Trendlyne Analysis
Nifty 50 closed at 17,412.90 (-176.7, -1%), BSE Sensex closed at 59,135.13 (-671.2, -1.1%) while the broader Nifty 500 closed at 14,679.85 (-124.1, -0.8%). Of the 1,948 stocks traded today, 630 were in the positive territory and 1,250 were negative.
Indian indices extended the losses made in the morning session and closed in the red. Nifty 50 closed below the 17,450 mark on a volatile day of trade. The Indian volatility index, India VIX, rose above 13. Later today, the Central Statistical Organization will release IIP data for January. According to CNBC, January IIP growth is expected to be at 5.25%.
Nifty Smallcap 100 and Nifty Midcap 100 closed in the red, tailing the benchmark index. Nifty FMCG and Nifty Energy closed higher than Thursday’s levels. All other major sectoral indices also closed in the red. The Nifty Bank index closed 1.88% lower than Thursday’s level, tailing Dow Jones US Banks Index, which closed 6.04% lower on Thursday. KNR Construction received a contract worth Rs 690.3 crore from the Karnataka state government.
Major Asian indices closed lower, tailing US indices, which closed lower on Thursday. European Indices trade lower amid weak global cues. On Thursday, US stocks settled in the red, with Dow Jones dropping 1.66% and S&P 500 closing 1.85% lower. Concerns about Silvergate Capital’s shutdown and Silicon Valley Bank's fundraising, coupled with Biden’s statement about taxing the super-rich caused the markets to fall.
Relative strength index (RSI) indicates that stocks like Anupam Rasayan India, Blue Star, Finolex Cables and Hindustan Aeronautics are in the overbought zone.
- Vedanta is falling as rating agency Moody’s Investor Service downgrades the corporate family rating (CFR) of Vedanta Resources to Caa1 from the earlier B3 due to the rise in refinancing risks in debt maturities.
KNR Construction receives a contract worth Rs 690.3 crore from the Karnataka government for the construction of an access-controlled four-lane highway. The construction period is 24 months and the operational period after construction is 15 years.
Bajaj Auto is rising as Motilal Oswal expects the company to do decently in a weak export market. Bajaj Auto’s foray into a new market like Brazil can be a growth driver. Increasing EV production and sales would also help in improving the company's market share. The stock has gone up 5.5% in the past 90 days.
- According to data from the Society of Indian Automobile Manufacturers (SIAM), two-wheeler sales increase 7.5% YoY to 11.3 lakh units and passenger vehicle sales rise 11% YoY to 2.93 lakh units in February.
Marksans Pharma is rising as it receives the final approval from the US FDA for its abbreviated new drug application (ANDA) of Famotidine tablet. It is used to treat acid indigestion, heartburn and sour stomach. The product is bioequivalent to Pepcid AC tablet, which has sales of over $200 million in the US.
- Vinod Aggarwal, Managing Director & CEO of VE Commercial Vehicles (VECV), Eicher Motors’ joint venture with Sweden’s AB Volvo, says market share of heavy-duty trucks has improved to 8% from the earlier 6.5%, while it stands at 22%-23% for buses.
ICICI Securities maintains its ‘Buy’ rating on TTK Prestige with a target price of Rs 1,000. This indicates an upside of 32.6%. The brokerage is positive about the firm’s prospects as it expects distribution expansion, market share gains and sales volume growth. It anticipates the company’s net profit to grow at a CAGR of 24.4% over FY23-25.
Foreign institutional investors invest Rs 5,053.8 crore in the equity market over the past week, according to Trendlyne's FII dashboard. Meanwhile, index options witness the highest inflow of Rs 6,791.3 crore from foreign investors.
- The Nifty Bank index falls 1.86% today, tailing the Dow Jones US Banks Index, which closed 6.54% lower on Thursday. This comes after Silicon Valley Bank's hasty fundraising and the stock collapsing 60% on Thursday.
Ajanta Pharma's board of directors approves the buyback of 22.1 lakh shares (or 2.6% stake) at Rs 1,425 each, amounting to Rs 315 crore. The company shows up in a screener of stocks with improving book value per share over the past two years.
Equitas Small Finance Bank is falling as its board of directors approves the allotment of 78.95 crore fully paid equity shares at Rs 10 each to eligible shareholders of the former Equitas Holdings under the scheme of amalgamation.
Hinduja Global Solutions, GlaxoSmithKline Pharmaceuticals and Britannia Industries log annual RoE at 78.2%, 63.3% and 59.6% respectively, higher than the past five years.
Dredging Corp is rising as it bags a contract worth Rs 64 crore from the Southern Naval Command, Kochi. The order involves the annual maintenance dredging of the naval channel at Ernakulam, Kerala. It shows up in a screener for stocks with improving cash flows from operations over the past two years.
Bank of Baroda is falling as it approves the divestment of 49% stake in its wholly owned subsidiary BOB Financial Solutions (BFSL). The bank will invite expressions of interest from investors and strategic partners to acquire Bank of Baroda’s stake in BFSL. The stock is trading below its second support or S2 level.
PSU bank stocks like Canara Bank, Union Bank of India, Bank of Baroda, Punjab National Bank and Bank of India are falling in trade. The broader sectoral index Nifty PSU Bank is also trading in the red.
- Jefferies upgrades its rating on Bharti Airtel to ‘Buy’ with a target price of Rs 900. The brokerage expects Airtel’s Mobile ARPU (average revenue per user) to grow 13% over FY23-25. It adds that the company may gain market share due to 5G rollouts.
Zydus Lifesciences is rising as it receives approval from the US FDA for erythromycin tablets. They are used for the treatment of different kinds of infections like diphtheria, intestinal amebiasis and acute pelvic inflammatory disease. According to IQVIA, the tablet had annual sales of $25.1 million in the US during CY22.
PSP Projects wins orders worth Rs 123.4 crore in institutional, industrial and residential segments. Total order inflow of the company for FY23 to date stands at Rs 3,415.9 crore. It shows up in a screener of stocks with strong annual EPS growth.
Shree Renuka Sugars, Finolex Cables and Power Finance Corp outperform the Nifty 50 index by more than 10% in the past week.
NBCC continues to rise as it wins another order from the Indian Institute of Foreign Trade for the construction of a new campus at Kakinada. The estimated cost of this project is Rs 229.8 crore. The stock gains 41.4% from its 52-week low.
PNC Infratech bags two highway construction projects worth Rs 2,004.4 crore for the construction of six-lane highways in Bihar. The projects have to be completed in 24 months and operated for 15 years after construction. 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 Adani Green Energy Ltd. (682.70, 5.00%), Adani Total Gas Ltd. (949.60, 5.00%) and Adani Transmission Ltd. (904.45, 5.00%).
Downers:
Largecap and midcap losers today include Polycab India Ltd. (2,946.95, -4.45%), Adani Wilmar Ltd. (453.50, -4.41%) and Canara Bank (298.20, -3.91%).
Crowd Puller Stocks
20 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included Mangalore Refinery And Petrochemicals Ltd. (58.85, 7.39%), KSB Ltd. (2,083.80, 7.07%) and eClerx Services Ltd. (1,484.85, 6.24%).
Top high volume losers on BSE were Equitas Small Finance Bank Ltd. (68.70, -6.21%), Bombay Burmah Trading Corporation Ltd. (874.80, -1.78%) and Aether Industries Ltd. (870.45, -0.32%).
Adani Green Energy Ltd. (682.70, 5.00%) was trading at 9.1 times of weekly average. Thermax Ltd. (2,181.45, 0.01%) and Balkrishna Industries Ltd. (2,025.65, 2.17%) were trading with volumes 6.3 and 6.2 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
5 stocks hit their 52 week highs, while 9 stocks hit their 52 week lows.
Stocks touching their year highs included - Blue Star Ltd. (1,517.50, 0.25%), CCL Products India Ltd. (579.95, 0.00%) and Siemens Ltd. (3,309.05, 0.30%).
Stocks making new 52 weeks lows included - Bayer Cropscience Ltd. (4,120.00, -0.53%) and Gillette India Ltd. (4,593.95, -0.63%).
7 stocks climbed above their 200 day SMA including eClerx Services Ltd. (1,484.85, 6.24%) and Route Mobile Ltd. (1,348.30, 2.84%). 23 stocks slipped below their 200 SMA including Suzlon Energy Ltd. (8.40, -3.45%) and MphasiS Ltd. (2,038.95, -3.13%).