Trendlyne Analysis
Nifty 50 closed at 17,624.05 (24.9, 0.1%), BSE Sensex closed at 59,846.51 (13.5, 0.0%) while the broader Nifty 500 closed at 14,790.55 (31.4, 0.2%). Of the 1,978 stocks traded today, 1,001 showed gains, and 938 showed losses.
Indian indices pared the gains made in the morning session and closed flat. The Nifty 50 closed above the 17,600 mark. India volatility index, India VIX, rose above 12.
Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, outperforming the benchmark index. Nifty Auto and Nifty Realty closed sharply higher than Thursday’s levels. Nifty IT also closed sharply higher, tailing tech-heavy Nasdaq 100, which closed 0.74% higher on Friday. Larsen & Toubro's arm L&T Energy Hydrocarbon won an order worth Rs 1,000-2,500 crore from Chambal Fertilisers and Chemicals.
European stocks traded higher, in line with most major Asian indices closing in the green. US indices futures also traded higher after closing in the green on Friday. Brent crude oil futures traded marginally higher, as tighter supplies are expected from OPEC+ oil producers starting in May.
Tata Motors sees a Long buildup in its April 27 future series as its open interest rises 14.7% with a put-call ratio of 0.72.
FMCG stocks like Tata Consumer Products, Zydus Wellness, Hindustan Unilever and Nestle India are falling in trade as the Indian weather forecasting services company Skymet predicts below-normal monsoon in 2023.
- Reports suggest that Torrent Power has emerged as the lowest bidder for a contract to supply 1,100 MW of gas-based power. The company quoted Rs 13.7 per unit for the supply of 770 MW each for 45 days in April and May from two of its gas-based projects in Gujarat.
Yes Securities upgrades One97 Communications’ (Paytm) target price to Rs 700 from Rs 600, while maintaining its ‘Neutral’ stance on the stock. The decision comes after the company’s Q4 updates revealed an increase in loan disbursements and new merchant device additions. The brokerage expects revenue to grow by 18% QoQ, an upward revision of 12% from previous estimates.
EID Parry (India)'s board approves the payment of the second interim dividend for FY23 at Rs 4 per share. The record date for the payment is set as April 21, 2023. The stock shows up in a screener for companies with ROA improving over the past two years.
- One97 Communications (Paytm) is rising as reports suggest that 20.46 lakh shares (0.34% equity) of the company, amounting to Rs 133.92 crore, change hands.
Schaeffler India and ICICI Securities rise 9.5% and 9.3% respectively over the past week, ahead of their results on April 18 and April 19.
GAIL India is rising as it reduces the price of LNG by Rs 7 per standard cubic meter (SCM) in Bengaluru and Dakshin Kannada and Rs 6 per SCM in other areas. It has also slashed CNG prices by Rs 7 per kg in Karnataka and Rs 6 per kg in other areas.
- Venugopal Garre, Managing Director and Senior Analyst at Sanford C Bernstein, says India is currently facing a bear market rally. He adds that emerging markets have been underperforming so far.
Future Retail is rising as the company receives expressions of interest from 49 companies. Reliance Retail, WH Smith, JC Flowers and Jindal Power are among the companies that have expressed interest in buying the firm.
Larsen & Toubro's arm L&T Energy Hydrocarbon wins an order worth Rs 1,000-2,500 crore from Chambal Fertilisers and Chemicals for the license plus engineering, procurement and construction of a technical ammonium nitrate plant and weak nitric acid plant at Gadepan, Kota, Rajasthan.
Motilal Oswal initiates coverage on Max Healthcare Institute with a ‘Buy’ rating and a target price of Rs 530, implying an upside of 18.3%. The brokerage believes that the company is well-placed to benefit from demand tailwinds in the diagnostics industry, given its strategic locations in metro cities and strong execution capabilities.
Goldman Sachs upgrades Bandhan Bank’s rating to ‘Buy’ from ‘Neutral’ as it finds the stock's valuations attractive. The brokerage expects RoA and RoE to increase over FY24-25 as its microfinance portfolio sees an improvement in collections. The stock rises 10% over the past week.
Sobha is rising as its sales in Q4FY23 rise 25.7% YoY to Rs 1,463.4 crore, its highest ever. Its average price realisation per square foot also grows 13.7% YoY to Rs 9,898. The company achieves its highest annual sales in FY23, with a 34.3% YoY increase. The stock shows up in a screener for companies with improving cash flow from operations over the past two years.
Akshay D’Souza, Chief of Growth & Insights at Bizom, expects strong growth for FMCG companies in Q4FY23. He adds that the heat wave in February has led to improved sales of summer products.
Mahindra & Mahindra Financial Services is declining as RBI imposes a fine of Rs 6.77 crore on the firm for non-compliance with its directions relating to annualised interest rates. The company charged a higher interest rate than what was communicated to its borrowers during FY19, FY20, and FY21, and also failed to give notice of change in terms to its borrowers.
Godrej Properties rises as its booking value goes up 56% YoY to Rs 12,232 crore in FY23. Its cash collections have also grown 52% YoY in Q4. It shows up in a screener of stocks with improving book value over the past two years.
Birla Estates, an arm of Aditya Birla Group and housed under Century Textiles and Industries, enters the Pune residential market by acquiring a 5.76-acre land parcel from Sudarshan Chemical Industries. The land has a revenue potential of Rs 2,500 crore.
Indian rupee appreciates 24 paise to 81.78 against the US dollar in early trade today. The rise is on the back of a positive trend in domestic equities and foreign fund inflows.
Realty stocks like Godrej Properties, Prestige Estates Projects, Sobha and DLF are rising in trade. Broader sectoral indices Nifty Realty and BSE Realty are also trading in the green.
- Goldman Sachs downgrades its rating on Maruti Suzuki India to ‘Neutral’ and lowers the target price to Rs 8,800. The brokerage says the slowdown in the small car market will likely offset any potential market share gains for Maruti in FY24.
Dolly Khanna cuts her stake in Rama Phosphates in Q4FY23. She now holds below 1%, down from her 1.5% stake in Q3FY23.
Vijay Kedia buys a 0.1% stake in Heritage Foods in Q4FY23. He now holds a 1.2% stake in the company.
Rail Vikas Nigam (RVNL), in partnership with Siemens India, secures a contract worth Rs 378 crore for the turnkey solution of the Mumbai Metro Line 2B project. Siemens India will be the lead partner with a 60% share, while RVNL will hold 40%.
CreditAccess Grameen Bank is up more than 6% in trade after reporting a 27% YoY growth in assets under management to Rs 21,032 crore in Q4FY23. The bank also reports an 80% YoY increase in customer additions during the same period. The stock ranks medium on the Trendlyne checklist score.
Titan is rising as its revenue increases 25% YoY in Q4FY23 aided by the watches & wearables segment and emerging businesses. Its Indian dress-wear brand, Taneira, has also achieved sales growth of 208% YoY. Additionally, Titan's jewellery segment has seen revenue growth of 23% YoY. It shows up in a screener of stocks with increasing profits in the past three quarters.
Tata Motors reports 8% YoY rise in global wholesales to 3.6 lakh units in Q4FY23 despite increased interest rates and reduced purchasing power due to high inflation. Jaguar Land-rover, its subsidiary, has contributed nearly one-third to the global wholesales. Global passenger vehicle and electric vehicle wholesales also rise 10% YoY in Q4.
Riding High:
Largecap and midcap gainers today include Godrej Properties Ltd. (1,228.35, 9.15%), DLF Ltd. (405.50, 5.90%) and Power Finance Corporation Ltd. (166.40, 5.75%).
Downers:
Largecap and midcap losers today include Petronet LNG Ltd. (228.50, -3.10%), 3M India Ltd. (22,780.45, -2.35%) and Havells India Ltd. (1,169.75, -2.08%).
Crowd Puller Stocks
20 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included Rossari Biotech Ltd. (740.95, 18.39%), Godrej Properties Ltd. (1,228.35, 9.15%) and Chemplast Sanmar Ltd. (403.05, 7.34%).
Top high volume losers on BSE were Tata Teleservices (Maharashtra) Ltd. (60.95, -4.99%), Sapphire Foods India Ltd. (1,194.45, -1.69%) and Galaxy Surfactants Ltd. (2,377.00, -1.62%).
Torrent Power Ltd. (520.00, -0.26%) was trading at 19.2 times of weekly average. Godrej Industries Ltd. (442.35, 4.34%) and Tata Motors Ltd. (461.30, 5.40%) were trading with volumes 7.9 and 5.4 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
15 stocks made 52-week highs, while 3 stocks hit their 52-week lows.
Stocks touching their year highs included - Abbott India Ltd. (22,880.00, -0.00%), Zydus Lifesciences Ltd. (496.50, 0.48%) and Cholamandalam Investment & Finance Company Ltd. (829.20, -1.45%).
Stocks making new 52 weeks lows included - United Breweries Ltd. (1,398.00, -0.64%) and V-Mart Retail Ltd. (2,098.00, -0.60%).
13 stocks climbed above their 200 day SMA including Prestige Estates Projects Ltd. (445.75, 6.27%) and DLF Ltd. (405.50, 5.90%). 7 stocks slipped below their 200 SMA including 3M India Ltd. (22,780.45, -2.35%) and 360 One Wam Ltd. (432.20, -1.73%).