Markets close marginally lower, IOB and Central Bank rise on privatization buzz

Trendlyne Analysis

Markets fell in today's trading. Nifty 50 closed at 17,415.05 (-88.3, -0.5%) , BSE Sensex closed at 58,340.99 (-323.3, -0.6%) while the broader Nifty 500 closed at 15,046.50 (-61.3, -0.4%)

Market breadth is in the green. Of the 1,808 stocks traded today, 1,064 were in the positive territory and 699 were negative.

Procter & Gamble Hygiene & Healthcare, Jyothy Labs, HCL Technologies, and Carborundum Universal are trading with higher delivery volumes as compared to Tuesday
Motilal Oswal maintains 'BUY' rating for VRL Logistics on the back of 35% YoY sales volume growth posted by the company in Q2 and continued focus on margin accretive Less-than Truck Load (LTL) business. The brokerage expects a target price upside of 25%
Media stocks are trading up with stocks like Zee Entertainment, Sun TV, PVR and Saregama rising. Zee Entertainment is particularly buzzing owing to the Sony-Zee merger deal being in the final phase of completion. The broader sectoral index i.e. Nifty Media is up 3.6% today.
Central Bank of India is trading with more than six times its weekly average trading volume. Elgi Equipments, Indian Overseas Bank, and Carborundum Universal, are trading at more than five times their weekly average trading volumes.
PI Industries’ whole-time director K.V.S. Ram Rao resigns from the company. He will step down from his position by 31st March, 2022.
ICICI Securities sticks to its ‘Buy’ rating for CESC, with a target price upside of 43%. The brokerage expects the company’s digital initiatives and inorganic expansions to drive medium-term growth. CESC also plans of expanding the adoption of EV, and micro-grid technologies for infrastructure growth in Q3FY22.
KPR Mill surges in trade on the back of commissioning of its new 42 million garments production capacity at Tirupur district, Tamil Nadu. This installation effectively augments the existing production capacity by 37%
Bharti Airtel surges in trade after ratings agency Moody's upgrades its credit rating to 'positive' from 'stable'. The recent tariff hikes of 20-25% for prepaid customers and a 27% EBITDA growth to Rs 27,200 crore posted by the company in H1FY22 vis-à-vis H1FY21 bode well for the telecom company, the ratings agency said
Promoter group consisting of Vedanta Netherlands Investment and Twin Star Holdings buy 13.8 crore shares in Vedanta at an average price of Rs 349.7. This deal represents additional 3.7% stake in the company.
HDFC Mutual Fund offloads 5.23 lakh shares in Kirloskar Pneumatic company at an average price of Rs 392
Nifty 50 was trading at 17,553.00 (49.7, 0.3%) , BSE Sensex was trading at 58,820.27 (155.9, 0.3%) while the broader Nifty 500 was trading at 15,167.90 (60.1, 0.4%)
Market breadth is ticking up strongly. Of the 1,734 stocks traded today, 1,431 showed gains, and 258 showed losses.

Riding High:

Largecap and midcap gainers today include Indian Overseas Bank (22.50, 13.64%), Zee Entertainment Enterprises Ltd. (334.40, 7.04%) and The New India Assurance Company Ltd. (154.40, 5.64%).

Downers:

Largecap and midcap losers today include MindTree Ltd. (4,664.60, -3.45%), Pidilite Industries Ltd. (2,263.10, -3.42%) and Indian Railway Catering & Tourism Corporation Ltd. (862.80, -3.36%).

Volume Rockets

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

Top high volume gainers on BSE included Indian Overseas Bank (22.50, 13.64%), Central Bank of India (22.70, 10.46%) and Carborundum Universal Ltd. (981.55, 8.70%).

Tube Investments of India Ltd. (1,708.15, 0.23%) was trading at 7.0 times of weekly average. The New India Assurance Company Ltd. (154.40, 5.64%) and Vakrangee Ltd. (36.60, 5.93%) were trading with volumes 4.6 and 4.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

17 stocks overperformed with 52 week highs, while 1 stock tanked below their 52 week lows.

Stocks touching their year highs included - Bharti Airtel Ltd. (758.90, 0.00%), Carborundum Universal Ltd. (981.55, 8.70%) and Rajesh Exports Ltd. (739.25, 1.63%).

Stock making new 52 weeks lows included - Spandana Sphoorty Financial Ltd. (434.10, -5.29%).

31 stocks climbed above their 200 day SMA including Central Bank of India (22.70, 10.46%) and V-Guard Industries Ltd. (249.30, 6.58%). 5 stocks slipped below their 200 SMA including Cipla Ltd. (893.45, -1.88%) and Phillips Carbon Black Ltd. (224.05, -1.36%).