Market closes lower, ICICI Securities maintains 'Buy' on Pricol

Trendlyne Analysis

Nifty 50 ended the week in red on a volatile day of trade as the Russia-Ukraine war remained the theme of the week. All Asian indices closed lower as Russian troops seize the largest nuclear power plant in Europe after a building at the plant caught fire during intense fighting with Ukrainian forces. European indices also trade lower as investors remain on edge over the Ukraine crisis while rising prices of commodities also weighed on market sentiment. Safe-haven asset gold inches higher amid prevailing uncertainties.

Nifty Bank finally settled in the red after trading in a range throughout the day. Nifty Auto and Nifty Metal closed sharply lower underperforming the benchmark index. Nifty IT recouped losses to close marginally higher. Nifty Next 50 closed in the red to close 2.4% lower than Thursday's level.

Markets closed on a low note. Nifty 50 closed at 16,245.35 (-252.7, -1.5%), BSE Sensex closed at 54,333.81 (-768.9, -1.4%) while the broader Nifty 500 closed at 13,893.15 (-242.8, -1.7%)

Market breadth is sharply down. Of the 1,861 stocks traded today, 433 showed gains, and 1,397 showed losses.

AstraZeneca Pharma India, V Mart Retail, Zydus Wellness, and Avanti Feeds are trading with higher volumes as compared to Thursday.
Asian Paints falls 15% for three consecutive sessions to Rs 2,692.75 on margin concerns amid rising crude oil prices. The ongoing steep and unprecedented inflationary trend in raw material prices continues to impact the margins.
Metal stocks are trading lower with stocks like Tata Steel, JSW Steel, Hindalco Industries, Jindal Steel & Power, Hindustan Zinc among others falling in trade. The broader sectoral index Nifty Metal is also trading lower today.
ICICI Securities maintains 'Buy' on Pricol and increases the target price to Rs 140 on the back of expected total debt reduction of 30.2% in FY22. The company has also planned capital expenditure of Rs 600 crore which it expects to fund through an equal mix of debt and equity starting FY24.
Aster DM Healthcare is trading with more than nine times its weekly average trading volume. TCNS Clothing, Equitas Small Finance Bank, Indigo Paints, and Ujjivan Financial Services are trading at more than four times their weekly average trading volumes.
Geojit BNP Paribas maintains a ‘BUY’ rating on TTK Prestige with a target price of Rs 975, indicating an upside of 23.6%. The brokerage reduces the target price by 20% factoring in the moderate revenue growth. However, the brokerage continues to have a positive outlook on the company as its gross margin improved by 90 bps YoY to 42.4% in Q3FY22.
Auto stocks are trading lower with stocks like Maruti Suzuki, Bajaj Auto, Hero MotoCorp, TVS Motor Company among others falling in trade. The broader sectoral index Nifty Auto is also trading lower today.
Private equity firm Carlyle is planning to invest up to Rs 4,000 crore in Yes Bank, along with Advent International, according to reports. Both investors are looking to own 10% each in the private banker.
Lupin receives approval from US Federal Drug Administration (FDA) for its abbreviated new drug application, Efinaconazole topical solution. Efinaconazole is used to treat yeast and fungal infections.
Vodafone Idea’s board approves fundraising worth Rs 4,500 crore from its promoters Vodafone Group and Aditya Birla Group through sale of 338 crore equity shares at Rs 13.3 apiece. After this transaction, the stakes of Vodafone Group and Aditya Birla’s in Vodafone Idea will be 74.99%, up from 72.05%.

Riding High:

Largecap and midcap gainers today include Adani Total Gas Ltd. (1,805.20, 3.08%), Dr. Reddy's Laboratories Ltd. (3,828.65, 2.95%) and ACC Ltd. (2,010.55, 2.79%).

Downers:

Largecap and midcap losers today include Vodafone Idea Ltd. (10.35, -6.76%), Indian Railway Catering & Tourism Corporation Ltd. (747.25, -6.55%) and Jubilant Foodworks Ltd. (2,628.00, -6.12%).

Movers and Shakers

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

Top high volume gainers on BSE included Ceat Ltd. (1,059.00, 7.83%), La Opala RG Ltd. (360.65, 7.66%) and Kalyan Jewellers India Ltd. (61.95, 3.86%).

Top high volume losers on BSE were Carborundum Universal Ltd. (715.00, -6.71%), Indian Railway Catering & Tourism Corporation Ltd. (747.25, -6.55%) and Indigo Paints Ltd. (1,648.10, -6.06%).

Aster DM Healthcare Ltd. (166.30, -0.42%) was trading at 12.5 times of weekly average. TCNS Clothing Co. Ltd. (693.25, 2.71%) and Equitas Small Finance Bank Ltd. (48.60, -4.33%) were trading with volumes 7.8 and 6.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

4 stocks made 52-week highs, while 37 stocks were underachievers and hit their 52-week lows.

Stocks touching their year highs included - Adani Transmission Ltd. (2,323.20, -1.27%), Hindalco Industries Ltd. (583.80, -3.71%) and National Aluminium Company Ltd. (122.80, -4.81%).

Stocks making new 52 weeks lows included - 3M India Ltd. (20,379.35, -3.33%) and AIA Engineering Ltd. (1,548.70, -3.05%).

9 stocks climbed above their 200 day SMA including eClerx Services Ltd. (2,241.75, 3.14%) and ITC Ltd. (225.50, 2.78%). 35 stocks slipped below their 200 SMA including Shipping Corporation of India Ltd. (116.60, -6.08%) and Asahi India Glass Ltd. (419.10, -5.85%).