Trendlyne Analysis

The market closed on an upbeat note. Nifty 50 closed at 17,277.95 (128.9, 0.8%) , BSE Sensex closed at 57,858.15 (366.6, 0.6%) while the broader Nifty 500 closed at 14,832.20 (120.2, 0.8%)

Market breadth is in the green. Of the 1,847 stocks traded today, 1,196 showed gains, and 635 showed losses.

• Cholamandalam Financial Holdings, Nesco, Prince Pipes & Fittings, and Nazara Technologies are trading with higher volumes as compared to Monday.

• Federal Bank’s Q3FY22 net profit rises 29% YoY to Rs 522 crore as net interest income rises 7.1% YoY to Rs 1,539 crore. Net interest margin increases marginally by 7 bps to 3.27%. The bank’s asset quality improves on a QoQ basis as gross NPAs fall 18 bps QoQ to 3.06% and net NPA by 7 bps to 1.05%. Total advances increase by 12% YoY to Rs 1.4 lakh crore with agriculture advances recording the highest growth of 17.9% YoY to Rs 18,431 crore.

• Deepak Nitrite’s Q3FY22 net profit rises 12% YoY to Rs 242 crore because of a 57% reduction in finance costs. The company’s revenue from operations is up 41% YoY to Rs 1,748 crore. Growth in revenue is because of an increase in demand for phenolics and basic chemicals. EBITDA margins fell 500 bps YoY to 22% on rising raw material and utility costs.

• Axis Securities maintains a 'BUY' rating on Biocon with a target price upside of 14%. The brokerage is positive after the company posted robust YoY sales growth of 27.6% in its biosimilars segment. Axis further expects the company to post earnings growth of over 20% in FY23 led by its Insulin Glargin product and strong pipeline of biosimilars

• Ramco Cement's Q3FY22 net profit falls 63.4% YoY to Rs 75.6 crore even though revenues rise 15.5% YoY to Rs 1,558.7 crore. Weak sales realizations in the key regions of east and south India, as well as higher fuel costs, led to a drop in profits in Q3.

• Lux Industries is trading with more than six times its weekly average trading volume. IndiaMART InterMESH, The Ramco Cements, Cholamandalam Financial Holdings, and Sharda Cropchem are trading at more than three times their weekly average trading volumes.

• Bharti Airtel's board to meet on Friday to consider and evaluate the proposal for issuance of preferential share to investors other than its promoter group.

• IndiaMART InterMESH to invest Rs 61.55 crore in Simply Vyapar Apps and shall hold 27% stake. The company will also acquire 100% paid up capital of Busy Infotech for up to Rs 500 crore, and its arm Tradezeal Online will invest Rs 7.5 crore in Legistify Services through compulsorily convertible debentures.

• Supreme Industries' Q3FY22 net profit falls 21.3% YoY to Rs 246 crore and its revenues rise 5.5% YoY to Rs 1,948 crore. Subdued demand across the agricultural and infrastructure segments backed by extended monsoons as well as channel de-stocking lead to poor earnings result for Q3

• Hero MotoCorp’s board approves a Rs 700 crore investment in NBFC Hero FinCorp. Hero FinCorp primarily deals in two-wheeler financing, terms loans, capital loans, etc. This is part of Hero FinCorp's fundraising of Rs 2,000 crore for its business purposes.

• Indian Energy Exchange's Q3FY22 net profit rises 39% YoY to Rs 80.7 crore and its revenues rise 38% YoY to Rs 130.8 crore. Trading volumes rose over 35% YoY buoyed by higher electricity consumption which boosted Q3 profits. The company announces an interim dividend of Rs 1 per share.

• Axis Bank’s Q3FY22 net profits surge 3.2X to Rs 3,614 crore as net interest income (NII) rises and provisions fall. NII increases by 17% YoY to Rs 8,653 crore and net interest margins improve by 2 bps YoY to 3.53%. Provisions are down by 64% YoY to Rs 1,337 crore. The bank’s asset quality improves as gross NPA falls 27 bps YoY to 3.17% and net NPA is down 17 bps YoY to 0.91% in Q3FY22.

Riding High:

Largecap and midcap gainers today include Zee Entertainment Enterprises Ltd. (288.80, 7.72%), Maruti Suzuki India Ltd. (8,602.60, 6.83%) and Axis Bank Ltd. (752.20, 6.76%).

Downers:

Largecap and midcap losers today include Deepak Nitrite Ltd. (2,216.00, -6.25%), The Ramco Cements Ltd. (860.80, -4.02%) and Supreme Industries Ltd. (2,047.85, -3.86%).

Volume Shockers

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

Top high volume gainers on BSE included Triveni Turbine Ltd. (214.30, 14.42%), Axis Bank Ltd. (752.20, 6.76%) and SBI Cards and Payment Services Ltd. (850.00, 4.31%).

Top high volume losers on BSE were Lux Industries Ltd. (2,813.70, -20.00%), IndiaMART InterMESH Ltd. (5,005.00, -14.27%) and Deepak Nitrite Ltd. (2,216.00, -6.25%).

Star Cement Ltd. (95.40, 2.14%) was trading at 11.9 times of weekly average. The Ramco Cements Ltd. (860.80, -4.02%) and Supreme Industries Ltd. (2,047.85, -3.86%) were trading with volumes 8.1 and 4.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

5 stocks made 52-week highs, while 22 stocks hit their 52-week lows.

Stocks touching their year highs included - Maruti Suzuki India Ltd. (8,602.60, 6.83%), Power Grid Corporation of India Ltd. (218.85, 2.27%) and Bharat Dynamics Ltd. (465.35, 4.16%).

Stocks making new 52 weeks lows included - Akzo Nobel India Ltd. (1,958.10, 0.67%) and Aurobindo Pharma Ltd. (616.85, 1.17%).

21 stocks climbed above their 200 day SMA including Just Dial Ltd. (914.20, 8.60%) and Axis Bank Ltd. (752.20, 6.76%). 59 stocks slipped below their 200 SMA including Lux Industries Ltd. (2,813.70, -20.00%) and Hatsun Agro Products Ltd. (1,034.35, -5.88%).