
Trendlyne Analysis
Nifty 50 closed at 19,434.55 (6.3, 0.0%), BSE Sensex closed at 65,401.92 (79.3, 0.1%) while the broader Nifty 500 closed at 16,825.55 (-34.6, -0.2%). Market breadth is in the red. Of the 1953 stocks traded today, 707 were on the uptrend, and 1207 went down.
Indian indices recovered from the losses from the afternoon session and close flat, with the Nifty 50 closing at 19,435. The volatility index, Nifty VIX, rose by 4.2% and closed at 12 points. India’s trade deficit in July rose to $20.7 billion against $20.1 billion in June. India’s imports in July contracted by 17% YoY, while exports shrank by 16% YoY.
Nifty Smallcap 100 and Nifty Midcap 100 closed in the red following the benchmark. Nifty Media and Nifty IT closed higher, compared to Friday’s closing levels. According to Trendlyne’s sector dashboard, healthcare equipment & supplies emerged as the top-performing sector of the day, with a rise of over 0.9%.
Most European indices trade in the green except for England’s FTSE 100 trading lower. US indices futures trade higher, indicating a positive start. Germany’s July wholesale price index (WPI) data indicated wholesale inflation dropping by 2.8% YoY against the estimates of a 2.6% decline. The WPI for June fell by 2.9% YoY.
Relative strength index (RSI) indicates that stocks like Shyam Metalics and Energy, Gland Pharma, GMR Airports Infrastructure and REC are in the overbought zone.
JK Cement falls as its Q1FY24 net profit decreases by 29.5% YoY to Rs 114.7 crore. The decline is due to higher raw material, finance, power & fuel and freight & forwarding expenses. However, its revenue grows by 22.2% YoY, aided by cement and cement-related products. The company appears in a screener of stocks with declining net profit and margins.
India’s merchandise exports stand at $32.3 billion in July and imports at $52.9 billion, while the trade deficit narrows YoY to $20.7 billion.
Trade Data | Take a look at details of exports, imports and trade deficit from April to July ???? #trade#tradedata#imports#exportspic.twitter.com/US1d0GkfL9
— ET NOW (@ETNOWlive) August 14, 2023
Spicejet surges more than 9% as it posts a net profit of Rs 197.6 crore in Q1FY24 compared to a loss in Q1FY23. However, its revenue declines by 18.5% YoY to Rs 2,003.6 crore due to the air transport and freighter & logistics services. The company shows up in a screener of stocks with high interest payments compared to earnings.
Patanjali Foods falls as its Q1FY24 net profit decreases by 63.6% YoY to Rs 87.8 crore. However, its revenue grows by 6% YoY, aided by the edible oils and wind turbine power generation segments. The company appears in a screener of stocks with declining RoA.
AstraZeneca Pharma India is rising as its Q1FY24 net profit jumps 167.3% YoY to Rs 53.9 crore, while its revenue increases by 27.2% YoY. The stock shows up in a screener for companies with revenues increasing sequentially over the past four quarters.
PR Hari, CMD of Garden Reach Shipbuilders & Engineers, believes that they will be able to continue similar levels of growth for the remainder of the fiscal year. He adds that it has executed orders worth Rs 750 crore during the quarter. Its Q1FY24 net profit rises by 52.8% YoY to Rs 76.7 crore and revenue increases by 33.2% YoY.
Garden Reach +10%. Key points from today's chat,
- Aim to end FY'24 with > `24k cr O/B
- L1 in 3 projects of Coast Guard - with value of `4000cr, to be declared in few mths
- `1 lk cr in orders from Coast Guard & Navy over next 3 yrs
- 6 shipyards in contention for orders https://t.co/5DzZzBGxAa— Prashant Nair (@_prashantnair) August 14, 2023
Adani Group stocks fall as reports suggest that the Securities and Exchange Board of India (SEBI) has filed an application before the Supreme Court seeking 15 more days to submit its report on the Adani-Hindenburg case. SEBI states that it has examined a total of 24 matters, of which investigation into 17 have been completed.
Divi's Laboratories falls as its Q1FY24 net profit decreases by 49.3% YoY to Rs 356 crore. Its revenue and EBITDA margin drop by 20.6% YoY and 8.5 percentage points respectively, aided by raw material and employee benefit expenses. The company appears in a screener of stocks with a major fall in TTM net profit.
Adani Ports & Special Economic Zone falls as Deloitte Haskins & Sells resigns as the statutory auditor of the company. The company has appointed MSKA & Associates as its new statutory auditor. Adani Ports appears in a screener of stocks with high promoter stock pledges.
TVS Supply Chain Solutions' Rs 880 crore IPO gets bids for 2.78X the available 2.5 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 7.61X of the available 46.3 lakh shares on offer.
Sterling and Wilson Renewable Energy is rising as it bags an order worth Rs 1,130 crore from Gujarat Industries Power Co for the construction of a solar power project in Khavda, Gujarat. The company shows up in a screener for stocks that have gained more than 20% over a month.
India’s WPI inflation contracts to -1.4% in July. Food inflation surges to 7.8%, while prices of mineral oils, basic metals, textiles, and chemicals & chemical products decline.
#India's #wholesale#inflation contracted 1.36 per cent on a year-on-year basis in the month of July after contracting 4.12 per cent in June, data showed on Monday. On a month-on-month basis, the index stood at 1.95 per cent.#WPIhttps://t.co/MXARounPhH
— Economic Times (@EconomicTimes) August 14, 2023
Ramkrishna Forgings is rising as it bags an order worth $13.6 million (approximately Rs 113.2 crore) per year from a North American client. The contract is for the production and supply of rear axle and transmission components for class 5, 6 and 7 vehicles.
Jindal Steel & Power is falling as its Q1FY24 net profit declines 15.4% YoY to 1,686.9 crore, while its revenue dips by 3.5% YoY to Rs 12,588.3 crore due to a fall in steel prices. Its EBITDA margin contracts by 5.6 percentage points YoY to 20.8%. The stock shows up in ascreener for companies with high promoter stock pledges.
Redington is falling as Managing Director Rajiv Srivastava resigns on Friday due to personal reasons.
ITC appoints Hemant Malik as Wholetime Director of the company with effect from August 12, 2023. It also re-appoints Sanjiv Puri as Managing Director and Chairman with effect from July 22, 2024.
CLSA maintains its ‘Buy’ rating on Voltas with a target price of Rs 1,000. The brokerage notes a 16% growth in revenue from the company's unitary cooling products segment in Q1FY24. It adds that the firm's volumes have increased by 15%, while its market share declined. It also highlights the weak quarter reported by the electro-mechanical projects & services segment.
#CNBCTV18Market | CLSA has a Buy rating on Voltas, UCP growth outlook, competitive intensity & inventory position will be key to watch pic.twitter.com/cq91jRgJQd
— CNBC-TV18 (@CNBCTV18Live) August 14, 2023
NMDC rises as its Q1FY24 net profit increases by 12.9% YoY to Rs 1,661 crore. Its revenue also grows by 15.8% YoY, aided by the iron ore, pellet and other mineral & services segments. The company appears in a screener of stocks with strong momentum.
Larsen & Toubro wins orders worth Rs 1,000-2,500 crore in India and Bangladesh. The projects include the construction of a cricket stadium in Uttar Pradesh, India and four Hi-Tech IT parks in Bangladesh. The stock shows up in a screener for companies with high TTM EPS growth.
Societe Generale buys a 0.5% stake in Rites for approx Rs 58 crore in a bulk deal on Friday.
Indian rupee depreciates 16 paise and opens at a 10-month low of 83.01, from the previous close of 82.85 against the US dollar. The fall is on the back of a surge in US Treasury yields and sells by FIIs in the domestic equity market.
The Indian #rupee opened 16 paise lower at a 10-month low against the US dollar weighed down by a strong American currency amid a spike in US Treasury yields. https://t.co/HHyd2ESb4I
— Mint (@livemint) August 14, 2023
Metal stocks like Adani Enterprises, Jindal Steel & Power,National Aluminium and Steel Authority of India (SAIL) are falling in trade. The broader sectoral indices Nifty Metal and BSE Metal are also trading in the red.
Oil and Natural Gas Corp (ONGC) rises to a new 52-week of Rs 180.5 as its Q1Y24 net profit increases by 18.4% YoY to Rs 14,133.9 crore. This growth is due to reduced expenses on raw materials, inventory, and statutory levies. However, its revenue falls by 9.7% YoY, aided by its refining & marketing and exploration & production segments. The company appears in a screener of stocks with strong momentum.
FSN E-Commerce Ventures is falling as its net profit declines by 27.4% YoY to Rs 3.3 crore in Q1FY24 due to increased costs of raw materials, finance, and employee benefits. However, its revenue improves by 23.8% YoY, owing to an increase in revenue from the beauty & personal care and fashion segments. The company appears in a screener of stocks with return on equity (RoE) declining over the past two years.
Riding High:
Largecap and midcap gainers today include NMDC Ltd. (118.70, 4.35%), Indian Railway Finance Corporation Ltd. (50.85, 3.99%) and Bank of India (89.70, 2.81%).
Downers:
Largecap and midcap losers today include FSN E-Commerce Ventures Ltd. (134.30, -8.14%), Jindal Steel & Power Ltd. (662.25, -5.15%) and Muthoot Finance Ltd. (1,282.20, -5.03%).
Movers and Shakers
23 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included Mazagon Dock Shipbuilders Ltd. (1,863.10, 6.99%), JBM Auto Ltd. (1,311.10, 6.69%) and Cochin Shipyard Ltd. (687.90, 6.51%).
Top high volume losers on BSE were FSN E-Commerce Ventures Ltd. (134.30, -8.14%), City Union Bank Ltd. (121.50, -5.85%) and Timken India Ltd. (3,218.75, -5.38%).
AstraZeneca Pharma India Ltd. (3,958.75, 1.81%) was trading at 27.1 times of weekly average. Muthoot Finance Ltd. (1,282.20, -5.03%) and PVR INOX Ltd. (1,713.55, 4.56%) were trading with volumes 7.6 and 4.5 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
15 stocks overperformed with 52 week highs, while 2 stocks hit their 52 week lows.
Stocks touching their year highs included - AIA Engineering Ltd. (3,624.30, 0.66%), Alembic Pharmaceuticals Ltd. (790.60, 0.22%) and Aurobindo Pharma Ltd. (871.65, 0.98%).
Stocks making new 52 weeks lows included - UPL Ltd. (590.30, -1.57%) and Vedanta Ltd. (234.00, -1.76%).
4 stocks climbed above their 200 day SMA including NMDC Ltd. (118.70, 4.35%) and Tamilnad Mercantile Bank Ltd. (475.70, 3.31%). 30 stocks slipped below their 200 SMA including Rashtriya Chemicals & Fertilizers Ltd. (106.80, -5.36%) and GMM Pfaudler Ltd. (1,522.60, -4.25%).