Trendlyne Analysis

Nifty 50 closed lower after starting the day on a positive note. Asian indices closed mixed despite strong gains by the US indices led by technology stocks on Thursday. Crude oil prices ease but still trade at elevated levels. Investors continue to monitor the effect of rising commodity prices on already high inflation levels. Indian state fuel retailers raise petrol and diesel prices by 80 paise a litre each today, making it the third hike in four days.

Nifty Next 50 closed flat despite the benchmark index closing in the red. Nifty Metal extends its six-day winning streak by closing marginally higher. Nifty Media, which rose 6% yesterday, closed flat. Nifty IT ended the trading session sharply lower despite the tech-heavy NASDAQ 100 rising 2.2% yesterday.

Nifty 50 closed at 17,153.00 (-69.8, -0.4%), BSE Sensex closed at 57,362.20 (-233.5, -0.4%) while the broader Nifty 500 closed at 14,651.70 (-47.7, -0.3%).

Market breadth is overwhelmingly negative. Of the 1,883 stocks traded today, 586 showed gains, and 1,269 showed losses.

• Bajaj Holdings & Investment, Ujjivan Small Finance Bank, Max Healthcare Institute, and IIFL Finance are trading with higher volumes as compared to Thursday.

• Torrent Power announces the completion of the acquisition of a 50 MW solar power plant from Lightsource bp and UKCI for an enterprise value of Rs 300 crore.

• Consumer facing companies are trading in red with stocks like Titan Company, Whirlpool of India, Voltas, Crompton Greaves and Bajaj Electricals falling. The broader sectoral index i.e. BSE Consumer Durables is also down today.

• Inox Leisure surges to touch its 52-week high of Rs 479.45 as the business outlook improves on the easing of pandemic-related restrictions with a strong content line-up for the next few months.

• Sugar stocks like Balrampur Chini Mills, Dhampur Sugar Mills, Andhra Sugars, Uttam Sugar Mills among others are falling as reports suggest that India could cap sugar exports to meet domestic demand. India is considering restrictions on sugar exports for the first time in six years and may cap exports at around eight million tonnes.

• Axis Securities initiates coverage on G R Infraprojects with a ‘BUY’ rating and a target price of Rs 1,775, indicating an upside of 23%. The brokerage has a positive outlook on the company as it has a cumulative order book of Rs 16,692 crore with comfortable revenue visibility for the next 2 years. The brokerage expects the company’s revenue to grow a 12% CAGR over FY22-FY24

• Bharti Airtel prepays Rs 8,815 crore to clear deferred liabilities for spectrum acquired in 2015, the prepayment is for installments due in FY2027 and FY2028. Over the last four months, the company has cleared Rs 24,334 crore of its deferred spectrum liabilities ahead of schedule.

• Container Corporation of India is trading with more than nine times its weekly average trading volume. Poly Medicure, Tata Teleservices (Maharashtra), Muthoot Finance, and EIH are trading at more than four times their weekly average trading volumes.

• G R Infraprojects receives a letter of award from the National Highways Authority of India for a new highway project in Madhya Pradesh for a total length of 69.1 Km. The bid cost of the project is Rs 907 crore.

• Zen Technologies is rising as it receives a project sanction order (PSO) from the Indian Army. The project includes the design and development of a prototype of the Integrated Air Defence Combat Simulator (IADCS). The prototype is to be made ready for user trial readiness review (UTRR) within a period of 30 weeks.

• Moody’s Investors Service's report suggests that fuel retailers like Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation are losing Rs 19,000 crore in revenue. This is because of constant prices of petrol and diesel from November 4, 2021 – March 21, 2022, despite the rise in crude oil prices. The companies are losing over Rs 1,900 per barrel with the current market prices.

• Lumax Auto Technologies receives approval for application under component champion incentive scheme of production linked incentive scheme for automobile and auto component industry.

• Chloride Metals, a wholly-owned subsidiary of Exide Industries, starts commercial production at its new green field manufacturing facility of battery recycling in the state of West Bengal. The 21-acre recycling plant has a total installed capacity of 1,08,000 MT p.a.

• Canada Pension Plan Investment Board sells a 2.01% stake (4 crore shares) of Kotak Mahindra Bank on Thursday. This bulk deal is worth Rs 6,800 crore.

Riding High:

Largecap and midcap gainers today include Container Corporation of India Ltd. (689.80, 10.99%), Tata Elxsi Ltd. (8,438.20, 10.93%) and Adani Power Ltd. (143.20, 8.36%).

Downers:

Largecap and midcap losers today include Indus Towers Ltd. (203.10, -5.00%), Ajanta Pharma Ltd. (1,894.35, -4.32%) and Astral Ltd. (1,957.10, -3.89%).

Volume Shockers

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

Top high volume gainers on BSE included Container Corporation of India Ltd. (689.80, 10.99%), Tata Elxsi Ltd. (8,438.20, 10.93%) and Lemon Tree Hotels Ltd. (60.90, 9.83%).

Top high volume losers on BSE were Muthoot Finance Ltd. (1,307.65, -3.19%), Abbott India Ltd. (16,021.85, -2.72%) and India Tourism Development Corporation Ltd. (401.05, -0.64%).

Shriram City Union Finance Ltd. (1,621.75, 4.28%) was trading at 9.1 times of weekly average. Poly Medicure Ltd. (847.85, 2.06%) and EIH Ltd. (149.00, 7.43%) were trading with volumes 8.6 and 7.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

18 stocks hit their 52-week highs, while 2 stocks were underachievers and hit their 52-week lows.

Stocks touching their year highs included - Cholamandalam Investment & Finance Company Ltd. (732.25, 0.12%), Cummins India Ltd. (1,086.35, -0.70%) and Delta Corp Ltd. (320.15, 2.27%).

Stocks making new 52 weeks lows included - Castrol India Ltd. (102.90, -0.68%) and Max Financial Services Ltd. (732.10, -2.08%).

18 stocks climbed above their 200 day SMA including Container Corporation of India Ltd. (689.80, 10.99%) and NLC India Ltd. (64.15, 4.22%). 9 stocks slipped below their 200 SMA including Asahi India Glass Ltd. (408.55, -2.54%) and Maruti Suzuki India Ltd. (7,415.45, -1.87%).