shares on offer.

• According to reports, 2.9 crore shares (0.3% equity) of NHPC, amounting to Rs 154.2 crore, change hands in multiple large trades.

  #NHPC has 2.91 crore shares change hands in multiple trades. #BQStocks
  
  Read latest #stockmarket updates: https://t.co/ELGUdNKahepic.twitter.com/y5VZw3MWfP

  — BQ Prime (@bqprime) September 5, 2023

• Telecommunications equipment, media and textiles, apparels & accessories sectors rise by more than 11% over the past month.

• Dilip Buildcon rises over 4% on receiving a letter of acceptance for the Narmada-Gambhir MVS MPJNM project (Multi Village Drinking Water Supply Scheme) in a deal worth Rs 1,275.3 crore. The project involves complete engineering, construction, testing, commissioning, and 10-year operation & maintenance in the Ujjain district. It appears in a screener for stocks with strong momentum.

• Angel One falls despite its client base rising 46.3% YoY to 1.6 crore and its overall average daily turnover surging by 129.3% YoY to Rs 28.4 lakh crore. The company appears in a screener of stocks with improving net cash flow from operations.

• Raymond rises over 9% and touches a new all-time high of Rs 2,240 today. This comes after Jefferies initiated coverage on the company with a ‘Buy’ rating and target price of Rs 2,600. According to the brokerage, Raymond is focusing on growth and simplification, as observed across businesses. It also highlights the firm's plans to list its lifestyle and real estate businesses separately.

  Brokerage Radar | @Jefferies on Raymond: Initiate 'Buy'; Expect the co to grow revenues/earnings at 13%/24% CAGR over FY23-26 pic.twitter.com/ysE1EGONi9

  — ET NOW (@ETNOWlive) September 5, 2023

• Bombay Dyeing & Manufacturing Co is rising as it settles its dispute withAxis Bank. The company has executed a conveyance deed in favour of Axis Bank, effecting the transfer of land measuring 11,541 square meters. This will enable independent and exclusive access to the bank’s headquarters for a sum of Rs 149 crore.                                                 

• Vishnu Prakash R Punglia's shares debut on the bourses at a 67% premium to the issue price of Rs 99. The Rs 308.9 crore IPO has received bids for 87.8 times the total shares on offer.                                                                                    

• Zen Technologies is rising as its bags an order worth Rs 123.3 crore from the Ministry of Defence, Government of India. Currently, the company’s total order book stands at Rs 1,275.3 crore. The stock shows up in a screener for companies with high TTM EPS growth.                                                                                                                            

• Retail sales in the automotive industry rise by 8.6% YoY to 18.2 lakh units in August, shows data from the Federation of Automotive Dealers' Association. Two-wheeler retail sales also increase by 6.3% YoY, while that of cars improve by 6.5% YoY.

  FADA August Data | Total vehicle retail sales up 8.6% at 18.18 lk units vs 16.74 lk units YoY
  
  Total 2-wheeler sales up 6.3% at 12.54 lakh units vs 11.80 lakh units YoY, 3-wheeler sales up 66.2% at 99,907 units vs 60,132 units YoY#FADAData#FADAAugustDatapic.twitter.com/TGMynUecKt

  — CNBC-TV18 (@CNBCTV18Live) September 5, 2023

• Oil India rises as it approves an equity infusion of Rs 1,738 crore into its joint venture company, North East Gas Distribution Company. This aims to support the execution of city gas distribution projects in Assam. The company appears in a screener for stocks with strong momentum.

• Media stocks like Dish TV India, Network18 Media & Investments, Nazara Technologies and Zee Entertainment Enterprises are rising in trade. The broader sectoral index Nifty Media is also trading in the green.

• Vijay Kedia buys a 2.6% stake in Om Infra for approx Rs 15.2 crore in a bulk deal on Monday.

• India’s Services PMI falls to 60.1 in August from 62.3 in July. However, the PMI reading remains above the 50-mark for 25 consecutive months.

  India's services activity continued to expand in August but the purchasing managers' index (PMI) for the sector fell to 60.1.
  
  Here’s the latest data????https://t.co/Rl7VStbKmO#India#Economy#PMI

  — Moneycontrol (@moneycontrolcom) September 5, 2023

• Oracle Financial Services Software's Managing Director and Chief Executive Officer Chaitanya Kamat resigns, with effect from October 4, 2023.

• Cipla's South African arm inks an agreement with Actor Holdings to acquire 100% of the equity stake in Actor Pharma for $48.6 million.

• Rail Vikas Nigam rises as it bags an order worth Rs 174.3 crore under a joint venture with MPCC from Western Railway. The project involves all civil engineering works in the Petlad-Bhadran patch of Vadodra. The company appears in a screener of stocks nearing 52-week high with significant volumes.

• Hero MotoCorp plans to invest Rs 550 crore in Ather Energy.  Currently holding a 33.1% stake in Ather, Hero's shareholding will be determined upon the completion of the capital raise round.

Riding High:

Largecap and midcap gainers today include Bayer Cropscience Ltd. (5,240.50, 8.48%), Indian Railway Finance Corporation Ltd. (72.25, 8.32%) and IDBI Bank Ltd. (70.15, 8.09%).

Downers:

Largecap and midcap losers today include ICICI Prudential Life Insurance Company Ltd. (536.85, -3.02%), YES Bank Ltd. (18.15, -2.42%) and Samvardhana Motherson International Ltd. (99.95, -2.34%).

Volume Shockers

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

Top high volume gainers on BSE included MMTC Ltd. (63.00, 20.00%), KIOCL Ltd. (258.45, 15.90%) and Raymond Ltd. (2,172.45, 9.85%).

Top high volume losers on BSE were Carborundum Universal Ltd. (1,176.25, -0.91%), Bajaj Holdings & Investment Ltd. (7,170.00, -0.78%) and Symphony Ltd. (897.80, -0.15%).

Mas Financial Services Ltd. (873.55, 7.76%) was trading at 19.2 times of weekly average. Devyani International Ltd. (215.55, 8.56%) and Bayer Cropscience Ltd. (5,240.50, 8.48%) were trading with volumes 15.2 and 12.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

77 stocks overperformed with 52 week highs,

Stocks touching their year highs included - Bank of Maharashtra (41.70, 0.12%), Bharat Forge Ltd. (1,097.40, 1.12%) and Bharat Heavy Electricals Ltd. (138.40, -0.25%).

21 stocks climbed above their 200 day SMA including NOCIL Ltd. (240.50, 7.82%) and Petronet LNG Ltd. (229.15, 4.63%). 1 stock slipped below their 200 SMA including Aegis Logistics Ltd. (357.80, -0.60%).