Trendlyne Analysis

Nifty 50 closed in the red amid weak global cues. All Asian indices closed lower as the US Federal Reserve released minutes from its last meeting which strengthens the case for aggressive rate hikes to combat inflation. US indices fell for a second consecutive day on Wednesday led by the technology stocks. Investors will also keep an eye on the RBI’s policy decision scheduled on Friday. Stoxx Europe 600 index trades higher after posting its biggest fall in a month on Wednesday.

Nifty Midcap 100, which started the trading session in the green, closed 1% lower. Nifty Metal closed sharply lower while Nifty FMCG closed flat. Nifty IT closed in the red, tracking the tech-heavy NASDAQ 100, which fell over 2% on Wednesday.

Nifty 50 closed at 17,639.55 (-168.1, -0.9%), BSE Sensex closed at 59,034.95 (-575.5, -1.0%) while the broader Nifty 500 closed at 15,201.25 (-126.7, -0.8%)

Market breadth is in the red. Of the 1,890 stocks traded today, 787 were gainers and 1,070 were losers.

• Suzlon Energy, Tata Teleservices (Maharashtra), Gland Pharma, and SKF India are trading with higher volumes as compared to Wednesday.

• Hindustan Aeronautics touches an all-time high on the bourses after it enters into a pact with its long-term partner Israel Aerospace Industries to convert civil (passenger) aircrafts to air refuelling aircrafts with cargo and transport capabilities in India.

• Axis Securities initiates coverage on Tata Steel with a ‘Buy’ rating and a target price of Rs 1,700, indicating an upside of 26%. The brokerage is bullish for the company as it expects steel prices to remain high, which would drive strong cash flows for the company. The brokerage believes this will enable the company to manage cash flows towards capex and continue deleveraging.

• Macrotech Developers rises after its sales booking see a 37% YoY jump to Rs 3,460 crore for Q4FY22 and net debt reduces by 620 crore on a QoQ basis. Its collections also improve by 36% YoY to Rs 2,840 crore in Q4.

• Aster DM Healthcare is trading with more than fifteen times its weekly average trading volume. Tata Teleservices (Maharashtra), Suzlon Energy, Poonawalla Fincorp, and Solara Active Pharma Sciences are trading at more than five times their weekly average trading volumes.

• Coffee Day Enterprises is falling as it defaults on debt repayments worth Rs 479.7 crore on loans and unlisted debt securities in Q4FY22.

• Titan falls as its Q4FY22 jewellery segment’s revenue falls 4% YoY on the back of declining activity due to the Omicron wave and rising gold prices. However, the revenue from the watches segment grows 12% YoY and the Eyecare segment grows 5% YoY on underlying demand remaining strong for these segments.

• Yes Bank rises and hits a 52-week high as Care Ratings upgrades the credit ratings for the banks infrastructure bonds to 'BBB+' from 'BBB'. The lower tier-two bonds and tier-two bonds also receive similar upgrades from the agency.

• Uma Exports’ shares list at a 11% premium to the issue price of Rs 68 on its debut on the bourses after getting bids for 7.6X of total shares on offer.

• A consortium of Bandhan Financial Holdings (Bandhan Bank’s parent company), private equity firm ChrysCapital, and GIC (Government of Singapore Investment Corporation) is set to acquire IDFC Asset Management for Rs 4,500 crore, according to reports. The Bandhan group expects the acquisition to aid the company in further expanding its presence in the financial services sector.

• Zee Entertainment's largest shareholder--Invesco--will sell 7.8% stake in the company worth Rs 2,200 crore through a bulk deal today, according to reports. Invesco currently owns 18.8% stake in the company.

Riding High:

Largecap and midcap gainers today include Ruchi Soya Industries Ltd. (817.70, 8.27%), Bharat Electronics Ltd. (234.35, 6.52%) and YES Bank Ltd. (15.55, 5.78%).

Downers:

Largecap and midcap losers today include Adani Total Gas Ltd. (2,362.70, -6.87%), Adani Power Ltd. (232.55, -4.98%) and Tata Power Company Ltd. (277.80, -4.14%).

Volume Rockets

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

Top high volume gainers on BSE included DCB Bank Ltd. (88.30, 13.42%), Poonawalla Fincorp Ltd. (308.20, 9.95%) and Bharat Dynamics Ltd. (620.85, 8.78%).

Top high volume losers on BSE were Escorts Ltd. (1,715.25, -9.22%), Tata Teleservices (Maharashtra) Ltd. (192.40, -4.99%) and Aster DM Healthcare Ltd. (192.60, -3.02%).

Suzlon Energy Ltd. (11.75, 8.29%) was trading at 13.5 times of weekly average. Orient Electric Ltd. (343.80, -0.72%) and Solara Active Pharma Sciences Ltd. (806.00, 7.78%) were trading with volumes 7.8 and 7.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

26 stocks hit their 52-week highs,

Stocks touching their year highs included - Adani Power Ltd. (232.55, -4.98%), Adani Transmission Ltd. (2,458.80, -1.02%) and Bank of Baroda (119.20, -0.58%).

17 stocks climbed above their 200 day SMA including DCB Bank Ltd. (88.30, 13.42%) and YES Bank Ltd. (15.55, 5.78%). 9 stocks slipped below their 200 SMA including Sterling and Wilson Renewable Energy Ltd. (344.75, -3.59%) and PCBL Ltd. (227.20, -3.13%).