Market closes higher, Ajanta Pharma approves a share buyback plan with an outgo of Rs 286 crore

Trendlyne Analysis

The market closed on an upbeat note. Nifty 50 closed at 17,233.25 (147, 0.9%) , BSE Sensex closed at 57,897.48 (477.2, 0.8%) while the broader Nifty 500 closed at 14,867.85 (140.3, 1.0%)

Market breadth is ticking up strongly. Of the 1,839 stocks traded today, 1,437 showed gains, and 370 showed losses.

Nesco, Adani Green Energy, Aavas Financiers, and Suzlon Energy are trading with higher volumes as compared to Monday.
NMDC slashes the prices of lump ore by Rs 300 to Rs 4,900 per tonne and fines by Rs 500 to Rs 4,060 per tonne. This is likely to impact the realizations of the iron ore producer.
Ajanta Pharma’s board approves a share buyback plan worth up to Rs 286-crore at a maximum price of Rs 2,550 apiece. The record date for eligiblity is January 14, 2022
Capital Goods companies like Timken India, Graphite India, Larsen & Toubro, Grindwell Norton and Siemens are trading in green. The broader sectoral index BSE Cap goods is also trading higher
Gokaldas Exports is rising as credit rating agency ICRA revises its rating to positive from stable. ICRA expects the company’s market position and large base of international customers to boost its revenues by up to 30% in H2FY22.
Telecom stocks like MTNL and Vodafone Idea surge more than 3% as government mulls 5G rollout in 13 cities. BSE Telecom index also rises in trade.
Eris Lifesciences is trading with more than eight times its weekly average trading volumes. Rallis India, Ceat, ITI, and Venky's (India) are trading with more than four times their weekly average trading volumes.
Axis Securities upgrades its rating for Trent to ‘Buy’ from ‘Hold’ and ups its target price by 13% to Rs 1,180 as it expects the company’s store expansion plans to accelerate in FY23. The company’s focus on cost-saving initiatives and upscaling operations will help in a significant reduction of margins in H2FY22 driving revenue growth for the company.
Bharti Airtel partners with IT major TCS to develop 5G-based remote working technology using robotics. This solution will be deployed for the industrial segments specifically the mining and oil and gas sub-sectors
Superstar Investor Ashish Kacholia buys 2.25 lakh shares or 0.7% stake in Sastasundar Ventures at an average price of Rs 447 apiece in a bulk deal on Monday
Supriya Lifesciences’ shares list at 55% premium to the issue price at Rs 274 on the bourses after getting bids for 71.5X of total shares on offer
BSE surges on the bourses as its board is set to consider a bonus issue of shares in its meeting to be held on February 8, 2022
Upbeat trading today. Nifty 50 was trading at 17,213.20 (127.0, 0.7%) , BSE Sensex was trading at 57,843.22 (423.0, 0.7%) while the broader Nifty 500 was trading at 14,853.00 (0.85%).
Market breadth is highly positive. Of the 1,827 stocks traded today, 1,510 were on the uptrend, and 290 went down.

Riding High:

Largecap and midcap gainers today include Oil India Ltd. (187.00, 6.70%), Astral Ltd. (2,235.90, 4.70%) and Deepak Nitrite Ltd. (2,442.35, 3.98%).

Downers:

Largecap and midcap losers today include Max Healthcare Institute Ltd. (415.05, -2.36%), Au Small Finance Bank Ltd. (986.10, -1.90%) and Trent Ltd. (1,034.80, -1.55%).

Movers and Shakers

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

Top high volume gainers on BSE included Ceat Ltd. (1,214.20, 11.67%), JK Tyre & Industries Ltd. (143.20, 10.37%) and IDFC Ltd. (56.65, 10.32%).

Top high volume losers on BSE were Kansai Nerolac Paints Ltd. (563.40, -0.86%) and Jyothy Labs Ltd. (136.20, -0.11%).

Eris Lifesciences Ltd. (732.45, 6.59%) was trading at 13.0 times of weekly average. Akzo Nobel India Ltd. (2,003.80, 0.69%) and Rallis India Ltd. (265.75, 2.02%) were trading with volumes 9.6 and 9.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

9 stocks took off, crossing 52-week highs, while 2 stocks hit their 52-week lows.

Stocks touching their year highs included - KPR Mill Ltd. (668.80, -0.31%), Tech Mahindra Ltd. (1,806.10, 1.18%) and Schaeffler India Ltd. (8,596.75, -0.47%).

Stocks making new 52 weeks lows included - Jyothy Labs Ltd. (136.20, -0.11%) and Mas Financial Services Ltd. (650.70, -1.95%).

33 stocks climbed above their 200 day SMA including JK Tyre & Industries Ltd. (143.20, 10.37%) and IDFC Ltd. (56.65, 10.32%). 3 stocks slipped below their 200 SMA including Vakrangee Ltd. (43.45, -1.14%) and MMTC Ltd. (45.65, -0.98%).