Trendlyne Analysis
Market sinks in today's trading. Nifty 50 closed at 17,764.80 (-133.9, -0.8%) , BSE Sensex closed at 59,636.01 (-372.3, -0.6%) while the broader Nifty 500 closed at 15,302.55 (-152.4, -1.0%)
Market breadth is sharply down. Of the 1,817 stocks traded today, 370 were on the uptrend, and 1,417 went down.
PNB Housing Finance, eClerx, Emami and Max Healthcare Institute are trading with lower delivery volumes as compared to Wednesday.
IDBI Capital reduces its target price for IRCON International to 21% from 33% in Q2FY22. The brokerage speculates revenue growth for Q3 to be 1% with little improvement in profit margins.
ICICI Securities maintains a 'HOLD' rating on Coal India on the back of 2% YoY fall in realizations from its fuel supply agreements and erosion of EBITDA margins by 240 bps. The brokerage expects a target price upside of 3%.
Go Fashion India (owner of Go Colors) Rs 1,014-crore IPO gets bids for over 4X times the available 80.8 lakh shares on offer. Retail investors bid for over 19X the available 14.68 lakh shares on offer on the second day of bidding.
Axis securities upgrades its rating on JK Cement to ‘Buy’ from ‘Hold’ with a target price upside of 10%. The brokerage expects the company to post over 10% YoY volume growth till FY24 on the back of its capex plans and increased government spending on infrastructure projects.
Zensar Technologies is trading with less than 12 times its weekly average trading volume. Shipping Corporation of India, Bayer Cropscience, and Escorts, are trading at more than four times their weekly average trading volumes.
Macquarie Capital Securities (India) initiated coverage on One97 Communications (Paytm) with an underperform rating and a price target of 1,200 rupees, implying an over 40% downside from the issue price.
Sapphire Foods' shares list at a 15% premium to the issue price of Rs 1,180 on their debut on the bourses. The issue was subscribed over 6.6 times on back of 8.7 times and 3.5 times subscription in retail quota and HNI quota respectively.
One97 Communications' (Paytm's) shares lists at Rs 1,950 per share, a 9% discount to its issue price. The company’s Rs 18,300-crore IPO consisted of an offer for sale consisting of Rs 10,000 crore and a fresh issue of Rs 8,300 crore. The issue got bids worth 1.9X times the shares on offer.
Vedanta sets up a panel under its board of directors to evaluate alternatives to simplify its corporate structure. The options include hiving off its aluminium, iron and steel, and oil and gas businesses in independent listed entities.
Nifty 50 was trading at 17,883.40 (-15.3, -0.1%) , BSE Sensex was trading at 59,906.36 (-102.0, -0.2%) while the broader Nifty 500 was trading at 15,443.00 (-12.0, -0.1%)
Market breadth is in the green. Of the 1,735 stocks traded today, 977 were in the positive territory and 689 were negative.
Riding High:
Largecap and midcap gainers today include Adani Transmission Ltd. (1,913.30, 3.00%), Bayer Cropscience Ltd. (4,743.00, 2.59%) and Punjab National Bank (41.65, 2.46%).
Downers:
Largecap and midcap losers today include Vedanta Ltd. (309.55, -8.47%), Bosch Ltd. (17,779.65, -5.89%) and Tata Power Company Ltd. (237.10, -5.12%).
Movers and Shakers
13 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included Escorts Ltd. (1,802.85, 10.54%), Shipping Corporation of India Ltd. (140.65, 8.57%) and TCI Express Ltd. (2,016.75, 4.04%).
Top high volume losers on BSE were Zensar Technologies Ltd. (449.00, -8.67%), Vedanta Ltd. (309.55, -8.47%) and PNC Infratech Ltd. (303.50, -4.66%).
Hindustan Zinc Ltd. (322.95, -2.92%) was trading at 9.2 times of weekly average. Bayer Cropscience Ltd. (4,743.00, 2.59%) and Birlasoft Ltd. (469.25, -1.22%) were trading with volumes 5.9 and 4.6 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
12 stocks overperformed with 52 week highs, while 9 stocks hit their 52 week lows.
Stocks touching their year highs included - Escorts Ltd. (1,802.85, 10.54%), Finolex Cables Ltd. (585.90, -2.35%) and Grindwell Norton Ltd. (1,781.70, -3.70%).
Stocks making new 52 weeks lows included - Aegis Logistics Ltd. (197.65, -2.30%) and Amara Raja Batteries Ltd. (648.45, -2.57%).
1 stock climbed above their 200 day SMA including Tata Communications Ltd. (1,260.25, 1.05%). 22 stocks slipped below their 200 SMA including Dilip Buildcon Ltd. (559.65, -4.29%) and Bajaj Electricals Ltd. (1,073.35, -4.18%).