Trendlyne Analysis

Nifty 50 closed sharply lower with the Indian volatility index, India VIX rising by 7.7%. Most Asian indices closed lower as investors continue to monitor high inflation levels and tighter monetary policies from global central banks. China’s economy grows 4.8% in the first quarter of 2022, beating expectations but officials warned of "significant difficulties and challenges" ahead as the country is combating Covid-19. Crude oil prices continue to trade at elevated levels as concerns grow about tighter global supply with the prospect of heavier sanctions by the West on top exporter, Russia. Investors also look forward to the latest earnings season as they assess the impact of inflation on company profit.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red, following the benchmark index. Nifty Metal closed higher while Nifty Bank closed in the red. Nifty IT closed sharply lower with Infosys falling over 7% after its Q4FY22 results missed Trendlyne Forecaster's estimates.

Nifty 50 closed at 17,173.65 (-302, -1.7%), BSE Sensex closed at 57,166.74 (-1,172.2, -2.0%) while the broader Nifty 500 closed at 14,926.05 (-212.5, -1.4%)

Market breadth is in the red. Of the 1,930 stocks traded today, 726 were on the uptrend, and 1,172 went down.

• India’s wholesale price-based inflation rises to 14.55% in March 2022 against 13.11% in February 2022 and 7.89% in March 2021.

• J B Chemicals & Pharmaceuticals, Honeywell Automation India, Vijaya Diagnostic Centre, and Thyrocare Technologies are trading with higher volumes as compared to Wednesday.

• Man Infraconstruction receives letter of acceptance (LoA) from Bharat Mumbai Container Terminal for phase two of 'reclamation - construction works' worth Rs 402 crore. The company previously received LoA for phase one on April 13, worth Rs 937.89 crore.

• PSU Banks stocks like SBI, Canara Bank, Bank of Baroda, Indian Bank and Bank of India are falling in trade. The broader sectoral index Nifty PSU Bank is also trading in red.

• ICICI Securities maintains an 'ADD' rating on Hindustan Unilever with a target price upside of 14%. The brokerage believes that the rural demand for HUL will recover in FY23 as agri-inflation might boost farm incomes. Additionally, the company's focus on premium products and enhancing its e-commerce presence bodes well for it in the medium-term

• Sangam (India), H P Cotton Textiles Mills, and Trident receive approval for production-linked incentive scheme for textile under part-1 from the Ministry of Textiles. Under the scheme, companies' are required to make a minimum investment of Rs 300 crore and achieve a minimum turnover of Rs 600 crore over five years from the year of approval.

• IT stocks like Infosys, L&T Technology Services, and HCL Technologies, among others, are falling in trade after Infosys Q4FY22 results missed Trendlyne Forecaster's estimates. All 10 constituents of Nifty IT are trading in red.

• G R Infraprojects is trading with more than 19 times its weekly average trading volume. Hatsun Agro Products, Capri Global Capital, JK Paper, and Borosil Renewables are trading at more than four times their weekly average trading volumes.

• Ratnamani Metals & Tubes receives new domestic and export orders worth Rs 338 crore to be executed in FY23.

• Maruti Suzuki India announces a price hike of 1.3% across its models due to rise in input costs. The revised prices come into effect from today.

• Mahindra & Mahindra announces a price hike of 2.5% on its range of vehicles effective from April 14 due to a continuous increase in prices of key commodities such as steel, aluminium, and palladium. The company said the price hike will increase ex-showroom prices across models by Rs 10,000 to Rs 63,000.

• ICICI Prudential Life Insurance’s Q4FY22 revenue falls 32.5% YoY to Rs 12,835.3 crore but profit rises 198.8% YoY to Rs 186.8 crore on robust growth in new business. In FY22, revenue falls 25.6% YoY to Rs 61,280.8 crore and profit falls by 20.6% YoY to Rs 759.2 crore. However, the value of new business (VNB) rises 33.4% YoY to Rs 2,163 crore in FY22.

• UltraTech Cement’s wholly-owned subsidiary, UltraTech Cement Middle East Investments (UCMEI) acquires a 29.39% stake in RAK Cement Co. for White Cement and Construction Material PSC (RAKWCT) for $101 million. This acquisition increases UCMEI’s total shareholding in RAKWCT to 29.79%.

• HDFC Bank’s Q4FY22 net profit rises 23% YoY to Rs 10,055.2 crore as loans and advances grow 21% YoY to Rs 13.68 lakh crore, and provisions fall 29.4% to Rs 3,312.4 crore. Net interest income rises 10% YoY to Rs 18,872.7 crore, while gross NPAs fall 15 bps YoY to 1.17% and provisions fall by 29.4% YoY. 

• Infosys’ Q4FY22 revenue rises 1.6% QoQ to Rs 32,913 crore and profit rises 2.8 % QoQ Rs 5,686 crore. Its operating profit margin falls 200 bps as its attrition rate increases to 27.7%, a record high.

Riding High:

Largecap and midcap gainers today include NTPC Ltd. (163.20, 6.01%), Adani Power Ltd. (234.40, 4.99%) and JSW Energy Ltd. (342.15, 4.99%).

Downers:

Largecap and midcap losers today include Infosys Ltd. (1,621.40, -7.27%), Tata Elxsi Ltd. (7,815.95, -6.77%) and Bajaj Holdings & Investment Ltd. (5,204.40, -5.67%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Capri Global Capital Ltd. (736.95, 17.28%), Network 18 Media & Investments Ltd. (103.00, 9.81%) and NTPC Ltd. (163.20, 6.01%).

Top high volume losers on BSE were Infosys Ltd. (1,621.40, -7.27%), MphasiS Ltd. (2,879.90, -5.60%) and MindTree Ltd. (3,957.50, -3.45%).

ZF Commercial Vehicle Control Systems India Ltd. (7,649.25, -0.17%) was trading at 16.8 times of weekly average. Hatsun Agro Products Ltd. (1,074.30, 3.68%) and JK Paper Ltd. (365.10, 5.93%) were trading with volumes 13.2 and 6.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

21 stocks overperformed with 52-week highs,

Stocks touching their year highs included - Bharat Electronics Ltd. (254.95, 3.18%), Chambal Fertilisers & Chemicals Ltd. (507.00, 6.82%) and Deepak Fertilisers & Petrochemicals Corporation Ltd. (710.30, 5.00%).

11 stocks climbed above their 200 day SMA including Sterling and Wilson Renewable Energy Ltd. (377.45, 4.30%) and Cochin Shipyard Ltd. (353.30, 2.82%). 32 stocks slipped below their 200 SMA including Alok Industries Ltd. (25.05, -9.40%) and Infosys Ltd. (1,621.40, -7.27%).