Market closes higher, Lupin receives USFDA for its Vigabatrin oral solution

Trendlyne Analysis

Nifty 50 closed in the green for the fifth consecutive day. Falling crude oil prices and Bharatiya Janata Party winning four out of five state assembly elections last week lifted up the markets. However, most Asian indices closed lower amid mixed global cues with the Russia-Ukraine war as the focal point. The US Federal Reserve is set to commence the interest rate hikes after its two-day monetary policy meeting, starting tomorrow. This comes after the US inflation print hit a 40-year high of 7.9% last week.

Nifty Midcap 100 and Nifty Smallcap 100, which opened higher than Friday's levels, closed marginally higher underperforming the benchmark index. Nifty Media and Nifty Bank extended their gains from last week by closing in the green. Nifty Metal closed in the red while Nifty IT ended the day sharply higher, tracking the tech-heavy NASDAQ 100 futures, which is trading in the green.

Markets closed up today. Nifty 50 closed at 16,871.30 (240.9, 1.5%), BSE Sensex closed at 56,486.02 (935.7, 1.7%) while the broader Nifty 500 closed at 14,374.60 (137.5, 1.0%)

Market breadth is in the red. Of the 1,897 stocks traded today, 836 showed gains, and 1,024 showed losses.

Supreme Industries, Godrej Industries, Sanofi India, and Amber Enterprises trading with higher volumes as compared to Friday.
Media stocks like Zee Entertainment, Sun TV Network, PVR, TV18 Broadcast, and Saregama India are rising. The broader sectoral index i.e., Nifty Media is also trading up today.
Larsen & Toubro's arm L&T Construction recieves engineering, procurement and construction orders worth Rs 1,000-2,500 crore from Gujarat Water Infrastructure for the Dhanki-Navda Bulk Pipeline project.
Lupin receives US Food and Drug Administration (FDA) for its abbreviated new drug application (ANDA), Vigabatrin for oral solution (500 mg). Vigabatrin is an anti-epilepsy drug with an estimated annual sales of $ 275 million (around Rs 2,100) in the US.
Ruchi Soya rallies as it files a red herring prospectus (RHP) for its follow-on public offer (FPO) for Rs 4,300 crore upon receiving approval from its board of directors. The company will offer equity shares with a face value of Rs 2 each amounting to Rs 4,300 crore under the FPO. The issue will open on March 24 and will be available for bidding till March 28, 2022.
Ingersoll-Rand (India) is trading with more than seventeen times its weekly average trading volume. Jubilant Foodworks, WABCO India, Godfrey Phillips India, and Sharda Cropchem are trading at more than three times their weekly average trading volumes.
HDFC Bank rises after RBI revokes the restrictions on business generating activities planned under the Bank’s Digital 2.0 program w.e.f. March 11, 2022. The apex bank had earlier eased the restictions on new credit card issuances by HDFC Bank in August, 2021.
Zydus Lifesciences receives US Food and Drug Administration (FDA) approval for its Colestipol Hydrochloride tablets in the strength of 1mg. Colestipol Hydrochloride is used to lower high cholesterol levels in the blood to help prevent medical problems caused by cholesterol clogging the blood vessels.
Jubilant Foodworks' Chief Executive Officer and full-time Director Pratik Rashmikant Pota resigns to pursue opportunities outside the company. The resignation will be effective from June 15, 2022.
GAIL announces the second interim dividend of Rs 5 per share for FY22. The total dividend payout amounts to nearly Rs 2,220 crore. The record date is March 22, 2022
Tech Mahindra acquires a 100% stake worth Rs 320 crore in the enterprise-application company Thirdware, in an all-cash deal. The IT company expects the acquisition to bolster its digital solutions and services in automotive consulting, design, and development.
Sobha's Managing Director Jagdish Chandra Sharma resigns citing personal reasons. The resignation will be effective from April 1, 2022.
Reserve Bank of India (RBI), on Friday, directs Paytm Payments Bank, an associate of One97 Communications, to stop onboarding new customers with immediate effect. RBI has also directed the company to appoint an IT audit firm to conduct a system audit of its IT system as it observes supervisory concerns with the bank operations.

Riding High:

Largecap and midcap gainers today include Ruchi Soya Industries Ltd. (963.75, 20.00%), Deepak Nitrite Ltd. (2,207.65, 7.66%) and Zee Entertainment Enterprises Ltd. (259.20, 6.91%).

Downers:

Largecap and midcap losers today include Jubilant Foodworks Ltd. (2,514.00, -12.24%), Au Small Finance Bank Ltd. (1,121.10, -6.03%) and Hindustan Petroleum Corporation Ltd. (279.20, -5.13%).

Movers and Shakers

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

Top high volume gainers on BSE included Ruchi Soya Industries Ltd. (963.75, 20.00%), CreditAccess Grameen Ltd. (804.30, 14.58%) and Hatsun Agro Products Ltd. (1,205.90, 10.66%).

Top high volume losers on BSE were Jubilant Foodworks Ltd. (2,514.00, -12.24%), Mahindra CIE Automotive Ltd. (174.95, -2.34%) and WABCO India Ltd. (7,174.85, -0.23%).

Brightcom Group Ltd. (102.10, 4.99%) was trading at 6.9 times of weekly average. Godfrey Phillips India Ltd. (1,040.35, 1.50%) and Johnson Controls-Hitachi Air Conditioning India Ltd. (1,856.70, 3.25%) were trading with volumes 5.7 and 4.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

7 stocks made 52-week highs, while 4 stocks tanked below their 52-week lows.

Stocks touching their year highs included - Cipla Ltd. (1,048.65, 0.45%), GHCL Ltd. (525.50, 6.39%) and Sun Pharmaceutical Industries Ltd. (892.25, -1.08%).

Stocks making new 52 weeks lows included - 3M India Ltd. (19,704.95, -0.97%) and Jubilant Foodworks Ltd. (2,514.00, -12.24%).

21 stocks climbed above their 200 day SMA including Hatsun Agro Products Ltd. (1,205.90, 10.66%) and Deepak Nitrite Ltd. (2,207.65, 7.66%). 14 stocks slipped below their 200 SMA including Au Small Finance Bank Ltd. (1,121.10, -6.03%) and Sobha Ltd. (701.90, -5.98%).