Trendlyne Analysis
Nifty 50 closed at 17,107.50 (119.1, 0.7%), BSE Sensex closed at 58,074.68 (445.7, 0.8%) while the broader Nifty 500 closed at 14,411.30 (94.2, 0.7%). Of the 1,956 stocks traded today, 1,124 were on the uptick, and 769 were down.
Indian indices closed in the green, with the volatility index, India VIX, falling by over 6%. Nifty 50 rose nearly 120 points and closed above the 17,100 mark. NTPC closed higher after its arm NTPC Green Energy inked a pact to form a joint venture with Indian Oil Corp to set up renewable energy power plants.
Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty Bank and Nifty Media closed over 1.2% higher than Monday's closing levels. However, Nifty IT closed in the red, despite the Nasdaq 100 futures trading in the green.
Major Asian indices closed in the green, except for Japan’s Nikkei 225 index, which fell 1.4% and hit a one-month low. European stocks traded in the green, led by banking stocks, as investor confidence returned ahead of the two-day US Fed meeting, scheduled to start today. However, S&P Global Ratings downgraded its rating on UBS Group to negative from stable after the bank announced its acquisition of Credit Suisse Group.
Relative strength index (RSI) indicates that stocks like Anupam Rasayan India, Bharat Petroleum Corp and Hindustan Petroleum Corp are in the overbought zone.
Granules India rises 2% as the US FDA completes an audit at its step-down subsidiary, Granules Consumer Health, with zero observations. The average broker target price upside for the stock is 30.4%.
NTPC is rising as its arm NTPC Green Energy inks a pact to form a joint venture with Indian Oil Corp to set up renewable energy power plants to meet round-the-clock power requirements of Indian Oil refineries.
Reports suggest that 19.92 lakh shares (0.20% equity) of Max Healthcare Institute, amounting to Rs 92.84 crore, change hands in a large trade.
HSBC expects Zomato’s stock price to rise 64% to Rs 87 after it relaunched Zomato Gold and gained back the market share lost to its competitor, Swiggy. The stock has fallen more than 14% in the past six months and is now 39% down from its 52-week high.
Sterling and Wilson Renewable Energy, Welspun India, CreditAccess Grameen and UTI Asset Management are trading above their second resistance or R2 level.
- CLSA upgrades its rating on Indraprastha Gas to ‘Outperform’ from ‘Buy’ and raises the target price to Rs 585 from Rs 420. Meanwhile, it maintains a ‘Buy’ on Mahanagar Gas but raises the target price to Rs 1,260. The brokerage believes that the regulatory regime will be favourable from April and pricing power will return to the companies.
PSU banks like Bank of Baroda, Canara Bank, UCO Bank, Indian Bank and Punjab & Sind Bank are rising in trade. All constituents of the broader sectoral index Nifty PSU Bank are also trading in the green.
ICICI Securities initiates coverage on Nazara Technologies with a ‘Buy’ rating and a target price of Rs 700, indicating an upside of 43.7%. The brokerage is positive about the company’s prospects given its healthy revenue growth visibility in the eSports business and improving profitability in its gamified early learning segment.
Motilal Oswal keeps its ‘Buy’ rating on Phoenix Mills with a target price upside of 31%. The company has three malls under construction and is set to expand in its 9th city soon. Also, the vacancy rate in its Grade-A malls has fallen to nearly 4%, indicating an improvement in retail consumption. The stock ranks high on the Trendlyne checklist score.
HCL Technologies is falling in trade today. It shows up in a screener of stocks with declining share prices over the week ahead of its Q4FY23 results. The consensus recommendation on the stock from 23 analysts is ‘Buy’, while 14 maintain ‘Hold’ and 1 recommends ‘Sell’.
George Alexander Muthoot, the Managing Director of Muthoot Finance, says international gold prices could rise up to $2,100 per ounce. He adds that the company’s gold AUM will grow by 5%-7% in FY23 and 15% in FY24.
Blue Star wins four railway electrification orders worth Rs 575 crore from West Central Railway, Central Organization for Railway Electrification and Metro Railway.
Ultratech Cement gains 3% in the past week ahead of its Q4FY23 results on April 28. ABB India rises 1.4% in the same period ahead of its Q4 results on May 3.
J Kumar Infraprojects is rising as its joint venture J Kumar – AICPL wins a contract worth Rs 182.3 crore from the Bangalore Metro Rail Corp for the construction of an airport depot. The stock shows up in a screener for companies with high TTM EPS growth.
- Centre reduces the windfall tax on locally produced crude oil to Rs 3,500 per tonne from the earlier Rs 4,400. Export duty on diesel is up to Rs 1 per litre from Rs 0.50, while it remains nil for petrol and aviation turbine fuel (ATF).
Berry Creek Investment sells a 2.5% stake (24.3 lakh shares) in PVR for Rs 380.4 crore in a bulk deal on Monday. Meanwhile, GQG Partners offloads a 1.16% stake in HDFC Asset Management for Rs 396.8 crore. In another deal, SBI Mutual Fund picks up a 1.5% stake in PVR and a 2.2% stake in HDFC Asset Management.
PNC Infratech is rising as Haryana Rail Infrastructure Development sends a letter of intent to award a civil work project to the company. The estimated cost of the project is Rs 771.4 crore. The stock has gained 31.5% from its 52-week low.
- Finance Ministry expects the Indian economy to grow 7% in FY23 in spite of global headwinds and moderation in retail inflation. Monthly Economics Review by the ministry also estimates a fall in India’s current account deficit in FY23 and FY24.
L&T Energy Hydrocarbon of Larsen & Toubro wins multiple offshore contracts worth Rs 5,000-7,000 crore from an overseas client to engineer, procure, construct and install structures and upgrade existing facilities.
Ceat's Managing Director (MD) and Chief Executive Officer (CEO) Anant Goenka resigns, effective from March 31, 2023. The board appoints Arnab Banerjee as MD and CEO for two years, effective from April 1, 2023, subject to members and other applicable approvals.
Ashish Kacholia acquires a 5.38% stake in Virtuoso Optoelectronics through preferential allotment on Friday.
The Reserve Bank of India slams a penalty on RBL Bank for non-compliance with provisions under the Internal Ombudsman Scheme 2018 and recovery agents engaged by the Bank during FY19-22. The fine imposed is Rs 2.27 crore.
Sterling and Wilson Renewable Energy bags a Rs 2,100 crore project from NTPC Renewable Energy for the operation and maintenance of a solar photovoltaic (PV) project at Khavda RE Power Park, Rann of Kutch, Gujarat, for three years.
Riding High:
Largecap and midcap gainers today include Gland Pharma Ltd. (1,224.55, 5.51%), HDFC Asset Management Company Ltd. (1,764.20, 5.01%) and Adani Green Energy Ltd. (891.05, 5.00%).
Downers:
Largecap and midcap losers today include GAIL (India) Ltd. (105.10, -4.28%), L&T Technology Services Ltd. (3,426.90, -2.87%) and UNO Minda Ltd. (451.20, -2.28%).
Volume Shockers
17 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included CSB Bank Ltd. (245.55, 8.89%), Saregama India Ltd. (344.45, 7.51%) and Sterling and Wilson Renewable Energy Ltd. (319.25, 6.63%).
Top high volume losers on BSE were Devyani International Ltd. (141.85, -1.08%), Zydus Wellness Ltd. (1,460.00, -1.06%) and Mahindra Lifespace Developers Ltd. (339.50, -0.24%).
Aarti Drugs Ltd. (382.80, 3.95%) was trading at 10.0 times of weekly average. IndiaMART InterMESH Ltd. (5,102.30, 4.04%) and UTI Asset Management Company Ltd. (675.00, 5.94%) were trading with volumes 5.3 and 5.3 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
3 stocks overperformed with 52-week highs, while 17 stocks were underachievers and hit their 52-week lows.
Stocks touching their year highs included - Godrej Consumer Products Ltd. (943.60, -1.71%), Siemens Ltd. (3,313.15, 0.63%) and KPIT Technologies Ltd. (877.40, -1.37%).
Stocks making new 52 weeks lows included - Biocon Ltd. (201.10, -0.32%) and IFB Industries Ltd. (789.55, -2.43%).
9 stocks climbed above their 200 day SMA including Procter & Gamble Hygiene & Healthcare Ltd. (13,950.50, 2.81%) and Jyothy Labs Ltd. (187.35, 1.93%). 17 stocks slipped below their 200 SMA including L&T Technology Services Ltd. (3,426.90, -2.87%) and Hitachi Energy India Ltd. (3,236.25, -2.50%).