Markets closes lower, Asian Paints' Q2 net profit declines by 29%

Trendlyne Analysis

Markets fell in today's trading. Nifty 50 closed at 18,178.10 (-88.5, -0.5%) , BSE Sensex closed at 60,923.50 (-336.5, -0.6%) while the broader Nifty 500 closed at 15,487.65 (-81, -0.5%)

Market breadth is in the red. Of the 1,798 stocks traded today, 780 were on the uptrend, and 965 went down.

RHI Magnesita India, Adani Green Energy, FDC, and Housing Development Finance Corporation are trading with higher delivery volumes compared to Wednesday.
ICICI Securities maintains an ‘Add’ rating on Jubilant Foodworks with a target price upside of 6% as the company added 55 new stores across its Domino’s Pizza, Dunkin' Donuts, and Hong's Kitchen and Ekdum! brands in Q2.
HDFC Mutual Fund sells 5.9% stake (1.2 crore shares) in Orient Cement. The fund now holds 1.5% stake (29 lakh shares) worth Rs 46 Cr in Q2FY22.
ICICI Securities upgrades its rating on Navin Fluorine International to 'Reduce' from 'Sell' with a 11.4% target price downside citing poor margins due to limited capacity for the specialty chemicals maker for the rest of FY22.
Asian Paints’ Q2FY22 net profit declines by 29% YoY to Rs 605.2 crore with a 32.6% growth in revenues to Rs 7,096 crore.
Axis Mutual Fund and Nomura India buy 31.2 lakh shares (5.1% stake) and 7 lakh shares (1.2% stake) of Coforge, respectively, in Q2FY22.
L&T Finance Holdings’ total income in Q2FY22 declines by 10.6% YoY to Rs 3,134.4 crore, with net profits falling 15% to Rs 224 crore.
IRB Infrastructure Developers, Varroc Engineering, Havells India, and Timken India are trading with more than two times their weekly average trading volume.
Shoppers Stop's Q2FY22 revenue grows by 2.1X to Rs 642.1 crore, with a 96% decline in net losses to Rs 3.7 crore.
MindTree's Chief Operating Officer (COO) Dayapatra Nevatia submits his resignation to the board of directors. He will step down in January 2022.
Sunil Singhania's Abakkus Fund sells 2.6 lakh shares of Mastek in Q2FY22. The fund now holds a 4.8% stake in the software company.
Havells’ net profit declines 7.3% YoY to Rs 302.4 crore in Q2FY22 but marks a 31.6% YoY growth in sales to Rs 3,238 crore.
HDFC Mutual Fund buys 8.9 lakh shares (0.58%) of Varroc Engineering in an open market transaction on Tuesday.
Tata Communications’ Q2FY22 profit rises by 43.7% QoQ to Rs 425 crore and revenue grows by 1.7% to Rs 4,174 crore.
Nifty 50 was trading at 18,292.45 (25.9, 0.1%) , BSE Sensex was trading at 61,263.17 (3.2, 0.0%) while the broader Nifty 500 was trading at 15,575.20 (6.6, 0.0%)
Market breadth is in the green. Of the 1,718 stocks traded today, 1,073 showed gains, and 579 showed losses.

Riding High:

Largecap and midcap gainers today include Tata Motors Limited (DVR) (255.55, 9.98%), Endurance Technologies Ltd. (1801.20, 7.82%) and Kotak Mahindra Bank Ltd. (2143.75, 6.37%).

Downers:

Largecap and midcap losers today include Havells India Ltd. (1285.80, -8.59%), L&T Finance Holdings Ltd. (85.20, -6.73%) and MindTree Ltd. (4475.40, -6.37%).

Movers and Shakers

22 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Shoppers Stop Ltd. (336.70, 19.99%), IRB Infrastructure Developers Ltd. (244.70, 15.32%) and Rail Vikas Nigam Ltd. (35.90, 10.46%).

Top high volume losers on BSE were Havells India Ltd. (1285.80, -8.59%), Balaji Amines Ltd. (3822.50, -7.80%) and Asian Paints Ltd. (3002.00, -5.29%).

Oil India Ltd. (217.00, -4.97%) was trading at 9.8 times of weekly average. Timken India Ltd. (1745.20, 1.01%) and Varroc Engineering Ltd. (309.25, 5.20%) were trading with volumes 9.4 and 8.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

12 stocks made 52 week highs,

Stocks touching their year highs included - Federal Bank Ltd. (96.55, 2.71%), ICICI Bank Ltd. (755.50, 1.29%) and Indian Bank (174.20, 6.58%).

7 stocks climbed above their 200 day SMA including Bank of Maharashtra (22.00, 5.01%) and Bharat Petroleum Corporation Ltd. (451.05, 2.26%). 22 stocks slipped below their 200 SMA including Berger Paints (India) Ltd. (750.05, -6.20%) and MOIL Ltd. (160.45, -5.14%).