Trendlyne Analysis
Nifty 50 closed at 18,601.50 (38.1, 0.2%), BSE Sensex closed at 62,724.71 (99.1, 0.2%) while the broader Nifty 500 closed at 15,929.10 (51.7, 0.3%). Of the 2,006 stocks traded today, 1,139 were on the uptick, and 792 were down.
Indian indices closed in the green, with the Nifty 50 closing just above the 18,600 mark. The Indian volatility index, Nifty VIX, rose by 1.2% and settled above the 11% level. Allcargo Logistics fell nearly 3% after acquiring a 30% stake in Gati-Kintetsu Express (GKEPL) for Rs 406.7 crore.
Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, outperforming the benchmark index. Nifty IT and Nifty Media closed sharply higher than Friday’s close. According to Trendlyne’s sector dashboard, Forest Materials was the top-performing sector of the day.
Major Asian indices closed in the green, except for China’s Shanghai SE Composite Index, which closed marginally lower. European stocks traded in the green, following the US indices futures, which also traded higher.
Brent crude oil futures extended losses from Friday and traded deep in the red. Goldman Sachs lowered its forecast on Brent crude oil price for December 2023 to $86 per barrel from the earlier estimate of $95 due to rising global supplies and declining demand.
Relative strength index (RSI) indicates that stocks like Astral, Hindustan Aeronautics, Zomato and Home First Finance are in the overbought zone.
Logistics companies like Delhivery, Blue Dart Express, Allcargo Logistics, TCI Express andVRL Logistics are rising in trade. The broader transportation-logistics industry is also trading in the green.
Tanla Platforms plans to acquire 100% stake in ValueFirst Digital Media (Twilio) by July 2023 for an all-cash consideration of up to $42 million. The company will also acquire 100% stake in ValueFirst Middle East FZC by September 2023 for Rs 20 crore.
Deepak Nitrite, Lloyds Metals & Energy, Capri Global Capital, Tata Teleservices and Alkyl Amines Chemicals outperform the Nifty 500 index over a 5-year period.
- Goldman Sachs lowers its forecast on Brent crude oil price for December to $86 per barrel from the earlier estimate of $95 due to rising global supplies and declining demand. This is the brokerage's third downward revision in the past six months.
General industrials, forest materials and realty sectors rise by more than 12% over the past month.
Nazara Technologies rises more than 4.5% and ranks high on Trendlyne's checklist with a score of 61.9%. The stock is in the 'Buy' zone and has seven buy ratings out of nine from brokerage firms. It appears in a screener of stocks with low debt.
Oil & gas companies like Hindustan Petroleum Corp, Bharat Petroleum Corp, Gujarat Gas, Indian Oil Corp and Petronet LNG are rising in trade. All constituents of the broader sectoral index BSE Oil & Gas are also trading in the green.
Narayana Hrudayalaya and Global Health touch their all-time highs of Rs 960 and Rs 627.4 per share respectively. The former has risen 25.8% over the past month, while the latter grew 20.6%.
Foreign institutional investors invest Rs 29.922.9 crore in the equity market over the past month, according to Trendlyne's FII dashboard. Meanwhile, index options witness the highest outflow of Rs 26.936.5 crore from foreign investors, while mutual funds invest Rs 6,750.1 crore in the same period.
Nomura maintains its ‘Buy’ rating on KEC International with a target price of Rs 598. The brokerage says the company is focused on improving its EBITDA margin and cash flows. It expects the company’s margins to normalise by the end of FY24.
ICICI Securities maintains a 'Buy' rating on Infosys with a target price of Rs 1,641, implying an upside of 27.2%. The brokerage cites attractive valuation, favourable risk-reward ratio, and potential mega-deal wins as drivers for stock growth. It expects a steady net profit CAGR of 11.2% over FY23-26.
Allcargo Logistics falls despite acquiring a 30% stake (1.50 lakh shares) in Gati-Kintetsu Express (GKEPL) for Rs 406.7 crore. The company, along with its subsidiary Gati, holds a 100% stake in GKEPL. This acquisition aligns with the company's strategy to focus on high-growth opportunities in the express and contract logistics business in India. It appears in a screener for stocks benefiting from lower crude oil prices.
IT stocks like Tata Consultancy Services, Infosys, HCL Technologies, LTIMindtree and Tech Mahindra are rising in trade. All constituents of the Nifty IT index are also trading in the green.
InterGlobe Aviation is falling as reports suggest that the Gangwal family (promoters) is looking to sell a stake of approximately 5-8%, valued at Rs 7,500 crore, in the firm.
- CLSA says cooling LNG prices will lead to increased gas consumption. The brokerage expects high gas demand and rise in CNG car sales to boost volumes of oil & gas companies. Indraprastha Gas, Mahanagar Gas and GAIL are its preferred picks in the oil & gas space.
Maharashtra Seamless is rising as it completes the prepayment of long-term debt worth Rs 234 crore through internal accruals. This prepayment, supported by a strong order book and high liquidity, marks the second such instance in the past eight months for the company. As a result, the company appears in a screener of stocks with low debt.
Birla Corporation rises as Societe Generale acquires a 0.5% equity stake (3,99,321 shares) at an average price of Rs 1,188.51 per share. It appears in a screener of stocks near their 52-week high.
TVS Motor company touches a new 52 week high today as its subsidiary, TVS Motor (Singapore), acquires 25% stake in Swiss E-Mobility Group (Holding) AG (SEMG), Switzerland, by purchasing shares form existing shareholders. It appears in a screener for stocks with strong annual EPS growth.
Canada Pension Plan Investment Board sells a 1.66% stake in Kotak Mahindra Bank for approx Rs 6,123.6 crore in a bulk deal on Friday.
Credit rating agency Moody’s Investors Service expects India's GDP to grow at a rate of 6-6.3% in Q1FY24, which is lower than the RBI's estimate of 8%. The rating agency has highlighted the risks of fiscal slippage.
Vedanta rises as it becomes the preferred bidder for the electronic auction of Block VII - Cudnem mineral block, securing the highest final price offer of 93.15%. The auction was conducted by the government of Goa to grant them the mining lease for iron ore.
Zydus Family Trust, promoter of Zydus Wellness, buys a 0.16% stake in the company on Wednesday. It now holds a 9.1% stake.
Go Fashion falls after the sale of 11.5% of equity shares (62,00,000 shares) worth Rs 705.5 crore through a block deal. The transaction has been executed at an average price of Rs 1136 per share, as reported by CNBC-TV18.
Cochin Shipyard bags a contract worth Rs 300 crore from the Ministry of Defence for upgrading an Indian naval ship. The project is estimated to be completed in 24 months.
Riding High:
Largecap and midcap gainers today include Delhivery Ltd. (382.70, 9.42%), Hindustan Petroleum Corporation Ltd. (273.45, 4.29%) and Indus Towers Ltd. (163.35, 3.88%).
Downers:
Largecap and midcap losers today include SRF Ltd. (2,337.85, -3.78%), InterGlobe Aviation Ltd. (2,410.95, -2.10%) and Emami Ltd. (375.25, -1.96%).
Volume Rockets
19 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included Sheela Foam Ltd. (1,154.50, 13.59%), Delhivery Ltd. (382.70, 9.42%) and KEC International Ltd. (568.00, 5.82%).
Top high volume losers on BSE were SRF Ltd. (2,337.85, -3.78%), Ratnamani Metals & Tubes Ltd. (2,299.95, -2.52%) and Navin Fluorine International Ltd. (4,409.15, -1.11%).
FDC Ltd. (300.95, 1.01%) was trading at 25.1 times of weekly average. Linde India Ltd. (4,196.25, 5.20%) and Century Plyboards (India) Ltd. (608.00, 5.00%) were trading with volumes 15.2 and 8.0 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
31 stocks overperformed with 52-week highs, while 1 stock tanked below their 52-week lows.
Stocks touching their year highs included - AIA Engineering Ltd. (3,278.50, 1.72%), Apollo Tyres Ltd. (406.80, 0.37%) and Astral Ltd. (1,967.35, -1.03%).
Stock making new 52 weeks lows included - Aavas Financiers Ltd. (1,336.90, -1.26%).
8 stocks climbed above their 200 day SMA including Delhivery Ltd. (382.70, 9.42%) and Eris Lifesciences Ltd. (659.90, 2.24%). 9 stocks slipped below their 200 SMA including SRF Ltd. (2,337.85, -3.78%) and Mas Financial Services Ltd. (758.00, -1.88%).