Trendlyne Analysis

Nifty 50 snapped its five-day winning streak and closed in the red. Most Asian indices closed lower amid tepid global cues. Hong Kong index, Hang Seng closed sharply lower as China announced lockdowns in cities to battle the omicron variant. Crude oil prices continue to fall as investors expect positive developments in the Russia-Ukraine ceasefire talks to be held today. US indices closed lower on Monday ahead of the US Federal Reserve’s two-day monetary policy meeting, scheduled to commence today. The US Federal Reserve is set to start the interest rate hikes on Wednesday despite the uncertainty of the impact of the Russia-Ukraine war on the US economy.

Nifty Smallcap 100, which opened higher than Monday’s level, ended the day in red, shedding close to 1.5%. Barring Nifty Auto, all sectoral indices closed in the red.  Nifty Metal plunged over 4% and extended its losses from Monday.  Nifty IT fell 2.5% tracking the tech-heavy NASDAQ 100, which closed in the red yesterday.

Gloom in markets in today's trading. Nifty 50 closed at 16,663.00 (-208.3, -1.2%), BSE Sensex closed at 55,776.85 (-709.2, -1.3%) while the broader Nifty 500 closed at 14,215.85 (-158.8, -1.1%)

Market breadth is moving down. Of the 1,860 stocks traded today, 513 showed gains, and 1,326 showed losses.

• WABCO India, Tube Investments of India, Nesco, and Adani Transmission trading with higher volumes as compared to Monday.

• Granules Pharmaceuticals (GPI), a wholly-owned subsidiary of Granules India receives an establishment inspection report (EIR) from the US Food and Drug Administration (USFDA). The GPI facility, which is located in Virginia, USA, was inspected by the USFDA from 24th to 28th January 2022.

• Godrej Properties rises as it acquires 50 acres of land in Sonipat for a residential development project. This is an expansion of the company’s residential portfolio in the NCR region. The company plans to invest Rs 7,500 crore over the next 12-18 months on more such real estate projects.

• Metal stocks are trading lower with stocks like Tata Steel, JSW Steel, Hindalco Industries, Jindal Steel & Power among others falling in trade. The broader sectoral index Nifty Metal is also trading lower today.

• Linde India is trading with more than nine times its weekly average trading volume. Polyplex Corporation, Century Plyboards, Rites, and Happiest Minds Technologies are trading at more than three times their weekly average trading volumes.

• Axis Securities initiates coverage on IndiaMART InterMESH with a ‘Buy’ rating and target price of Rs 6,800, indicating an upside of 52%. The brokerage believes the company is well-positioned to capture the immense growth opportunity driven by its strong and consistent traffic improvement, healthy cash flow generation, robust technology backup supporting its business platform, and good acquisition strategy for inorganic growth.

• Ramkrishna Forgings is rising as it wins domestic order worth Rs 75 crore per annum from an original equipment manufacturer for medium and heavy commercial vehicles.

• Anupam Rasayan India's Chief Financial Officer Afzal Malkani resigns due to personal reasons. The resignation is effective from March 14, 2022

• Paytm continues to fall on the bourses despite reporting a 366% YoY growth in its loan disbursals at Rs 2,095 crore for Febuary, 2022. The gross merchandising value for the company doubled YoY to Rs 1.65 lakh crore for the month in question. The company also denies the reports of data leak to Chinese firms in its latest press release.

• Axis Securities initiates coverage on Cipla with a ‘BUY’ rating and target price of Rs 1,200, indicating an upside of 15.5%. The brokerage has a positive outlook on the company as it has a robust pipeline for the branded and generic markets of India and South Africa. The brokerage expects the company’s revenue to grow at 11.2% CAGR over FY21-FY24.

• Reliance New Energy, a subsidiary of Reliance Industries, acquires all assets of Lithium Werks along with 100% stake in Lithium Werks Technology B.V., for Rs 466.3 crore. The assets include patent portfolio of Lithium Werks, manufacturing facility in China, key business prospects, among others. This acquisition provides Reliance access to the world’s leading portfolio of lithium iron phosphate patents and manufacturing facility.

• Persistent Systems agrees to acquire cloud technology firm MediaAgility for Rs 548 crore in an all-cash deal. The acquisition will enhance the company’s partnership with Google and will be the foundation for a dedicated Google business unit.

Riding High:

Largecap and midcap gainers today include Ruchi Soya Industries Ltd. (1,090.75, 13.18%), Bandhan Bank Ltd. (281.15, 6.11%) and Au Small Finance Bank Ltd. (1,169.50, 4.32%).

Downers:

Largecap and midcap losers today include MindTree Ltd. (3,884.15, -5.84%), NMDC Ltd. (147.55, -5.57%) and Hindalco Industries Ltd. (559.75, -5.26%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Ruchi Soya Industries Ltd. (1,090.75, 13.18%), Linde India Ltd. (3,256.45, 11.38%) and Minda Corporation Ltd. (198.65, 7.70%).

Top high volume losers on BSE were CreditAccess Grameen Ltd. (758.55, -5.69%), Krishna Institute of Medical Sciences Ltd. (1,331.10, -4.29%) and Engineers India Ltd. (61.90, -3.51%).

Century Plyboards (India) Ltd. (657.25, 6.23%) was trading at 10.4 times of weekly average. Rites Ltd. (251.70, 2.30%) and Happiest Minds Technologies Ltd. (1,137.15, 1.61%) were trading with volumes 5.7 and 5.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

4 stocks overperformed with 52-week highs, while 3 stocks tanked below their 52-week lows.

Stocks touching their year highs included - Cipla Ltd. (1,068.05, 1.85%), Linde India Ltd. (3,256.45, 11.38%) and JK Paper Ltd. (279.25, 0.72%).

Stocks making new 52 weeks lows included - Wockhardt Ltd. (289.00, -5.62%) and Thyrocare Technologies Ltd. (792.25, -1.57%).

14 stocks climbed above their 200 day SMA including Ruchi Soya Industries Ltd. (1,090.75, 13.18%) and IIFL Wealth Management Ltd. (1,501.45, 3.23%). 24 stocks slipped below their 200 SMA including NMDC Ltd. (147.55, -5.57%) and Tata Steel Ltd. (1,233.75, -4.88%).