Trendlyne Analysis
Indian indices ended the day flat amid selling pressure at the end of a see-saw day. The volatility index, India VIX, surged close to 7% as the investors remain indecisive on the fears of accelerated Fed hikes and the geopolitical situation in Ukraine.
Nifty Energy traded in the green throughout the day to close higher while Nifty Bank traded lower, underperforming the benchmark index. Nifty IT settled lower after a volatile day of trade, in line with the tech-heavy NASDAQ 100 futures, which trades in the red.
Nifty 50 closed at 17,304.60 (-17.6, -0.1%), BSE Sensex closed at 57,892.01 (-104.7, -0.2%) while the broader Nifty 500 closed at 14,772.05 (-17.9, -0.1%)
Market breadth is highly negative. Of the 1,859 stocks traded today, 596 were in the positive territory and 1,245 were negative.
Cera Sanitaryware, Westlife Development, Gujarat Pipapav Port and AIA Engineering are trading with higher volumes as compared to Wednesday.
JP Morgan has a ‘Buy’ rating on Tata Motors with a target price of Rs 660, indicating an upside of 32%. The brokerage is positive on the company's prospects, as it achieved its highest ever annual sales in 2021, its EV leadership in Indian personal vehicles. The improvement in the outlook for semiconductor supplies is also aiding the bullish outlook
ICICI Securities maintains a ‘Buy’ rating on JB Chemicals and Pharmaceuticals with a target price of Rs 1,963 indicating an upside of 21.24%. The brokerage is bullish on the company’s strategy towards improving productivity in Indian business, portfolio expansion, and cost optimization. They expect 16.4% revenue and 13.7% PAT CAGR over FY21-FY24E led by a strong 17.7% CAGR in Indian business
Wipro enters into a five-year agreement worth over $150 million with ABB’s Information Systems. This agreement involves Wipro helping ABB’s Information Systems in the transformation of its digital workplace services through increased automation and enhanced user experience.
HDFC Securities maintains a ‘Buy’ rating on Fine Organic Industries and increases the target price to Rs 4,380 from Rs 4,220, indicating an upside of 16.5%. The brokerage is positive for the company because of its diversified product portfolio, constant focus on R&D, and capacity-led growth opportunities. The brokerage raises its EPS estimates for FY22E by 9.4% to Rs 60.9.
Nestle India's Q3FY22 net profit decreases 19.9% YoY to Rs 386.66 crore due to highly volatile economic environment and high inflation in key raw and packaging materials. The company's revenue from operations increases 8.9% YoY to Rs 3,739.32 crore.
HDFC Securities maintains a 'BUY' rating on KNR Constructions with a target price upside of 16.5%. The brokerage is positive on the company after it posted a YoY revenue of over 10% and EBITDA growth of 15%+ in Q3FY22. HDFC Sec further expects the company to clock an earnings CAGR of 21.8% between FY22-24 backed a strong construction order book of Rs 10,000 crore.
ITI is trading with more than nine times its weekly average trading volume. Hikal, Schaeffler India and Shriram City Union Finance are trading at more than three times their weekly average trading volumes.
Utility stocks like Adani Green Energy, Adani Transmission, JSW Energy and Adani Power are trading up today. The broader sectoral index BSE Power is also rising in trade.
Mahindra & Mahindra and Maruti Suzuki India partner with Quicklyz by Mahindra Finance to lease Mahindra SUVs and Maruti Suzuki vehicles, respectively, to consumers via dealership network.
Oil marketing companies hike aviation turbine fuel prices rise by 5.2% to Rs 90,519.79 per kilo littre in the national capital region in line with higher crude oil prices. This is the fourth price increase in less than two months and airline stocks like InterGlobe Aviation and SpiceJet are trading in red.
Hikal is falling as the company receives a notice from the Maharashtra Pollution Control Board (MPCB) ordering a closure of the company’s manufacturing unit located at Taloja in Raigad district in view of certain alleged non-compliances of rules. The Taloja unit made up 15% of the turnover of the company in FY 20-21.
Schaeffler India’s Q4CY21 net profit rises 34.6% YoY to Rs 190.6 crore with revenue from operations rising 19.6% YoY to Rs 1,523.2 crore. The company sees growth across all segments with the automotive aftermarket segment clocking highest revenue growth of 34.6% YoY to Rs 152.4 crore. This is despite issues faced because of semi-conductor shortage as total expenses for the company rose 17.3% YoY to Rs 1,288.1 crore in Q4CY21.
Riding High:
Largecap and midcap gainers today include Adani Green Energy Ltd. (2,047.60, 6.00%), Shriram Transport Finance Company Ltd. (1,277.45, 4.66%) and Adani Transmission Ltd. (2,020.85, 4.57%).
Downers:
Largecap and midcap losers today include NMDC Ltd. (144.65, -5.27%), Muthoot Finance Ltd. (1,309.90, -3.40%) and Ruchi Soya Industries Ltd. (858.60, -2.75%).
Volume Shockers
16 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included Schaeffler India Ltd. (1,786.25, 9.81%), Adani Green Energy Ltd. (2,047.60, 6.00%) and Lemon Tree Hotels Ltd. (52.80, 5.71%).
Top high volume losers on BSE were ITI Ltd. (109.15, -5.86%), Hikal Ltd. (390.25, -4.83%) and Indigo Paints Ltd. (1,787.65, -3.17%).
Jubilant Pharmova Ltd. (439.40, -1.46%) was trading at 6.8 times of weekly average. Shriram City Union Finance Ltd. (1,823.75, 3.61%) and Linde India Ltd. (2,730.90, 2.93%) were trading with volumes 5.3 and 4.4 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 9 stocks were underachievers and hit their 52-week lows.
Stocks touching their year highs included - Blue Star Ltd. (1,078.40, -2.59%), Adani Green Energy Ltd. (2,047.60, 6.00%) and RHI Magnesita India Ltd. (555.25, 2.54%).
Stocks making new 52 weeks lows included - Alembic Pharmaceuticals Ltd. (714.70, -2.89%) and Heidelberg Cement India Ltd. (200.60, -0.82%).
5 stocks climbed above their 200 day SMA including V Mart Retail Ltd. (3,505.40, 0.76%) and Crisil Ltd. (2,844.20, 0.43%). 11 stocks slipped below their 200 SMA including MOIL Ltd. (169.70, -3.72%) and J B Chemicals & Pharmaceuticals Ltd. (1,640.95, -2.64%).