Trendlyne Analysis

Nifty 50 extended its gains throughout the day to close higher. Asian stocks trade in the green, following the US indices, which closed higher yesterday led by the tech-focused NASDAQ 100. Crude oil extended its losses from yesterday on fears of a drop in demand in China due to the lockdown in Shanghai to curb a surge in Covid-19 cases. European stocks trade in the green, taking cues from the Asian markets and Wall Street. The pan-European index, STOXX 600 extends gains to a third consecutive session despite limited hopes of a breakthrough in Russia-Ukraine peace talks.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the green but underperformed the benchmark index. Nifty Metal inched higher and closed in the green for the ninth consecutive session. Nifty IT closed higher, tracking the tech-heavy NASDAQ 100 closing 1.3% higher on Monday.

Nifty 50 closed at 17,325.30 (103.3, 0.6%), BSE Sensex closed at 57,943.65 (350.2, 0.6%) while the broader Nifty 500 closed at 14,761.90 (86.1, 0.6%)

Market breadth is in the red. Of the 1,892 stocks traded today, 754 were on the uptick, and 1,113 were down.

• Procter & Gamble Health, KEI Industries, Sudarshan Chemical Industries, and Blue Dart Express are trading with higher volumes as compared to Monday.

• Hero MotoCorp is falling as reports suggest the Income Tax Department found more than Rs 1,000 crore bogus expenses and over Rs 100 crore cash transactions for a farmhouse in Delhi.

• Veranda Learnings Solutions' Rs 200-crore IPO gets bids for 74% of the available 1.2 crore shares on offer on the first day of bidding. Retail investors quota gets overbid by 4.2X of the available 15.4 lakh shares. The offer comprises entirely of a fresh issue of Rs 200 crore.

• Uma Exports Rs 60-crore IPO gets oversubscribed by 4.2X of the available 92.3 lakh shares on offer on the second day of bidding. Retail investors quota gets over bid by 5.6X of the available 63.6 lakh shares. The offer comprises entirely of a fresh issue of Rs 60 crore.

• Fertilizer stocks like Madras Fertilizers, Rashtriya Chemicals & Fertilizers, National Fertilizers, and Gujarat State Fertilizer & Chemicals among others are rising in trade. The broader sector of fertilizer is also trading in the green.

• Axis Securities maintains a ‘Buy’ rating on Healthcare Global Enterprises with a target price of Rs 330, indicating an upside of 21%. The brokerage has a positive outlook on the company due to its rising average occupancy rates, increasing average revenue per occupied bed (ARPOB), and its strong network in the oncology industry with high-end works and reasonable prices.

• Rashtriya Chemicals & Fertilizers is trading with more than eight times its weekly average trading volume. Vaibhav Global, AIA Engineering, National Fertilizers, and Rallis India are trading at more than three times their weekly average trading volumes.

• Media stocks like Inox Leisure, Network 18 Media & Investments, TV18 Broadcast, and PVR among others are falling in trade. The broader sectoral index Nifty Media is also trading in the red.

• G R Infraprojects wins bid for four laning existing two lane stretches from Govindpur to Rajura and Bamni to the Maharashtra-Telangana border. The company is the lowest bidder for the project at Rs 1,744 crore

• ICICI Securities maintains a 'BUY' rating on Bharti Airtel with a target price upside of 17.3%. The brokerage is positive on the telecom major as it believes that tariff hike flow through will boost Bharti's EBITDA by 20% in FY23. Additionally, emerging products like Data Centre, IoT, Security, CPaaS, and NaaS hold a future growth potential of 25% CAGR.

• Power Grid Corporation of India's board approves investment in a total of five projects worth Rs 821.3 crore. Major investment projects include the strengthening of the transmission system for Srinagar-Leh sector at an estimated cost of Rs 288.7 crore.

• Aurobindo Pharma acquires the domestic formulation business of Veritaz Healthcare on a slump sale basis at a consideration of Rs 171 crore on a debt-free cash-free basis. The company expects the acquisition to act as a launchpad for marketing biosimilar and other products in India.

• Veranda Learnings raises Rs 46.75 crore from investors by selling 34.12 lakh shares at Rs 137 per share to anchor investors, including AG Dynamics Fund, Resonance Opportunities Fund, and Next Orbit Ventures.

• Securities and Exchange Board of India (SEBI) instructs Ruchi Soya to provide an option to FPO (follow-on public offering) investors to withdraw their bids due to circulation of unsolicited text messages advertising the issue. The window for withdrawal is available between March 28 - March 30. Ruchi Soya’s Rs 4,300 crore FPO was oversubscribed 3.6X on the final day of bidding.

Riding High:

Largecap and midcap gainers today include Ruchi Soya Industries Ltd. (943.05, 15.81%), Adani Power Ltd. (173.55, 13.99%) and GlaxoSmithKline Pharmaceuticals Ltd. (1,696.10, 9.35%).

Downers:

Largecap and midcap losers today include Hero MotoCorp Ltd. (2,210.65, -7.04%), Tata Elxsi Ltd. (8,552.85, -5.34%) and IDBI Bank Ltd. (42.75, -3.39%).

Volume Rockets

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

Top high volume gainers on BSE included Ruchi Soya Industries Ltd. (943.05, 15.81%), Adani Power Ltd. (173.55, 13.99%) and Rashtriya Chemicals & Fertilizers Ltd. (91.70, 13.00%).

Top high volume losers on BSE were Hero MotoCorp Ltd. (2,210.65, -7.04%), Thyrocare Technologies Ltd. (750.50, -3.32%) and Godrej Industries Ltd. (453.15, -1.79%).

Swan Energy Ltd. (193.25, 8.23%) was trading at 19.4 times of weekly average. NHPC Ltd. (27.35, -0.18%) and Vaibhav Global Ltd. (385.00, 6.19%) were trading with volumes 10.7 and 7.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

21 stocks hit their 52-week highs, while 16 stocks were underachievers and hit their 52-week lows.

Stocks touching their year highs included - Adani Power Ltd. (173.55, 13.99%), Adani Transmission Ltd. (2,461.55, 0.92%) and Cummins India Ltd. (1,122.65, 1.19%).

Stocks making new 52 weeks lows included - 3M India Ltd. (19,680.35, 0.81%) and Bajaj Consumer Care Ltd. (150.20, -1.86%).

17 stocks climbed above their 200 day SMA including GlaxoSmithKline Pharmaceuticals Ltd. (1,696.10, 9.35%) and TeamLease Services Ltd. (4,264.20, 6.64%). 6 stocks slipped below their 200 SMA including IDBI Bank Ltd. (42.75, -3.39%) and Anupam Rasayan India Ltd. (830.40, -2.39%).