Market closes lower, Metro Brands' IPO oversubscribed by 1.13X of total shares on offer on last day

Trendlyne Analysis

Nifty 50 closed at 17,324.90 (-43.4, -0.3%) , BSE Sensex closed at 58,117.09 (-166.3, -0.3%) while the broader Nifty 500 closed at 15,043.25 (-21, -0.1%)

Market breadth is even. Of the 1,828 stocks traded today, 867 were on the uptrend, and 934 went down.

KSB, Sundaram Finance, Vardhman Textiles, and Procter & Gamble Hygiene & Healthcare are trading with higher volumes as compared to Monday.
Motilal Oswal maintains ‘Buy’ rating on SBI Cards with a target price upside of 41% to Rs 1,300 because of strong recovery in card acquisition numbers and rising retail spends in Q2FY22. The brokerage sees a 30% CAGR growth in the company's loan book over FY22-24.
Metro Brand's Rs 1,367.5 crore IPO gets bids for over 3.6X the available 1.91 crore shares on offer on the last day of bidding. Retail investors bid for over 1.1X of their quota of 95.72 lakh shares. The offer comprises a fresh issue of Rs 295 crore and an offer for sale of Rs 1,072.5 crore.
MedPlus Health’s Rs 1,398.3 crore IPO gets bids for 1.45X of the available 1.25 crore shares on offer on the second day of bidding. Retail investors bid for 2.6X the quota of 62.51 lakh shares. The offer comprises a fresh issue of Rs 600 crore and an offer for sale of Rs 798.3 crore.
Data Patterns India's Rs 588.22-crore IPO gets bids for over 3.2X the available 71 lakh shares on offer on the first day of bidding. Retail investors bid for nearly 5.8X their quota of 24.83 lakh shares. The offer comprises a fresh issue of Rs 240 crore and an offer for sale of up to Rs 348.22 crore.
Lupin surges on the bourses after it gets establishment inspection report from US FDA for its Goa manufacturing facility. This is likely to boost the company's US revenues.
Adani Green Energy rises as the company signs a power purchase agreement with Solar Energy Corporation of India to supply 4,667 MW of power.
Lupin is trading with more than eight times its weekly average trading volumes. Schaeffler India, Power Grid Corporation of India, and Aditya Birla Fashion and Retail are trading with more than four times their weekly average trading volumes.
ICICI Direct maintains ‘Hold’ rating for Minda Industries but increases its target to Rs 1,060 from Rs 940 after the company plans a fresh round of capex in alloy wheel space at outlay of Rs 264 crore and formation of JV with FRIWO AG for EV components with investment of Rs 71 crore.
Anand Rathi Wealth’s shares list at a 9% premium to the issue price of Rs 600 on its debut on the bourses after getting bids for 9.8X of total shares on offer.
Greenlam Industries rises on the bourses after it announces a share split of 5:1 and a three year capex plan of Rs 950 crore. The new investment involves set-up of a third laminates plant and foray into the plywood and particle board business.
Data Patterns (India) raises Rs 176 crore ahead of its IPO by selling 30.16 lakh shares at Rs 585 a piece to anchor investors, including, HDFC Mutual Fund (MF), ICICI Prudential MF, Axis MF, Kotak MF, Aditya Birla Sun Life MF and Tata MF among others.
PB Fintech, owner of Policybazaar and Paisabazaar, to acquire Gurugram-based MyLoanCare for Rs 40.41 crore. The company will buy 25% shares in MyLoanCare and later increase its stake to 70.1%. PB Fintech will enter the account aggregator space with this acquisition.
Warburg Pincus-controlled promoter entity Great Terrain Investment sells 35 lakh shares in Computer Age Management Services at an average price of Rs 2,751.96. This effectively reduces its holding in the company to 23.8% from 31%.
Nifty 50 was trading at 17,347.45 (-20.8, -0.1%) , BSE Sensex was trading at 58,140.25 (-143.2, -0.3%) while the broader Nifty 500 was trading at 15,050.35 (-13.9, -0.1%)
Market breadth is balanced. Of the 1,809 stocks traded today, 897 showed gains, and 884 showed losses.

Riding High:

Largecap and midcap gainers today include Lupin Ltd. (943.05, 6.68%), Aditya Birla Fashion and Retail Ltd. (283.35, 6.46%) and Pfizer Ltd. (5,185.20, 6.22%).

Downers:

Largecap and midcap losers today include Hindustan Zinc Ltd. (338.60, -7.98%), Shriram Transport Finance Company Ltd. (1384.10, -6.20%) and NMDC Ltd. (138.65, -6.00%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Vardhman Textiles Ltd. (2,150.20, 8.45%), Alok Industries Ltd. (27.00, 8.22%) and Lupin Ltd. (943.05, 6.68%).

Top high volume losers on BSE were JK Lakshmi Cement Ltd. (617.45, -0.83%), Suven Pharmaceuticals Ltd. (514.10, -0.69%) and Akzo Nobel India Ltd. (2,039.75, -0.64%).

Pfizer Ltd. (5185.20, 6.22%) was trading at 11.5 times of weekly average. Aditya Birla Fashion and Retail Ltd. (283.35, 6.46%) and Schaeffler India Ltd. (8,392.45, 1.86%) were trading with volumes 9.2 and 5.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

11 stocks overperformed with 52-week highs, while 1 stock hit their 52-week lows.

Stocks touching their year highs included - Raymond Ltd. (689.10, 4.71%), SKF India Ltd. (4,062.55, 2.16%) and Tech Mahindra Ltd. (1,642.70, 0.28%).

Stock making new 52 weeks lows included - Gulf Oil Lubricants India Ltd. (465.50, -4.98%).

6 stocks climbed above their 200 day SMA including Varroc Engineering Ltd. (348.70, 3.81%) and Steel Authority of India (SAIL) Ltd. (114.60, 1.42%). 16 stocks slipped below their 200 SMA including Shriram Transport Finance Company Ltd. (1,384.10, -6.20%) and Crompton Greaves Consumer Electricals Ltd. (415.85, -2.61%).