Trendlyne Analysis
Nifty 50closed at 18,035.85 (20, 0.1%), BSE Sensexclosed at 61,319.51 (44.4, 0.1%) while the broader Nifty 500closed at 15,083.75 (44.1, 0.3%). Of the 1,960 stocks traded today, 1,055 were on the uptrend, and 834 went down.
Nifty 50 pared early gains made in the morning session and closes flat above the key 18,000 mark. HDFCraised USD 3 billion in the largest local bond issue. The Indian government has slashed the windfall tax on crude oil from Rs 5,050 to Rs 4,350 per tonne. Windfall tax on exports of aviation fuel and diesel was also reduced.
Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, despite the benchmark index closing flat. Nifty Bank closed lower, led by industry heavyweights SBI and HDFC Bank. Nifty IT also closed in the green, following the tech-heavy Nasdaq 100 index, which closed 0.92% higher on Wednesday.
In international markets, major Asian indices closed in the green, amid positive global cues. European stocks edged higher, shrugging off the interest rate hike worries based on UK jobs data. US indices futures trade in the red, indicating a negative start for the day.
Money flow index(MFI) indicates that stocks like Cummins India, Finolex Cables, Blue Star and Procter & Gamble Health are in the overbought zone.
Hindustan Aeronautics is surging as it receives Indian Technical Standard Order (ITSO) authorisation from the Directorate General of Civil Aviation (DGCA) for its indigenously developed cockpit voice recorder (CVR) and flight data recorder (FDR), according to reports. The company has also won a contract from the Argentinian Air Force to supply spare parts and engine repair of legacy two-tonne class helicopters.
Bharat Dynamics is rising as it enters into 10 MoUs with several foreign and domestic companies during Aero India 2023. The stock shows up in a screener for companies with net profits increasing sequentially for the past two quarters. According to Trendlyne’s Forecaster, the consensus recommendation for Bharat Dynamics is ‘Buy’.
Nestle India is rising as its net profit grows 65.5% YoY to Rs 628 crore in Q3FY23. Domestic sales see growth, driving the revenue to increase by 13.6% YoY. The company features in a screener of stocks with improving net profit and profit margin (QoQ).
NMDC ranks medium on the Trendlyne Checklist score. Forecaster consensus recommendation shows that 11 analysts recommend a ‘Buy’ for the stock. Consecutive price hikes taken by the company in January will aid in improving sales realizations in Q4FY23. However, it shows up in a screener of stocks with weak momentum.
Adani Power's deal worth Rs 7,017 crore with DB Power falls through as the long stop date under the memorandum of understanding expires. The deal was in regards to buying thermal power assets of DB Power.
Nomura initiates coverage on Motherson Sumi Wiring with a ‘Buy’ rating. The brokerage says the company is the leader in the wiring harness segment in India, with a market share of around 45%. It also expects the company’s revenue CAGR to grow to 15% over FY23-25.
Ambuja Cements has been declared the preferred bidder for the Uskalvagu limestone block in Malkangiri, Odisha. The block is estimated to have limestone reserves of 141 million tonnes. The stock shows up in a screener for companies with low debt.
Aurobindo Pharma's arm APL Healthcare's Unit-I and III, orals and derma manufacturing facilities at Jadcherla, Mahabub Nagar district, Telangana, have been classified as Voluntary Action Indicated by the US FDA.
Tanla Platforms is surging as it plans to launch Wisely ATP, an anti-phishing technology platform, at the Mobile World Congress (MWC) in Barcelona on February 27. The company is also in discussions with three major banks in India to launch a proof of concept (POC) of the platform's functioning.
Axis Direct maintains its ‘Buy’ rating on GR Infraprojects but reduces its target price to Rs 1,550 from Rs 1,600. This implies an upside of 33.5% from the current market price. The brokerage cites the slowdown in order wins for lowering the target price but believes the firm’s robust order book and execution prowess will drive future growth.
- Reports suggest that 1.7 crore shares (4.4% equity) of InterGlobe Aviation (Indigo), amounting to Rs 3,221 crore, change hands via a block deal.
MSCI decides to postpone the implementation of weighting updates for Adani Total Gas and Adani Transmission to the May benchmark review, according to reports. Both stocks continue to trade in the red.
Apollo Hospitals, Vodafone Idea and NBCC's Q3FY23 net profits fall 24.8%, 5.2% and 27.6% QoQ respectively.
- Goldman Sachs expects brent crude oil prices to rise at a moderate pace to $100 per barrel by December from the earlier estimate of $105.
IT stocks like Mphasis, Tech Mahindra, L&T Technology Services and LTIMindtree are rising in trade. The broader sectoral index Nifty IT is also trading in the green.
The Centre reduces windfall tax on locally produced crude oil to Rs 4,350 per tonne from Rs 5,050 earlier. It has also slashed the export tax on diesel to Rs 2.5 per litre from Rs 7.5. The windfall tax on aviation turbine fuel (ATF) falls to Rs 1.5 per litre from Rs 6.
Hindustan Aeronautics rises as it inks a contract with Argentinian Air Force for the supply of spares and engine repair of legacy two-tonne class helicopters.
Bharti Airtel, Shree Cements and Trent outperform the Nifty 50 index over the month post their Q3FY23 results.
Oil and Natural gas Corp (ONGC) is rising after it issues a clarification regarding the signing of an MoU. The MoU was signed by ONGC Videsh (a wholly owned subsidiary of ONGC) with an Argentina-based oil company to improve cooperation in the areas of exploration and development of oil and gas opportunities.
Vedanta has been declared the preferred bidder for the Sijimali bauxite block in Rayagada, Odisha. The block is estimated to have bauxite reserves of 311 million tonnes. The stock shows up in a screener for companies with improving net cash flow over the past two years.
Riding High:
Largecap and midcap gainers today include PI Industries Ltd. (3,377.05, 8.17%), Hindustan Aeronautics Ltd. (2,665.40, 7.37%) and Oil And Natural Gas Corporation Ltd. (155.90, 5.69%).
Downers:
Largecap and midcap losers today include Adani Total Gas Ltd. (1,022.60, -5.00%), Adani Transmission Ltd. (968.55, -4.81%) and InterGlobe Aviation Ltd. (1,897.25, -4.47%).
Volume Rockets
33 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included Bharat Dynamics Ltd. (901.80, 12.71%), Solar Industries India Ltd. (3,978.00, 8.55%) and PI Industries Ltd. (3,377.05, 8.17%).
Top high volume losers on BSE were Adani Total Gas Ltd. (1,022.60, -5.00%), Adani Transmission Ltd. (968.55, -4.81%) and InterGlobe Aviation Ltd. (1,897.25, -4.47%).
Tanla Platforms Ltd. (652.80, 8.04%) was trading at 18.4 times of weekly average. Shilpa Medicare Ltd. (258.10, 8.08%) and Adani Green Energy Ltd. (616.30, -0.76%) were trading with volumes 10.7 and 8.9 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
10 stocks made 52-week highs, while 9 stocks hit their 52-week lows.
Stocks touching their year highs included - Blue Star Ltd. (1,419.65, 2.53%), Cummins India Ltd. (1,644.30, 0.95%) and Mahindra & Mahindra Ltd. (1368.15, -0.81%).
Stocks making new 52 weeks lows included - Adani Transmission Ltd. (968.55, -4.81%) and Bata India Ltd. (1,450.05, -1.72%).
28 stocks climbed above their 200 day SMA including Bharat Dynamics Ltd. (901.80, 12.71%) and PI Industries Ltd. (3,377.05, 8.17%). 9 stocks slipped below their 200 SMA including One97 Communications Ltd. (628.90, -1.74%) and Bharat Petroleum Corporation Ltd. (325.70, -1.65%).