Trendlyne Analysis
Nifty 50 snaps its seven-day losing streak to close 2.5% higher with the Indian volatility index, India VIX falling 16%. All Asian indices closed in the green except the Hong Kong index, Hang Seng which closed 0.5% lower. Global stocks rebound after the fresh sanctions by the US did not include restrictions on Russian energy exports and the SWIFT messaging system.
Nifty Smallcap 100 and Nifty Midcap 100 extended their gains throughout the day to close sharply higher. Nifty PSU Bank, which shed over 8% on Thursday, recovered today to close 4.7% higher. Nifty IT closed in the green tracking the tech-heavy NASDAQ 100, which rose 3.4% on Thursday
Markets rose in today's trading. Nifty 50 closed at 16,658.40 (410.5, 2.5%), BSE Sensex closed at 55,858.52 (1,328.6, 2.4%) while the broader Nifty 500 closed at 14,187.40 (411.7, 3.0%)
Market breadth is highly positive. Of the 1,859 stocks traded today, 1,609 were in the positive territory and 226 were negative.
KSB, Procter & Gamble Hygiene & Healthcare, Supreme Industries, and Timken India are trading with higher volumes as compared to Thursday.
Nifty Bank is trading higher with stocks likeRBL Bank, IDFC First Bank, Punjab National Bank, IndusInd Bank, and Bandhan Bank among others rising in trade.
UPL rises as the company's board will meet on March 2, 2022 to consider a proposal for buyback of fully paid-up equity shares.
Axis Direct maintains a ‘BUY’ rating on MindTree with a target price of Rs 5,310, indicating an upside of 39%. The brokerage remains positive on the company’s strong initiatives to improve profit margins and expects its revenue to grow at 15.6% CAGR over FY21-FY24E.
Adani Power’s stock price surges on Supreme Court ordering three discoms to pay a compensatory tariff to the company within 4 weeks, which amounts to Rs 4,200 crore. The apex court holds the 3 Rajasthan discoms in contempt of court, as they have not paid their dues despite their review petition having been dismissed earlier this year.
Home First Finance Company India is trading with more than 5 times its weekly average trading volume. The Fertilisers and Chemicals Travancore, Fine Organic Industries, Natco Pharma, and WABCO India are trading at more than two times their weekly average trading volumes.
Motilal Oswal maintains 'Buy' rating on Mahindra CIE Automotive but reduces the target price to Rs 245 due to week performance in Q4CY21. The brokerage remains positive on the company due to strong demand in commercial vehicles and private vehicle business.
Coal India mulls partnership with private players to operate mines that it had previously shut on a revenue sharing basis, according to new reports. The company also holds a onsultation meeting and sees high intent from players like Adani Enterprises and Tata Power among others.
Minda Industries acquires 36.5% stake in YA Auto Industries increasing total stake to 87.5% and acquires 46.1% in Auto Components increasing the stake to 95%. The company also acquires 87.5% stake in both, Samaira Engineering and S.M. Auto Industries.
BF Industrial Solutions, a wholly-owned subsidiary of Bharat Forge enters into a share purchase agreement with JS Auto Cast Foundry India Pte to acquire 100% of its shareholding. JS Auto is a leading supplier of critical machined ductile iron castings for wind, hydraulic, off-highway, and automotive applications. Bharat Forge has not disclosed the value of the agreement citing confidentiality reasons
Hindustan Unilever announces separation of the post of chairman of the board and the MD-CEO. Nitin Paranjpe, currently CEO of Unilever, will be the new non-executive chairman of the company, with effect from March 31, 2022. Sanjiv Mehta, who was earlier chairman and MD, will continue as MD and CEO
Motilal Oswal mutual fund buys 5.42 lakh shares or 1.5% stake in Barbeque Nation Hospitality for an average price of Rs 1,150 per share in a bulk deal on Thursday.
Maruti Suzuki and Toyota come together to manufacture pure-electric compact SUVs by 2025 in India. Both companies are looking at starting production at the Suzuki Motor Gujarat factory in Ahmedabad. They are already working on building an EV platform with latest battery technology to build cars with different body styles catering both, the domestic and international market.
Riding High:
Largecap and midcap gainers today include Adani Power Ltd. (124.05, 11.61%), Macrotech Developers Ltd. (1,174.80, 11.45%) and Dixon Technologies (India) Ltd. (4,434.15, 9.50%).
Downers:
Largecap and midcap losers today include Power Finance Corporation Ltd. (108.45, -2.78%), Hindustan Petroleum Corporation Ltd. (267.80, -1.60%) and Dr. Lal Pathlabs Ltd. (2,520.95, -1.06%).
Volume Rockets
10 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included Advanced Enzyme Technologies Ltd. (309.80, 18.06%), Vinati Organics Ltd. (1,864.65, 9.69%) and Mastek Ltd. (2,790.15, 9.68%).
Top high volume losers on BSE were Aegis Logistics Ltd. (171.80, -5.32%), Hawkins Cookers Ltd. (5,200.00, -2.24%) and WABCO India Ltd. (7,421.20, -1.00%).
Fine Organic Industries Ltd. (4,272.95, 8.25%) was trading at 5.6 times of weekly average. Kajaria Ceramics Ltd. (1,123.45, 0.12%) and Jyothy Labs Ltd. (133.45, 1.41%) were trading with volumes 5.5 and 5.0 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows, and moving averages
1 stock made 52-week highs, while 5 stocks hit their 52-week lows.
Stock touching their year highs included - Fine Organic Industries Ltd. (4,272.95, 8.25%).
Stocks making new 52 weeks lows included - Aegis Logistics Ltd. (171.80, -5.32%) and AIA Engineering Ltd. (1,639.45, 0.02%).
47 stocks climbed above their 200 day SMA including Mastek Ltd. (2,790.15, 9.68%) and Coal India Ltd. (163.45, 8.97%). 23 stocks slipped below their 200 SMA including Suven Pharmaceuticals Ltd. (517.75, -0.96%) and Kajaria Ceramics Ltd. (1,123.45, 0.12%).