Market closes lower, Procter & Gamble appoints L. V. Vaidyanathan as Managing Director

Trendlyne Analysis

Indian indices closed lower after gyrating between gains and losses throughout the day. Asian stocks closed mixed as investors assess China’s measures to cushion economic slowdown and prospect of aggressive monetary policy tightening. US indices edged lower on Monday amid rising bond yields ahead of earnings cues this week. Oil prices continue to trade at elevated levels as Libya National Oil Corporation announces closure of a major oil field due to protests at site. Investors are also eyeing Q4FY22 earnings as they monitor the impact of Ukraine war and spike in inflation on company financials. The pan-European STOXX 600 follows global trends and trades lower as mixed earnings keep investors on edge.

Nifty Smallcap 100 and Nifty Midcap 100 close in the red, following the benchmark index. Nifty Metal and Nifty Media, which opened in the green, closed sharply lower than Monday’s levels. Nifty IT extended its losses from Monday by falling over 3%.

Nifty 50 closed at 16,958.65 (-215, -1.3%), BSE Sensex closed at 56,463.15 (-703.6, -1.2%) while the broader Nifty 500 closed at 14,726.65 (-199.4, -1.3%)

Market breadth is highly negative. Of the 1,896 stocks traded today, 574 were on the uptrend, and 1,287 went down.

ZF Commercial Vehicle Control Systems India, Cholamandalam Financial Holdings, G R Infraprojects, and Phoenix Mills are trading with higher volumes as compared to Monday.
Procter & Gamble Hygiene & Healthcare appoints L. V. Vaidyanathan as Managing Director (MD) of the Company for a tenure of five years effective from July 1, 2022. Vaidyanathan is taking over from Madhusudan Gopalan who will take on the role of Senior Vice-President - Grooming & Oral Care, P&G Japan & Korea. Gopalan’s resignation from the post of MD will be effective from June 30, 2022.
Sharekhan maintains a ‘BUY’ rating on Cummins India with a target price of Rs 1,252, indicating an upside of 15.2%. The brokerage remains positive about the company on the back of demand revival in railways and telecom segments and strong traction from alternate fuel industries, according to reports.
Energy stocks like ONGC, Coal India, IOC, Hindustan Petroleum Corporation and Bharat Petroleum Corporation are rising in trade. The broader sectoral index S&P BSE Energy is also rising in trade.
Coal India increases its supplies to thermal power stations by 14.2% in the first half of April 2022 as the demand for power rises. The supplies are at 1.64 million tonnes per day as against 1.43 million tonnes in April 2021. Coal India’s production is up 27% YoY in the first half of April 2022 to 26.4 million tonnes with output expansion at 5.7 million tonnes.
HDFC Securities upgrades rating on Astral to 'Add' from 'Reduce' with a target price of Rs 2,280, this indicates an upside of 8.6%. The brokerage expects Astral to post 25%+ YoY revenue growth and 3.5% YoY EBITDA growth in Q4FY22 on improved PVC pipes volumes in buildings and agriculture segment, higher dealer stocking and healthy CPVC pipes demand.
Mangalore Refinery And Petrochemicals is trading with more than eleven times its weekly average trading volume. Rail Vikas Nigam, Varroc Engineering, Hindustan Copper, and Laurus Labs are trading at more than three times their weekly average trading volumes.
Varroc Engineering is rising as reports suggest that the company is looking to sell its global lighting business for about $600-650 million to a leading European component maker.
ICICI Securities initiates coverage on PB Fintech with a ‘Buy’ rating and target price of Rs 940, indicating an upside of 21%. The brokerage believes the company is well placed to benefit from the rising insurance penetration in India, especially through digital distribution. The brokerage expects the company to turn profitable in FY26 and its revenue to rise 44% CAGR over FY22-26.
Delivery volumes of stocks like ICICI Securities, Ambuja Cements, ICICI Bank, and Asian Paints, among others, are rising ahead of their Q4FY22 results to be announced over the next two weeks.
AU Small Finance Bank surges to an all-time high as its board will consider a bonus issue proposal in its upcoming board meeting on April 26.
Tech Mahindra, Wipro, Infosys, and L&T Technology Services are in oversold zone according to technical indicator relative strength index or RSI
Lupin receives US Food and Drug Administration's (USFDA) tentative approval for its abbreviated new drug application Tenofovir tablets, 25 mg. This drug is a generic equivalent of Vemlidy tablets, which has an estimated annual sales of $ 484.4 million in the US. Tenofovir is an antiviral medicine that is used to treat HIV.
Jwalamukhi Investment Holdings a subsidiary of Westbridge Capital Partners sells shares of TVS Motors worth Rs 212.08 crore through an open market transaction. The subsidiary sold 32.6 lakh shares at an average price of Rs 650.
Mindtree’s Q4FY22 net profit rises 8.1% QoQ to Rs 473 crore on 5.4% QoQ rise in revenues to Rs 2,897.4 crore. Revenue growth is mainly driven by an increase in revenue from healthcare segment by 18% QoQ and travel and hospitality segment by 9.2% QoQ. The company’s order book rises 8.9% QoQ to $390 million in Q4FY22.

Riding High:

Largecap and midcap gainers today include Apollo Hospitals Enterprise Ltd. (4,816.35, 5.75%), Coal India Ltd. (197.75, 4.38%) and Reliance Industries Ltd. (2,640.80, 3.81%).

Downers:

Largecap and midcap losers today include MindTree Ltd. (3,635.65, -8.13%), Larsen & Toubro Infotech Ltd. (5,472.35, -6.83%) and Housing Development Finance Corporation Ltd. (2,140.20, -5.45%).

Volume Shockers

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

Top high volume gainers on BSE included Mangalore Refinery And Petrochemicals Ltd. (57.65, 8.98%), Graphite India Ltd. (558.55, 5.25%) and IIFL Wealth Management Ltd. (1,856.55, 5.08%).

Top high volume losers on BSE were MindTree Ltd. (3,635.65, -8.13%), Housing Development Finance Corporation Ltd. (2,140.20, -5.45%) and RBL Bank Ltd. (124.60, -4.30%).

KIOCL Ltd. (229.50, 3.94%) was trading at 6.7 times of weekly average. NLC India Ltd. (76.00, 4.32%) and Rail Vikas Nigam Ltd. (34.65, 0.87%) were trading with volumes 6.6 and 5.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

25 stocks took off, crossing 52-week highs,

Stocks touching their year highs included - Bharat Electronics Ltd. (250.30, -1.82%), Chambal Fertilisers & Chemicals Ltd. (456.50, -9.96%) and Cholamandalam Investment & Finance Company Ltd. (736.85, 1.66%).

22 stocks climbed above their 200 day SMA including Apollo Hospitals Enterprise Ltd. (4,816.35, 5.75%) and Graphite India Ltd. (558.55, 5.25%). 25 stocks slipped below their 200 SMA including Larsen & Toubro Infotech Ltd. (5,472.35, -6.83%) and CCL Products India Ltd. (379.40, -5.89%).