Trendlyne Analysis
Indian indices closed in the red with the Indian volatility index, India VIX rising. Most Asian indices closed lower ahead of an eventful week packed with central bank meetings and US inflation data release. Investors are also keeping an eye on the developments in China, where Shanghai is under a strict lockdown to curb Covid-19 cases. Crude oil prices head for a second straight weekly decline after member nations of the International Energy Agency plan to release 60 million barrels over the next six months to reduce the impact of supply chain disruption of Russian oil. European indices trade mixed as investors monitor French political uncertainty, an upcoming ECB policy meeting as well as the ongoing Ukraine conflict.
Nifty Next 50 closed in the green, despite the benchmark index closing lower. Nifty Bank closed in the red, while Nifty Media closed higher than Friday’s level. Nifty IT closed sharply lower, tracking the tech-heavy NASDAQ 100, which fell 1.41% on Friday.
Nifty 50 closed at 17,674.95 (-109.4, -0.6%), BSE Sensex closed at 58,964.57 (-482.6, -0.8%) while the broader Nifty 500 closed at 15,325.50 (-16.9, -0.1%)
Market breadth is in the green. Of the 1,923 stocks traded today, 1,048 were on the uptick, and 840 were down.
AIA Engineering, Galaxy Surfactants, Narayana Hrudayalaya, and Blue Star are trading with higher volumes as compared to Friday.
Sandur Manganese & Iron Ores surges as the company enters into a power purchase agreement and share subscription and share holding agreement with Renew Green Energy Solutions for the supply of solar and wind power. The company also announces right issue of 1.8 crore equity shares.
Edelweiss upgrades IndusInd Bank’s rating to ‘Buy’ from ‘Neutral’ and increases its target price by 11% to Rs 1,100 as its loan advances rise 13% YoY to Rs 2.4 lakh crore at the end of Q4FY22. The brokerage expects net NPA ratio to decline in Q4FY22.
Axis Securities initiates coverage on Westlife Development with a ‘Buy’ rating and a target price of Rs 625, indicating an upside of 30%. The brokerage believes the company is well-placed to capture QSR (Quick Service Restaurant) space opportunities. The brokerage is bullish on the company’s ability to innovate new products, capitalise on the rapidly growing delivery channel and penetrate fast-growing tier 2 & 3 cities.
Ruchi Soya is rising as its board approves enhancing synergies with Patanjali Ayurved's food business "on an arm's length basis". Although the company didn't specify what this transaction could be, the board authorises the comapny officials to negotiate and execute the transaction. The board also approved changing name of Ruchi Soya to Patanjali Foods.
Godfrey Phillips India is trading with more than 33 times its weekly average trading volume. Gujarat Ambuja Exports, Syngene International, Ambuja Cements, and Advanced Enzyme Technologies are trading at more than two times their weekly average trading volumes.
Glenmark Pharmaceuticals rises as its subsidiary Glenmark Specialty S.A receives approval from the Drug Controller General of India (DCGI) to conduct a phase 1 trial of its novel small molecule, GRC 54276. This molecule will be used to treat patients with advanced solid tumours and Hodgkins’s Lymphoma.
IT stocks like Infosys, L&T Technology Services, HCL Technologies, and Larsen & Toubro Infotech, among others, are falling in trade. The broader sectoral index Nifty IT is also trading in red.
Jindal Steel and Power rises as the company plans to setup India's second coal gasification plant at its Raigarh plant in Chhattisgarh, according to news reports. The company also intends to begin commercial operations in four of its eight coal mines (owned) so as to save on cost of acquiring thermal coal.
GTPL Hathway’s Q4FY22 revenue falls 17.5% YoY to Rs 617.3 crore and profit falls 4.3% YoY to Rs 54.5 crore largely due to a fall in EPC (Evolved Packet Core) project business. In FY22, revenue falls 2.1% YoY to Rs 2,414.1 crore but profit rises 6.1% YoY to Rs 199.6 crore.
Veranda Learnings’ shares list at 14.6% premium to the issue price of Rs 137 on its debut on the bourses after getting bids for 3.5X of total shares on offer.
Tata Motor’s wholly-owned subsidiary, Jaguar Land Rover’s (JLR) retail sales fall 36% YoY to 79,008 units in Q4FY22 due to global semiconductor shortage. JLR’s FY22 retail sales fall 14.4% YoY to 376,381 units.
Sobha’s Q4FY22 total sales volume rises 3.5% YoY to Rs 1,109.6 crore with average price realization increasing 3.1% YoY to Rs 8,265 per square feet. The company’s sales bookings in volumes grow 0.35% to 13.42 lakh square feet in Q4FY22 with maximum bookings coming in from Bengaluru (9.32 lakh square feet). The company attributes this growth to consistent rise in housing demand, low home loan rates, and improving economy.
Riding High:
Largecap and midcap gainers today include Adani Green Energy Ltd. (2,665.15, 14.79%), Adani Total Gas Ltd. (2,665.00, 9.80%) and Adani Transmission Ltd. (2,756.50, 8.51%).
Downers:
Largecap and midcap losers today include L&T Technology Services Ltd. (4,798.85, -3.89%), YES Bank Ltd. (15.10, -3.51%) and Deepak Nitrite Ltd. (2,287.60, -3.14%).
Crowd Puller Stocks
10 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included Godfrey Phillips India Ltd. (1,234.70, 13.51%), Ambuja Cements Ltd. (360.20, 6.77%) and Advanced Enzyme Technologies Ltd. (316.55, 5.04%).
Top high volume loser on BSE was Indigo Paints Ltd. (1,625.25, -2.89%).
Shriram City Union Finance Ltd. (1,753.20, 0.58%) was trading at 8.2 times of weekly average. VST Industries Ltd. (3,148.95, 0.65%) and Prism Johnson Ltd. (129.90, 3.01%) were trading with volumes 8.2 and 7.6 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
26 stocks overperformed with 52-week highs,
Stocks touching their year highs included - Adani Transmission Ltd. (2,756.50, 8.51%), Bank of Baroda (120.30, 0.00%) and Bharat Electronics Ltd. (243.95, 1.82%).
27 stocks climbed above their 200 day SMA including Godfrey Phillips India Ltd. (1,234.70, 13.51%) and PCBL Ltd. (129.55, 8.14%). 4 stocks slipped below their 200 SMA including HCL Technologies Ltd. (1,133.50, -2.73%) and SBI Life Insurance Company Ltd. (1,142.50, -1.55%).