
Trendlyne Analysis
Nifty 50 closed at 19,646.05 (-13.9, -0.1%), BSE Sensex closed at 66,160.20 (-106.6, -0.2%) while the broader Nifty 500 closed at 16,948.35 (29.2, 0.2%). Of the 1,943 stocks traded today, 984 were in the positive territory and 888 were negative.
Indian indices recovered from their day lows and closed flat, with the benchmark Nifty 50 closing just below the 19,650 mark. The Indian volatility index, Nifty VIX, fell sharply by 3.5%. Macrotech Developers hit a 52-week high and closed 2.7% higher after its pre-sales jumped 17% YoY to Rs 3,350 crore in Q1FY24.
Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, outperforming the benchmark index. Nifty Metal and Nifty Media closed higher than Thursday's close. According to Trendlyne's sector dashboard, Healthcare Equipment & Supplies was the top-performing sector of the week.
Major European indices traded in the red, despite the Asian indices closing mixed. However, US index futures traded in the green, indicating a positive start to the trading session. Brent crude oil futures traded higher and are set to post gains for a fifth straight week.
Relative strength index (RSI) indicates that stocks like Cipla, Alkem Laboratories, Natco Pharma and Zydus Lifesciences are in the overbought zone.
Route Mobile is falling as its net profit declines by 9% QoQ to Rs 92.4 crore in Q1FY24. Its revenue is also down by 4.1% YoY, impacted by the overseas segment. It shows up in a screener of stocks where mutual funds have reduced their shareholdings over the past quarter.
Motherson Sumi Wiring India is falling as its Q1FY24 net profit declines by 2.2% YoY to Rs 123.1 crore due to higher raw material costs and employee expenses. Its revenue rises by 11.2% YoY to Rs 1,858.8 crore.
AstraZeneca Pharma India and Anand Rathi Wealth touch their 52-week highs of Rs 3,901.25 and Rs 1,141.65 respectively. The former has risen 4.3% over the past month, while the latter increased by 30.5%.
Castrol (India), GAILand Power Grid Corp of India rise more than 6% during the past week, ahead of their Q1FY24 results on Monday.
Godawari Power & Ispat falls as its Q1FY24 net profit drops by 29.4% YoY to Rs 230.9 crore due to higher inventory and finance expenses. Its revenue decreases by 20.1% YoY on the back of declining realization in the iron ore pellets and ferroalloys segments. The company appears in a screener of stocks with a major fall in TTM net profit.
Mahindra & Mahindra Financial Services falls despite posting a 52.8% YoY growth in its net profit to Rs 352.7 crore in Q1FY24. Revenue surges by 24.5% YoY, backed by the financing activities segment. It appears in a screener of stocks with increasing debt.
Rail Vikas Nigam bags an order worth Rs 1,088 crore from the Haryana Rail Infrastructure Development Corp for the construction of railway infrastructure. The stock shows up in a screener for companies with improving cash flows and high durability scores.
Yatharth Hospital & Trauma Care Services' Rs 686.5 crore IPO gets bids for 36.15X the available 1.7 crore shares on offer on the third day of bidding. The retail investor quota gets bids for 8.3X of the available 83.1 lakh shares on offer.
Rakesh Jhunjhunwala's portfolio sells an 8.2% stake in Rallis India between March 11 and July 20. It now holds a 2.3% stake in the company.
LT Foods is rising as its Q1FY24 net profit improves by 44.4% YoY to Rs 137.4 crore. Revenue rises by 10.4% YoY due to strong performance in basmati & other specialty segment. It appears in a screener of stocks with strong momentum.
KRChoksey downgrades its rating on HDFC Life Insurance Co to ‘Add’ from ‘Buy’ but raises the target price to Rs 720 from Rs 650, implying an upside of 9.8%. The brokerage remains positive about the firm’s growth prospects given its healthy product launch pipeline. However, it revises its rating as it believes the stock is trading at an expensive level.
Shyam Metalics & Energy is falling as its net profit declines 43% YoY to Rs 235 crore in Q1FY24. Revenue grows by 3% YoY due to reduction in sales of ferro products, finished steel and steel billets. Its EBITDA margin plunges 660 bps YoY caused by a rise in cost of raw materials and employee benefit expenses. The company appears in a screener of stocks with declining net profit and profit margin (YoY).
Indian rupee depreciates 31 paise to 82.23 against the US dollar in early trade today, due to the outflow of foreign funds and higher crude oil prices, among other factors.
The rupee plunged 31 paise to 82.23 against the US dollar in early trade on Friday amid massive outflow of foreign funds and subdued equity markets. https://t.co/s8iud3nn2z
— businessline (@businessline) July 28, 2023IT stocks like Mphasis, Tata Consultancy Services, HCL Technologies, Coforge andTech Mahindra are falling in trade. Barring L&T Technology Services, all the other constituents of the broader sectoral index, Nifty IT, are trading in the red.
Ajanta Pharma hits a new 52-week high of Rs 1,735 as Q1FY24 net profit rises by 19.2% YoY to Rs 208.1 crore and revenue increases by 7% YoY. The company's EBITDA margin also improves by 300 basis points YoY. The company features in a screener for stocks with low debt.
Sona BLW Precision Forgings' Q1FY24 net profit rises 47.7% YoY to Rs 112 crore due to lower inventory expenses. Its revenue grows by 25% YoY on the back of robust growth in the battery electric vehicle (BEV), non-BEV and international light vehicle segments. The company appears in a screener of stocks with strong momentum.
Macrotech Developer rises to its 52-week high of Rs 745 per share as its pre-sales jump 17% YoY to Rs 3,350 crore in Q1FY24. However, its net profit falls 34.1% YoY to Rs 178.4 crore, while revenue declines 39.6% YoY. The company features in a screener of stocks with a decline in quarterly net profit (YoY).
Bharath Uppiliappan, CEO of Dr Lal PathLabs, says that the company's non-covid revenue has risen by 9.7% in Q1FY24 and expects an improvement in volume growth. He believes that Lal PathLabs will achieve its pre-covid margin target of 26%.
#OnCNBCTV18 | Non-COVID revenue has seen a rise of 9.7%, volume growth of 2.5% is expected to improve further
— CNBC-TV18 (@CNBCTV18Live) July 28, 2023
Would like to get back to the pre-COVID margin of 26%, confident of achieving the target
Bharath Uppiliappan of Dr Lal PathLabs to CNBC-TV18 pic.twitter.com/YAjr24BWjbUtilities stocks like Tata Power Co, Torrent Power, Power Grid Corp of India, NTPC and NAVA are rising in trade. The broader sectoral index, S&P BSE Utilities, is also trading in the green.
Intellect Design Arena surges more than 10% as its net profit jumps 3.1% QoQ to Rs 934.7 crore in Q1FY24. Revenue grows 3.9% QoQ helped by improvement in the platform, license and AMC segments. It shows up in a screener of stocks with increasing net profit and profit margin (YoY).
Indus Towers falls despite its Q1FY24 net profit rising 182.4% YoY to Rs 1,348 crore. Its revenue grows by 2% YoY on the back of growth in tower additions and tenancies. The company appears in a screener of stocks with strong momentum.
HSBC maintains its ‘Buy’ rating on Shriram Finance with a target price of Rs 228. The brokerage says the company’s profit beat estimates by 4% due to lower provisions, despite an increase in operating costs.
Brokerage Radar | HSBC on Shriram Finance: Maintain Buy; Valuations multiple raised on stronger profitability outlook#ShriramFinance#StockMarketpic.twitter.com/3UeBRCJO3C
— ET NOW (@ETNOWlive) July 28, 2023Societe Generale buys a 0.6% stake in Indiabulls Housing Finance for approx Rs 35.6 crore in a bulk deal on Thursday.
Indian Hotels Company rises as its Q1FY24 net profit increases by 30.8% YoY to Rs 222.4 crore due to lower finance expenses. Its revenue grows by 15.8% YoY on the back of robust growth in the room and food & beverage segments. The company appears in a screener of stocks with high momentum scores.
Bharat Electronics’ Q1FY24 net profit rises by 47.3% YoY to Rs 538.5 crore and revenue grows by 12.5% YoY, led by order wins and healthy execution. Its order book, as of July 1, stands at Rs 65,356 crore. The stock shows up in a screener for companies with consistently high returns over the past five years.
Riding High:
Largecap and midcap gainers today include Torrent Power Ltd. (671.80, 6.29%), Tata Power Company Ltd. (234.65, 6.22%) and Indian Bank (344.55, 4.89%).
Downers:
Largecap and midcap losers today include Supreme Industries Ltd. (3,359.80, -7.86%), Sona BLW Precision Forgings Ltd. (565.10, -4.47%) and Mahindra & Mahindra Financial Services Ltd. (299.60, -3.96%).
Movers and Shakers
40 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included Intellect Design Arena Ltd. (690.90, 19.70%), Godfrey Phillips India Ltd. (2,073.00, 8.64%) and Prestige Estates Projects Ltd. (590.30, 8.14%).
Top high volume losers on BSE were Supreme Industries Ltd. (3,359.80, -7.86%), JK Lakshmi Cement Ltd. (617.80, -7.65%) and Blue Dart Express Ltd. (6,926.75, -4.18%).
Orient Electric Ltd. (229.15, -1.06%) was trading at 35.0 times of weekly average. JM Financial Ltd. (76.80, 3.85%) and Sundram Fasteners Ltd. (1,240.75, 1.86%) were trading with volumes 14.8 and 10.8 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
52 stocks hit their 52-week highs, while 2 stocks tanked below their 52-week lows.
Stocks touching their year highs included - Abbott India Ltd. (24,040.00, 1.41%), Ajanta Pharma Ltd. (1,615.75, 4.07%) and Alembic Pharmaceuticals Ltd. (777.20, 6.10%).
Stocks making new 52 weeks lows included - Rajesh Exports Ltd. (511.75, 1.02%) and UPL Ltd. (625.15, -0.26%).
13 stocks climbed above their 200 day SMA including Godfrey Phillips India Ltd. (2,073.00, 8.64%) and Tata Chemicals Ltd. (1,051.05, 5.78%). 6 stocks slipped below their 200 SMA including Affle (India) Ltd. (1,046.80, -1.82%) and Coal India Ltd. (227.10, -0.85%).