Trendlyne Analysis

Nifty 50 settled in red after opening higher on a volatile day of trade. Most Asian indices closed higher after Fed Chairman Jerome Powell reassured that the rates would likely be raised by only 0.25% this month. However, investors remain cautious as the Russia-Ukraine war could further exacerbate the already high inflation rates. Russian stock market remained closed for the fourth day following the financial turbulence sparked by its invasion of Ukraine.

Nifty Smallcap 100 closed in the green, outperforming the benchmark index. Nifty Bank extended its decline from yesterday to close in the red while Nifty Metal closed higher to post over 15% gains in four trading sessions. Nifty IT closed in the green in line with the tech-focused NASDAQ 100 which closed 1.7% higher yesterday.

Markets closed on a low note. Nifty 50 closed at 16,498.05 (-107.9, -0.7%), BSE Sensex closed at 55,102.68 (-366.2, -0.7%) while the broader Nifty 500 closed at 14,135.95 (-63.9, -0.5%)

Market breadth is in the green. Of the 1,850 stocks traded today, 1,038 were on the uptrend, and 770 went down.

• Gujarat Pipavav Port, Dhani Services, Garware Technical Fibres, and Motilal Oswal Financial Services are trading with higher volumes as compared to Wednesday.

• ICICI Securities upgrades its rating on DLF from ‘Add’ to ‘Buy’ with a target price of Rs 434 indicating an upside of 25%. The brokerage is positive for the company as it expects sales bookings to increase in the residential business on new project launches. Furthermore, with office re-openings and mall consumption picking up, the brokerage expects DLF Cyber City Developers' rental EBITDA to grow from Rs 3,400 crore in FY22E to Rs 4,050 crore in FY23E

• NMDC’s iron-ore production rises 11.6% YoY to 4.31 million tonnes in February 2022 with sales increasing by 22.5% YoY to 3.97 million tonnes. During the eleven months of FY22, NMDC’s iron-ore production jumps 26% YoY to 37.18 million tonnes.

• Chalet Hotels is trading with more than seven times its weekly average trading volume. Supreme Petrochem, Nilkamal, Zydus Wellness and Vedanta are trading at more than three times their weekly average trading volumes.

• ICICI Securities maintains an ‘ADD’ on Sanofi India but reduces the target price by 17% to Rs 8,107, indicating an upside of 11%. The brokerage remains positive over the long-term considering company’s strong growth in the chronic therapy segment and established brand franchise.

• Nifty IT is trading higher with stocks like Larsen & Toubro Infotech, Coforge, MindTree and Tata Consultancy Services among others rising in trade.

• Reliance Strategic Business Ventures, a wholly-owned subsidiary of Reliance Industries, enters into an agreement with Sanmina Corporation to acquire a 50.1% equity stake for Rs 1,670 crore. As a result of this joint venture, the company will be capitalized with over $200 million of cash to fund growth.

• UPL announces buyback of shares worth Rs 1,100 crore from shareholders, excluding promoters at a price not exceeding Rs 875

• Adani Ports & Special Economic Zone (APSEZ) cargo volumes rise 14.4% YoY in February 2022 to 24.15 million metric tonnes. During the eleven months of FY22, APSEZ’s total cargo volumes rise 28% YoY to 283 million metric tonnes.

• Vedanta approves third interim dividend payment of Rs 13 per equity share for FY22. Total payout amounts to Rs 4,832 crore. The record date is March 10, 2022.

Riding High:

Largecap and midcap gainers today include Vodafone Idea Ltd. (11.10, 6.22%), Adani Total Gas Ltd. (1,751.25, 5.00%) and Adani Transmission Ltd. (2,353.10, 5.00%).

Downers:

Largecap and midcap losers today include United Breweries Ltd. (1,395.20, -6.88%), Gujarat Gas Ltd. (526.45, -6.84%) and UltraTech Cement Ltd. (5,980.70, -6.54%).

Volume Rockets

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

Top high volume gainers on BSE included Shipping Corporation of India Ltd. (124.15, 16.79%), Hitachi Energy India Ltd. (3,852.70, 12.74%), and Supreme Petrochem Ltd. (731.20, 10.18%).

Top high volume losers on BSE were UltraTech Cement Ltd. (5,980.70, -6.54%), Hindustan Zinc Ltd. (340.40, -3.23%) and Chalet Hotels Ltd. (252.95, -1.96%).

V Mart Retail Ltd. (3,400.55, -0.06%) was trading at 36.1 times of weekly average. Nilkamal Ltd. (2,031.60, 0.26%) and Zydus Wellness Ltd. (1,581.40, 1.92%) were trading with volumes 9.6 and 4.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows, and moving averages

5 stocks hit their 52-week highs, while 11 stocks hit their 52-week lows.

Stocks touching their year highs included - Adani Transmission Ltd. (2,353.10, 5.00%), Vedanta Ltd. (395.95, 2.23%) and National Aluminium Company Ltd. (129.00, 2.42%).

Stocks making new 52 weeks lows included - AIA Engineering Ltd. (1,597.50, -0.44%) and City Union Bank Ltd. (119.60, -0.66%).

23 stocks climbed above their 200 days SMA including Shipping Corporation of India Ltd. (124.15, 16.79%) and Supreme Petrochem Ltd. (731.20, 10.18%). 17 stocks slipped below their 200 SMA including Asian Paints Ltd. (2,871.90, -5.18%) and India Cements Ltd. (194.20, -4.62%).