Trendlyne Analysis

Nifty 50  pared earlier losses but closed in the red, falling for the fifth consecutive session. The Indian volatility index, India VIX surged 16.4% amid the escalation of the Russia-Ukraine geopolitical crisis. Safe haven asset gold climbed to a nine-month high owing to the prevailing uncertainties while crude oil prices continued to rise fearing a disruption in supply. Meanwhile, US Fed Governor suggested that Fed rate hikes could be accelerated if the next month’s inflation print comes in too high.

Nifty Next 50, which declined by 2.3% during the session, recovered well to close marginally lower. Nifty Media and Nifty Realty traded in the red throughout the day to close sharply lower. Nifty Energy recouped losses to finish the session flat.

Markets fell in today's trading. Nifty 50 closed at 17,092.20 (-114.5, -0.7%), BSE Sensex closed at 57,300.68 (-382.9, -0.7%) while the broader Nifty 500 closed at 14,489.05 (-108.1, -0.7%)

Market breadth is moving down. Of the 1,861 stocks traded today, 280 were in the positive territory and 1,571 were negative.

• L&T Finance Holdings, Carborundum Universal, Kansai Nerolac Paints, and Macrotech Developers are trading with higher volumes as compared to Monday.

• Ambit Capital has upgraded the rating on Zomato to ‘Buy’ from ‘Sell’, with a target price of Rs 106 indicating an upside of 35.3%. According to reports, the brokerage is confident in Zomato’s core enterprise for the long term. It expects robust scale-up of food delivery with sustained profitability from FY27 and 45%-50% of market share to be dominated by Zomato.

• Aditya Birla Fashion and Retail Limited (ABFRL) partners with Accenture to launch a digital transformation program driving growth and better operational efficiency. Accenture will design an ERP (Enterprise Resource Program) system by combining ABFRL's manufacturing and retail functions for better customer service and keep the company upbeat with rapidly changing customer preferences.

• Hindalco's material subsidiary Novelis announces an investment of $50 million in South Korea. The company will setup an aluminium recycling and casting facility in Ulsan which will also aid the company in reducing its carbon emissions by more than 420,000 tons each year.

• ICICI Securities maintains a ‘BUY’ rating on Hikal but reduces the target price by 22% to Rs 500. The downward revision in the target price is mainly due to the notice from the Maharashtra Pollution Control Board (MPCB) to close the Taloja manufacturing unit. The brokerage remains positive as it expects 13% CAGR revenue growth for the company over FY21-24E

• Dhani Services is trading with more than 8 times its weekly average trading volume. Hatsun Agro Products, Advanced Enzyme Technologies, Indiabulls Real Estate, and Indiabulls Housing Finance are trading at more than three times their weekly average trading volumes.

• Oil And Natural Gas Corporation is rising as Brent crude oil futures surge to a seven-year high of $97.6 per barrel amid the escalation of the Russia-Ukraine geopolitical crisis.

• Krsnaa Diagnostics rises after it wins a five-year contract from the Government of Himachal Pradesh to provide diagnostics/ laboratory services at selected public health institutions in the state. The order size has not been revealed in the exchange filing.

• Religare Enterprises falls after Religare Finvest’s lenders pass a resolution to request RBI to start insolvency proceedings against the finance company. This is after RBI rejected Religare Enterprises' plea of changing ownership status of Religare Finvest to implement debt restructuring. For now, Delhi High Court stayed RBI’s decision of rejecting Religare’s plea, however, lenders seem unenthusiastic about restructuring plans of Religare Finvest

• Cadila Healthcare falls on the bourses as Biological E's Corbevax vaccine receives emergency approval from the Drug Controller of India. This vaccine will compete against Cadila's ZyCoV-D vaccine for the adolescents target group. Prabhudas Liladhar had estimated revenues of nearly Rs 11,000 crore for the company in next 3-4 years from the vaccines business.

• Thyrocare Technologies is rising as PharmEasy’s parent company API Holdings gets SEBI nod for Rs 6,250 crore IPO. PharmEasy had previously acquired a 66.1% stake in diagnostic chain Thyrocare Technologies for Rs 4,546 crore in June 2021

• BNP Paribas buys 5.78 crore shares of L&T Finance Holdings worth Rs 412.9 crore at an average price of Rs 71.35 in a bulk deal on Monday.

• Affle (India) invests $8.2 million in Appnext Pte, acquiring 28.3% shares in the company. This transaction is a part of Affle’s acquisition of 66.7% shares in Appnext.

Riding High:

Largecap and midcap gainers today include Supreme Industries Ltd. (2,040.50, 4.55%), Adani Transmission Ltd. (1,969.10, 3.86%) and Nippon Life India Asset Management Ltd. (315.60, 3.83%).

Downers:

Largecap and midcap losers today include Macrotech Developers Ltd. (1,185.15, -6.54%), DLF Ltd. (324.35, -6.39%) and Zee Entertainment Enterprises Ltd. (240.45, -5.46%).

Volume Rockets

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

Top high volume gainers on BSE included KIOCL Ltd. (248.55, 18.30%), Indiabulls Real Estate Ltd. (113.65, 10.23%) and Supreme Petrochem Ltd. (677.40, 5.14%).

Top high volume losers on BSE were DCB Bank Ltd. (73.75, -5.81%), Multi Commodity Exchange of India Ltd. (1,315.75, -4.39%) and Advanced Enzyme Technologies Ltd. (276.35, -4.29%).

Hatsun Agro Products Ltd. (1,117.95, 4.92%) was trading at 10.8 times of weekly average. Indiabulls Housing Finance Ltd. (167.80, 0.90%) and Galaxy Surfactants Ltd. (2,845.30, -3.98%) were trading with volumes 4.5 and 4.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

1 stock overperformed with 52-week highs, while 70 stocks were underachievers and hit their 52-week lows.

Stock touching their year highs included - Cholamandalam Investment & Finance Company Ltd. (691.60, 2.59%).

Stocks making new 52 weeks lows included - AIA Engineering Ltd. (1,766.15, -0.37%) and Alembic Pharmaceuticals Ltd. (693.55, 0.24%).

4 stocks climbed above their 200 day SMA including Bosch Ltd. (15,970.15, 1.16%) and Mastek Ltd. (2,604.95, -0.36%). 48 stocks slipped below their 200 SMA including DLF Ltd. (324.35, -6.39%) and Zee Entertainment Enterprises Ltd. (240.45, -5.46%).