Trendlyne Analysis

Nifty 50 closed higher with the Indian volatility index, India VIX falling 6.8%. Most Asian markets closed in the green after Ukraine confirmed that it is no longer pressing for NATO membership. US indices rebounded on Wednesday with S&P 500 closing 2.5% higher hoping for a ceasefire between Russia and Ukraine ahead of their first meeting since Russia invaded Ukraine. Oil prices bounced back after plunging 12% yesterday as United Arab Emirates called on OPEC+ to boost output. Investors will keep an eye on five state assembly election results to be announced later today.

Nifty Smallcap 100, which gained 2.4% yesterday, extended its gains by closing in the green. Barring Nifty IT, all sectoral indices closed in the green. Nifty Metal ended the session 2.3% higher than Wednesday’s level after opening in the red. Nifty IT closed flat despite the tech-heavy NASDAQ 100 closing 3.6% higher yesterday.

Nifty 50 closed at 16,594.90 (249.6, 1.5%), BSE Sensex closed at 55,464.39 (817.1, 1.5%) while the broader Nifty 500 closed at 14,189.00 (209.4, 1.5%)

Market breadth is ticking up strongly. Of the 1,859 stocks traded today, 1,339 showed gains, and 491 showed losses.

• 3M India, Equitas Holdings, Procter & Gamble Health, and Poly Medicure are trading with higher volumes as compared to Wednesday.

• Tata Power surges as its Singapore-based JV Resurgent Power Ventures wins bid to acquire the stressed asset of South East UP Power Transmission Company, after offering over Rs 3,200 crore to the creditors of the bankrupt asset.

• Bank stocks like IndusInd Bank, Axis Bank, State Bank of India, Federal Bank among others are trading higher. The broader sectoral index Nifty Bank is trading in green.

• ICICI Securities maintains a ‘Buy’ rating on Hindustan Aeronautics with a target price of Rs 2,618 indicating an upside of 87%. The brokerage remains bullish on the company’s growing order book. The brokerage expects new orders to strengthen the order book further by Rs 30,000 crore taking the total value to Rs 1,09,230 crore.

• Oil and gas stocks like Adani Total Gas, Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation, among others rise as fuel demand rose 5.4% YoY to 17.57 million tonnes in February 2022. According to data given out by Petroleum Planning and Analysis Cell (PPAC), LPG sales also see a rise of 6.4% YoY to 2.4 million tonnes.

• EPL is trading with more than fourteen times its weekly average trading volume. IOL Chemicals and Pharmaceuticals, Coforge, Bharat Rasayan, and BSE are trading at more than three times their weekly average trading volumes.

• ICICI Securities maintains a ‘BUY rating on Cera Sanitaryware with a target price of Rs 5,545, indicating an upside of 26.5%. The brokerage remains positive on the company’s expansion plans in its two major categories, viz. sanitaryware, and faucetware. The brokerage expects the company’s revenue to grow at 18% CAGR over FY21-FY24.

• Kajaria Ceramics surges after it announces the launch of its largest store in the country at Lajpat Nagar, New Delhi. It plans to sell tiles and bathware products in this store which will be spread over 11,000 sqft area.

• Kalpataru Power Transmission receives a letter of intent (LoI) for a power transmission and distribution project for an estimated value of Rs 3,276 crore. The project involves the design, engineering, supply, and construction of an HVDC power transmission line of 700 km.

• PNB Housing Finance says its board approves raising Rs 2,500 crore through a rights issue. This comes months after it terminated a Rs 4,000-crore fund-raising deal with a Carlyle-led group of investors, due to a controversy regarding the valuation of shares being offered to the investors.

• Zydus Lifesciences is rising as it receives final approval from the US Food and Drug Administration (USFDA) for its Nitroglycerin Sublingual tablets in the strengths of 0.3 mg, 0.4mg, and 0.6mg. Nitroglycerin Sublingual tablets are used to relieve chest pain (angina) in people who suffer from certain heart conditions.

• Future Retail receives termination notice for 835 stores, with respect to sub-leased properties, from Reliance Group. The notice comes for 342 large format stores like Big Bazaar, and small format stores like Heritage and easyday. Currently, it is in talks with Reliance Group to review its decision of termination, taking into consideration the stakeholder's interests.

Riding High:

Largecap and midcap gainers today include Procter & Gamble Hygiene & Healthcare Ltd. (15,535.65, 5.31%), Hindustan Unilever Ltd. (2,101.95, 5.21%) and Sona BLW Precision Forgings Ltd. (602.35, 5.09%).

Downers:

Largecap and midcap losers today include Coforge Ltd. (4,260.00, -6.50%), GAIL (India) Ltd. (147.50, -4.53%) and Gujarat Gas Ltd. (509.65, -4.45%).

Volume Shockers

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

Top high volume gainers on BSE included EPL Ltd. (176.15, 12.20%), TCNS Clothing Co. Ltd. (778.95, 11.44%) and IOL Chemicals and Pharmaceuticals Ltd. (413.20, 9.38%).

Top high volume losers on BSE were Coforge Ltd. (4,260.00, -6.50%), TeamLease Services Ltd. (3,740.45, -4.56%) and Bajaj Electricals Ltd. (1,008.05, -4.10%).

Swan Energy Ltd. (181.05, 6.22%) was trading at 35.7 times of weekly average. Brightcom Group Ltd. (92.65, 4.99%) and Star Cement Ltd. (94.55, 9.12%) were trading with volumes 10.5 and 5.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

3 stocks overperformed with 52-week highs,

Stocks touching their year highs included - Swan Energy Ltd. (181.05, 6.22%), Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (630.50, 1.87%) and Balrampur Chini Mills Ltd. (449.30, 0.79%).

39 stocks climbed above their 200 day SMA including Century Textiles & Industries Ltd. (790.70, 6.31%) and Procter & Gamble Hygiene & Healthcare Ltd. (15,535.65, 5.31%). 2 stocks slipped below their 200 SMA including Fortis Healthcare Ltd. (260.50, -1.44%) and Suven Pharmaceuticals Ltd. (509.05, -1.21%).