Market closes in red, Cadila Healthcare receives USFDA approval for its Dapagliflozin tablets.

Trendlyne Analysis

Nifty 50 gave up its gains and closed in red for the sixth consecutive trading session amid heavy selling pressure in the final hour. However, all other Asian indices closed in the green, rebounding after a fall in US indices on Tuesday. Global sanctions on Russia due to its action on Ukraine and the prospect of accelerated Fed rate hikes continue to keep the markets under pressure.

Nifty Midcap 100 and Nifty Next 50 traded in the green throughout the day, outperforming the benchmark index. Nifty Realty consolidated its gains to close sharply higher. Nifty PSU Bank closed in the green while Nifty IT ended the day flat with the tech-heavy NASDAQ 100 futures trading higher.

Nifty 50 closed at 17,063.25 (-29.0, -0.2%), BSE Sensex closed at 57,232.06 (-68.6, -0.1%) while the broader Nifty 500 closed at 14,506.95 (17.9, 0.1%)

Market breadth is surging up. Of the 1,863 stocks traded today, 1,334 were in the positive territory and 504 were negative.

Housing Development Finance Corporation, KSB, Aavas Financiers, and Star Cement are trading with higher volumes as compared to Tuesday.
Goldman Sachs upgrades rating for HDFC to ‘Buy’ from ‘Neutral’ with a target price upside of 5.9% to Rs 3,081. The brokerage believes that HDFC’s improving asset quality in Q3FY22 and strong balance sheet will drive growth. Also, the real estate cycle is bottoming out and demand for loans in the affordable housing segment is likely to go up over FY23-25. Analysts expect HDFC’s stock to rally 25.5% going forward.
Cadila Healthcare is rising as it receives final approval from US Federal Drug Administration (FDA) for its Dapagliflozin 5 mg and 10 mg tablets. Dapagliflozin is used to control high blood sugar in people with type 2 diabetes.
Mahindra CIE Automotive’s Q4CY21 net profit falls 29% YoY to Rs 80 crore, and revenue from operations rises 4% YoY to Rs 2,064 crore. The company said the drop in sales was due to the semiconductor shortage and margins fell on rising input costs.
ICICI Securities maintains an ‘ADD’ rating on V-Guard Industries with a target price of Rs 220, indicating an upside of 10%. The brokerage reduces the target price by 8.3% as it sees a negligible growth in the company’s stabilizer business with improving quality and quantity of power supply pan India.
Consumer facing companies are trading up with stocks like Titan Company, Crompton Greaves, Voltas and Aditya Birla Fashion and Retail rising. The broader sectoral index i.e. BSE Consumer Durables is also trading in green today.
Ajanta Pharma is trading with more than nine times its weekly average trading volume. IOL Chemicals and Pharmaceuticals, Gujarat Pipavav Port, Indigo Paints, and Gujarat State Petronet are trading at more than three times their weekly average trading volumes.
Dilip Buildcon wins a project worth Rs 1,141 crore in Chhattisgarh to develop a six lane Sargi-Basanwahi road of 56.7 kilometre
SIS recieves a two year contract worth Rs 225 crore to provide security solutions at 18 sites of Mahanadi Coalfields located across India with an option to renew for a further one year period.
Real estates stocks are trading up with stocks like DLF, Prestige Estates, Oberoi Realty and Sobha rising. The broader sectoral index the Nifty Realty is also in green today.
IndiaMart InterMESH to acquire 26% stake in IB MonotaRO, a Japanese e-commerce business. It plans to invest Rs 104.2 crore by acquiring 8.1 lakh equity shares in IB MonotaRO. With this investment IndiaMart is planning to transition towards consolidating vendors in the MRO (Maintenance, Repair and Overhaul) space
Crompton Greaves Consumer will acquire up to 55% stake in Butterfly Gandhimathi Appliances at Rs 1,403 per equity share, aggregating up to Rs 1,379.68 crore. It will also acquire certain Butterfly trademarks in allied and cognate classes from promoter group entities for Rs 30.38 crore. Butterfly Gandhimathi Appliances is amongst the top three pan-India kitchen and small domestic appliances players.
Taro Pharmaceuticals U.S.A., a wholly-owned subsidiary of Sun Pharmaceutical Industries agrees to acquire Galderma Holdings for $90 million. Galderma Holdings is in the business of developing, manufacturing, and selling skincare products mainly under the Proactiv, restorative elements, and in defense of skin brands.
Hero MotoCorp and Bharat Petroleum (BPCL) collaborate to set up charging infrastructure for two-wheeler electric vehicles across the country. Hero MotoCorp is building tech-driven, sustainable mobility solutions to provide advanced services to its customers. BPCL will work towards converting its 7000 retail outlets into energy stations with EV charging portals as a part of its clean energy project.

Riding High:

Largecap and midcap gainers today include Crompton Greaves Consumer Electricals Ltd. (407.80, 7.32%), DLF Ltd. (344.20, 6.12%) and Adani Transmission Ltd. (2,060.15, 4.62%).

Downers:

Largecap and midcap losers today include Gujarat Gas Ltd. (620.85, -3.52%), Kansai Nerolac Paints Ltd. (464.10, -3.25%) and Emami Ltd. (480.25, -2.97%).

Volume Shockers

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

Top high volume gainers on BSE included PNC Infratech Ltd. (272.90, 11.46%), Elgi Equipments Ltd. (351.55, 7.87%) and Crompton Greaves Consumer Electricals Ltd. (407.80, 7.32%).

Top high volume losers on BSE were Bajaj Electricals Ltd. (1,084.35, -3.93%), AIA Engineering Ltd. (1,721.90, -2.51%) and Gujarat Pipavav Port Ltd. (85.20, -0.81%).

Ajanta Pharma Ltd. (1,888.15, 1.51%) was trading at 11.2 times of weekly average. IOL Chemicals and Pharmaceuticals Ltd. (369.85, 5.04%) and Whirlpool of India Ltd. (1,650.35, -0.60%) were trading with volumes 7.4 and 5.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

1 stock took off, crossing 52-week highs, while 11 stocks were underachievers and hit their 52-week lows.

Stock touching their year highs included - Cholamandalam Investment & Finance Company Ltd. (684.30, -1.06%).

Stocks making new 52 weeks lows included - AIA Engineering Ltd. (1,721.90, -2.51%) and Castrol India Ltd. (111.35, -0.76%).

16 stocks climbed above their 200 day SMA including TCI Express Ltd. (1,785.05, 6.77%) and BEML Ltd. (1,592.05, 5.48%). 8 stocks slipped below their 200 SMA including Bajaj Electricals Ltd. (1,084.35, -3.93%) and Gujarat Gas Ltd. (620.85, -3.52%).