Trendlyne Analysis

Nifty 50 settled in the green on a volatile day of trade. Most Asian indices closed lower as China imposed Covid-19 lockdown in Shanghai and ordered all firms in the area to suspend manufacturing or have people work remotely in a two-stage lockdown over nine days. This led to a fall in crude oil prices expecting weaker demand due to the lockdown. Investors continue to keep an eye on the Russia-Ukraine peace talks scheduled later this week as the Ukrainian President said that Ukraine was prepared to discuss adopting a neutral status as part of the deal.

Nifty Smallcap 100, which opened in the green, lost its gains to close lower than Friday’s level. Nifty Metal, which has gained over 7% last week, closed higher. Nifty Media closed in the green, extending its gains from last week. Nifty IT closed in the red, taking cues from the tech-heavy NASDAQ 100 futures, which is trading lower.

Nifty 50 closed at 17,222.00 (69, 0.4%), BSE Sensex closed at 57,593.49 (231.3, 0.4%) while the broader Nifty 500 closed at 14,675.85 (24.2, 0.2%)

Market breadth is highly negative. Of the 1,913 stocks traded today, 528 showed gains, and 1,359 showed losses.

• Cholamandalam Financial Holdings, Gland Pharma, TeamLease Services, and Vakrangee are trading with higher volumes as compared to Friday.

• GAIL surges in trade as its board will mull a buyback of equity shares in its meeting to be held on Thursday.

• Sharekhan maintains a ‘BUY’ rating on Laurus Labs with a target price of Rs 735, indicating an upside of 24.6%. Reports suggest that the brokerage has a positive outlook on the company as it is strengthening its presence in the biologics segment. The brokerage expects the active pharmaceutical ingredient (API) revenue to normalize in Q1FY23.

• Motilal Oswal maintains a ‘Buy’ rating on State Bank of India and reduces the target price from Rs 725 to Rs 675, indicating an upside of 39%. The brokerage lowers the target price on account of the rising rate environment lowering treasury gains. The brokerage remains bullish on the company’s revival in loan growth, robust asset quality trends, and controlled funding costs.

• Uma Exports Rs 60-crore IPO gets oversubscribed by 2.14X of the available 92.3 lakh shares on offer on the first day of bidding. Retail investors quota gets over bid by 2.9X of the available 63.6 lakh shares. The offer comprises entirely of a fresh issue of Rs 60 crore.

• G R lnfraprojects wins bid to construct four lane greenfield expressway from Delhi to Vadodara. The company is the lowest bidder for the project at Rs 1,386 crore.

• Gujarat Alkalies & Chemicals is trading with more than five times its weekly average trading volume. Aster DM Healthcare, Inox Leisure, EIH, and PVR are trading at more than three times their weekly average trading volumes.

• DLF is set to invest Rs 2,000 crore in construction of two new shopping malls in Gurgaon and Goa, according to a news report. The realty major is bullish on the revival of organized retail sector in India post the waning of third Covid wave.

• Wipro approves second interim dividend payment of Rs 5 per equity share for FY22. Total payout amounts to Rs 2,000 crore. The record date is April 6, 2022.

• IndiaMART InterMESH announces acquisition of a 51% stake in software-as-a-service (SAAS) firm Livekeeping for Rs 45.98 crore in an all-cash deal. The company expects the investment to aid it in achieving its long-term objective of offering various SAAS-based solutions for businesses.

• Aster DM Healthcare is rising as it signs a memorandum of understanding (MOU) with the government of Tamil Nadu on Saturday in Dubai, UAE. With the signing of this MOU, the company intends to invest up to Rs 500 crore into developing hospitals, pharmacies, and laboratories in Tamil Nadu.

• Emami announces acquisition of the Dermicool brand from Reckitt for a total consideration of Rs 432 crore. Dermicool is one of the leading brands in the prickly heat powder and cool talcum category. The acquisition will be funded through internal accruals and is subject to customary closing conditions.

• Multiplex chains PVR and Inox Leisure are set to merge, creating India’s largest film exhibition entity with a network of more than 1,500 screens. According to the merger terms, shareholders holding 10 shares of Inox will get 3 shares of PVR in exchange. The combined entity will add nearly 180-200 screens every year from hereon.

Riding High:

Largecap and midcap gainers today include Tata Elxsi Ltd. (9,035.50, 7.08%), Adani Power Ltd. (152.25, 6.32%) and Adani Total Gas Ltd. (2,141.20, 4.21%).

Downers:

Largecap and midcap losers today include Ruchi Soya Industries Ltd. (814.30, -6.14%), Endurance Technologies Ltd. (1,123.80, -5.50%) and Container Corporation of India Ltd. (659.95, -4.33%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Supreme Petrochem Ltd. (1,012.60, 12.25%), Lemon Tree Hotels Ltd. (68.25, 12.07%) and Inox Leisure Ltd. (522.85, 11.32%).

Top high volume losers on BSE were Endurance Technologies Ltd. (1,123.80, -5.50%), Brightcom Group Ltd. (85.80, -4.98%) and Tata Teleservices (Maharashtra) Ltd. (159.20, -4.98%).

Aster DM Healthcare Ltd. (200.00, 10.53%) was trading at 12.5 times of weekly average. Gujarat Alkalies & Chemicals Ltd. (896.85, 10.79%) and JK Tyre & Industries Ltd. (116.15, 6.12%) were trading with volumes of 6.8 and 5.9 times the weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows, and moving averages

20 stocks overperformed with 52-week highs, while 17 stocks tanked below their 52-week lows.

Stocks touching their year highs included - Adani Transmission Ltd. (2,439.00, -0.40%), Cummins India Ltd. (1,109.40, 2.12%) and Delta Corp Ltd. (319.85, -0.09%).

Stocks making new 52 weeks lows included - Bank of Maharashtra (17.75, 1.72%) and Castrol India Ltd. (100.30, -2.53%).

11 stocks climbed above their 200 day SMA including Aster DM Healthcare Ltd. (200.00, 10.53%) and Sunteck Realty Ltd. (449.65, 7.43%). 16 stocks slipped below their 200 SMA including Rajesh Exports Ltd. (661.50, -3.40%) and Alok Industries Ltd. (24.75, -3.32%).