Trendlyne Analysis

Nifty 50 closed in the red with the Indian volatility index, India VIX, rising above 22%. European indices trade in the green after the European Central Bank called for an unscheduled meeting to discuss the recent sell-off in government bond markets. Asian indices trade mixed as investors remain cautious ahead of a key US Federal Reserve decision to be announced later today.

US indices closed mostly lower on Tuesday. The S&P 500 and Dow Jones closed in the red but the tech-heavy NASDAQ 100 closed marginally higher. Analysts expect the US Federal Reserve to raise interest rates by 75 bps following a surprise rise in the US consumer price index or CPI to 8.6% in May. A 75 bps rate hike will be the biggest hike by the US Fed since 1994. US treasury yields rose expecting an aggressive monetary policy due to high inflation levels. Brent Crude oil falls marginally on fears of weaker demand due to slow global economic growth.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green despite the benchmark index closing lower. Nifty Media, which opened higher than Tuesday’s level, closed in the red. Nifty IT closed lower despite the tech-focused NASDAQ 100 closing in the green on Tuesday.

Nifty 50 closed at 15,692.15 (-40.0, -0.3%), BSE Sensex closed at 52,541.39 (-152.2, -0.3%) while the broader Nifty 500 closed at 13,380.85 (-7.5, -0.1%)

Market breadth is in the green. Of the 1,875 stocks traded today, 999 were in the positive territory and 815 were negative.

• Bajaj Holdings & Investment, Kansai Nerolac Paints, Tube Investments of India, and KEI Industries are trading with higher volumes as compared to Tuesday.

• Gujarat Gas sees a long build-up in its Jun 30 futures series as its open interest rises 6.2% with put to call ratio at 0.4.

• KPI Green Energy rises for six consecutive days to a record high on BSE, after the company received a commissioning certificate from the Gujarat Energy Development Agency for a 5.20 MWdc solar power project

  #WebExclusive | Shares of #KPIGreenEnergy hit a record high of Rs 679.20 on Wednesday as they rallied 9% on #BSE in the intra-day trade amid heavy volumes.#Buzzingstocks #Markets #ShareMarkethttps://t.co/XM4T6fCfof

  — Business Standard (@bsindia) June 15, 2022

• Grasim Industries rises as Jefferies reiterates 'Buy' rating post an interaction between the company and brokerage, according to reports

• Stocks like Indian Oil Corp, Rallis India, MOIL, Steel Authority of India (SAIL), and Manappuram Finance are in the oversold zone according to the technical indicator relative strength index or RSI.

• Redington (India) and Power Finance Corp touch their 52-week lows of Rs 120.1 and Rs 102.1 respectively. While Redington (India) falls for four consecutive sessions, Power Finance Corp trades lower for five sessions.

• Stocks like Vijaya Diagnostic Centre, Jamna Auto Industries, RattanIndia Enterprises, DCM Shriram, and Affle (India) rise by more than 4% in trade today.

• Tyre and rubber stocks like Balkrishna Industries, MRF, Vamshi Rubber, and Dolfin Rubbers, among others are rising in trade. The rubber industry is also trading in green.

• Shares of Delta Corp fall as Rakesh Jhunjhunwala informs the exchange that he reduced his holding by 75 lakh or 2.8% between June 1 and June 14 according to an exchange filing. He now holds a 3.37% stake in the company

  #StocksToWatch | Delta Corp in focus: #RakeshJhunjhunwala cuts stake in company to 3.3652% from 6.1695%#RJ #DeltaCorp #StockMarketIndia #MarketsWithETNOW pic.twitter.com/K0QMTPTPNR

  — ET NOW (@ETNOWlive) June 15, 2022

• Jamna Auto Industries is trading with more than nine times its weekly average trading volume. Procter & Gamble Health, Sun TV Network, Tata Communications, and Mahanagar Gas are trading at more than three times their weekly average trading volumes.

• India’s merchandise exports rise 20.5% YoY to $38.9 billion and imports rise 62.8% YoY to $63.2 billion in May 2022. While the merchandise trade deficit widens by 272% YoY to a record $24.3 billion.

• Adani Transmission secures a green loan certification for a $700 million revolving facility. The loan has been raised in a revolving project financing deals from international banks for its under-construction transmission network portfolio. This capex revolving structure will provide funding of $1.1 billion on a fully drawn basis.

• IIFL Wealth Management rises after the Competition Commission of India approves the purchase of 24.9% stake in the company by Bain Capital, according to reports.

• Jamna Auto Industries is trading with more than nine times its weekly average trading volume. Procter & Gamble Health, Sun TV Network, Tata Communications, and Mahanagar Gas are trading at more than three times their weekly average trading volumes.

• Auto stocks like Maruti Suzuki India, Tata Motors, Mahindra & Mahindra, Eicher Motors, Balkrishna Industries, among others, are rising in trade. The broader sectoral index Nifty Auto is also trading in the green.

• ICICI Securities maintains a ‘Buy’ rating on JK Cement with a target price of Rs 3,170, indicating an upside of 48.3%. The brokerage expects the company’s market share to increase on the back of expanding production capacity and a diversified market mix. It expects JK Cement's profit to grow at a 25.3% CAGR over FY22-24.

• Stocks of sugar mills like Shree Renuka Sugars, Balrampur Chini Mills, Bajaj Hindustan Sugar and Dhampur Sugar Mills rise after the government announces a meeting with the mills and exporters.

  #CNBCTV18Market | Sugar stocks gain, Balrampur Chini up nearly 2% on Sugar Federations & Sugar Exporters meet with Food Ministry to discuss the increase in exports. pic.twitter.com/zp3BPMY1Zf

  — CNBC-TV18 (@CNBCTV18Live) June 15, 2022

• Tata Communications touches a 52-week low after brokerages like Motilal Oswal, UBS, and Emkay Global reduce their target price for the stock. This comes after the company's annual investor day meet. Motilal Oswal expects growth for the company to moderate over FY22-24. UBS reduces its EBITDA CAGR for the company to 15% for FY22-24.

• Indian rupee rises 5 paise to Rs 77.9 against the US dollar in early trade today.

• JSW Steel’s crude steel production rises 31% YoY to 17.89 lakh tonnes in May 2022. Production of flat-rolled products rises 29% YoY to 12.84 lakh and long-rolled products rise 25% YoY to 3.86 lakh tonnes.

• Ashok Leyland’s electric vehicle (EV) arm Switch Mobility is in talks with investors to raise $200 million for capex needs, according to reports. Switch Mobility will use this money to improve the products and capacity of its EVs. It also plans to raise $100 million for Switch’s subsidiary Ohm Global Mobility to acquire new businesses. Ohm Global will look into operational efficiency, maintenance, and installation of charging points at depots for Switch buses.

• One97 Communications' (Paytm) loan disbursals in April 2022-May 2022 rise 471% YoY to 55 lakh. The value of loans disbursed through its platform stands at Rs 3,576 crore for April and May. User engagement is up during the two-month period with monthly transacting users increasing 48% YoY to 7.4 crore, and gross merchandise value up 105% YoY to Rs 1.96 lakh crore.

Riding High:

Largecap and midcap gainers today include Bajaj Finserv Ltd. (11,809.70, 4.17%), Au Small Finance Bank Ltd. (627.40, 4.06%) and Indraprastha Gas Ltd. (355.35, 4.01%).

Downers:

Largecap and midcap losers today include Tata Communications Ltd. (875.35, -4.95%), Canara Bank (188.30, -4.49%) and Macrotech Developers Ltd. (1,056.25, -3.72%).

Volume Rockets

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

Top high volume gainers on BSE included DCM Shriram Ltd. (988.15, 5.53%), Vardhman Textiles Ltd. (266.00, 3.89%) and Jamna Auto Industries Ltd. (106.90, 3.64%).

Top high volume losers on BSE were Mastek Ltd. (2,145.65, -7.06%), PTC India Ltd. (74.00, -5.61%) and Tata Communications Ltd. (875.35, -4.95%).

Procter & Gamble Health Ltd. (4,154.75, 0.73%) was trading at 8.4 times of weekly average. PNC Infratech Ltd. (237.70, -0.86%) and Sun TV Network Ltd. (411.45, -1.98%) were trading with volumes 8.2 and 6.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

1 stock took off, crossing 52-week highs, while 27 stocks hit their 52-week lows.

Stock touching their year highs included - Varun Beverages Ltd. (786.85, 1.70%).

Stocks making new 52 weeks lows included - Bajaj Consumer Care Ltd. (131.10, -0.79%) and Bharat Petroleum Corporation Ltd. (314.00, -0.10%).

9 stocks climbed above their 200 day SMA including APL Apollo Tubes Ltd. (928.50, 6.06%) and Au Small Finance Bank Ltd. (627.40, 4.06%). 1 stock slipped below their 200 SMA including Oil And Natural Gas Corporation Ltd. (151.40, -2.92%).