Trendlyne Analysis

Upbeat trading today. Nifty 50 closed at 17,536.25 (121.2, 0.7%) , BSE Sensex closed at 58,795.09 (454.1, 0.8%) while the broader Nifty 500  closed at 15,150.60 (104.1, 0.7%)

Market breadth is in the green. Of the 1,818 stocks traded today, 1,104 were on the uptrend, and 675 went down.

• Tata Teleservices, Tube Investments of India, Bayer Cropscience, and Supreme Industries are trading with higher delivery volumes as compared to Wednesday

• Geojit Financial maintains a 'BUY' rating on PNC Infratech on the back of over 50% YoY growth in Q2 revenues. The company has a strong order pipeline of Rs 13,178 crore with order book/revenue ratio at 2.3x. The brokerage expects a target price upside of 22%.

• Page Industries stock rises after announcing its Q2FY22 results. Strong traction in e-commerce is likely to drive growth for 2HFY22. Revenues from e-commerce grew to 9% from 3% in Q2FY22. The company’s net profits grew 45% YoY to Rs 161 crore and revenues by 46% YoY to Rs 1,089 crore.

• Reliance Industries is trading hugher after its board approved the transfer of gasification undertaking into a wholly-owned subsidiary. This will enable RIL to assess the value of syngas to generate profits and upgrade RIL’s partnership in various chemical streams.

• LIC sells 1.33 crore shares or 2.02% stake in Grasim Industries on Wednesday. The insurer now holds 9.83% stake in the company.

• GlaxoSmithKline Pharmaceuticals is trading with more than eight times its weekly average trading volume. Tata Communications, Mahindra Logistics, and Aegis Logistics are trading at more than five times their weekly average trading volumes.

• Motilal Oswal maintains a 'Neutral' rating on  ITC on the back of 2-yr average volume growth of -1.5% in its cigarettes division, its flagship division still having over 80% share in its EBIT and likely tax policy change for cigarettes. The brokerage expects a target price upside of 4%

• Siemens is falling in after its Q4CY21 net profit dips 4.2% YoY to Rs 322 crore because of rising cost of raw materials and logistic expenses.

• Axis Securities upgrades its rating for Manappuram Finance to ‘Buy’ with a target price upside of 17% as gold loan business bounces back in Q2FY22 with a 13% QoQ growth. Net interest income grew 4% QoQ to Rs 986 crore and assets under management surge 15% QoQ to Rs 18,720 crore, showing positive growth prospects for FY22.

• Plutus Wealth Management picks up 4.5 lakh shares in Religare Enterprises and increases its stake from 5.97% to 6.11%.

• IPCA Laboratories purchases 48 lakh shares (17% stake) from non-promoter public shareholders of Lyka Labs in a bulk deal on Wednesday. IPCA Labs now owns 26% stake in Lyka Labs. IPCA Labs will make an open offer to acquire 74 lakh equity shares, which constitutes 26% stake in Lyka Labs.

• Nifty 50 was trading at 17,383.30 (-31.8, -0.2%) , BSE Sensex was trading at 58,317.66 (-23.3, -0.0%) while the broader Nifty 500 was trading at 15,010.00 (-36.5, -0.2%)

• Market breadth is in the green. Of the 1,735 stocks traded today, 922 showed gains, and 748 showed losses.

Riding High:

Largecap and midcap gainers today include GlaxoSmithKline Pharmaceuticals Ltd. (1,757.35, 8.54%), Vedanta Ltd. (367.60, 6.37%) and Torrent Pharmaceuticals Ltd. (2,990.55, 6.14%).

Downers:

Largecap and midcap losers today include Siemens Ltd. (2,154.85, -5.34%), InterGlobe Aviation Ltd. (2,071.60, -3.28%) and Rajesh Exports Ltd. (716.20, -3.12%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Aegis Logistics Ltd. (237.35, 17.41%), Jai Corp Ltd. (129.95, 13.10%) and GlaxoSmithKline Pharmaceuticals Ltd. (1,757.35, 8.54%).

Top high volume losers on BSE were Siemens Ltd. (2,154.85, -5.34%) and Mahindra Logistics Ltd. (748.80, -1.32%).

Esab India Ltd. (2,825.05, 4.67%) was trading at 10.9 times of weekly average. Tata Communications Ltd. (1,293.55, 3.86%) and Westlife Development Ltd. (603.70, 3.99%) were trading with volumes 9.8 and 7.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

14 stocks made 52 week highs, while 4 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Adani Transmission Ltd. (2,029.60, 4.78%), Carborundum Universal Ltd. (961.60, -2.03%) and Escorts Ltd. (1,813.85, 0.66%).

Stocks making new 52 weeks lows included - Colgate-Palmolive (India) Ltd. (1,457.20, -0.96%) and Hero MotoCorp Ltd. (2,594.70, -1.01%).

18 stocks climbed above their 200 day SMA including Jai Corp Ltd. (129.95, 13.10%) and Nilkamal Ltd. (2403.85, 6.43%). 8 stocks slipped below their 200 SMA including V-Guard Industries Ltd. (243.60, -2.29%) and Gujarat Pipavav Port Ltd. (102.95, -2.14%).