Trendlyne Analysis

Nifty 50 erased its losses and closed flat on a volatile day of trade. Indian indices extended their winning streak to four days. European stocks traded higher, taking cues from the Asian indices, which closed in the green. Asian shares rose after China eased some Covid restrictions.

The US indices closed in the red on a volatile day of trade on Monday. The tech-heavy index, NASDAQ 100, fell 0.8% while the Dow Jones fell marginally by 0.2%. However, US indices futures traded in the green. Crude oil rises as the Group of Seven or G-7 countries plan to tighten Russia’s finances with new sanctions that include a plan to cap the price of Russian oil.

Nifty Midcap 100 closed in the green, following the benchmark index. Nifty FMCG and Nifty Realty closed higher than Monday’s levels. Nifty Auto, which opened in the red, closed sharply higher. Nifty IT closed in the green, tracking the NASDAQ 100 futures, which traded in the green.

Nifty 50 closed at 15,850.20 (18.2, 0.1%), BSE Sensex closed at 53,177.45 (16.2, 0.0%) while the broader Nifty 500 closed at 13,464.25 (19.7, 0.2%)

Market breadth is in the green. Of the 1,873 stocks traded today, 977 were in the positive territory and 852 were negative.

• Tube Investments of India, Galaxy Surfactants, Cholamandalam Financial Holdings, and Ajanta Pharma are trading with higher volumes as compared to Monday.

• Mahindra & Mahindra sees a long build-up in its Jun 30 future series as its open interest rises 7.3% with a put to call ratio of 0.83.

• Hindustan Aeronautics' board approves a final dividend of Rs 10 per equity share for FY22, subject to the approval of the members of the company. The company has not declared the record date yet.

• Stocks like Laxmi Organic Industries, IDBI Bank, Hindustan Zinc, Symphony, and Indian Railway Finance Corporation are in the oversold zone according to the technical indicator relative strength index or RSI.

• Chambal Fertilisers & Chemicals and IDBI Bank hit their 52-week lows of Rs 268.2 and Rs 31.2, respectively. While Chambal Fertilisers & Chemicals falls for two days, IDBI Bank trades lower for six consecutive days.

• Paint stocks like Asian Paints, Berger Paints and Kansai Nerolac Paints, among others, fall in trade as the crude oil prices rise.

• Medplus Health Services rises as Edelweiss Capital initiates coverage of the company with 'BUY' rating, according to reports. The brokerage believes that Medplus offers industry-leading growth in pharmacy retailing due to profitable unit economics, integrated supply chain, attractive pricing and neighbourhood approach. Edelweiss forecasts revenue CAGR of 26% over FY22-25E and rise in ROCE to 23% from 18%. The target price is Rs 905 (an upside of 21%).

• Asian Paints beats Berger Paints in YoY revenue growth, ROE, and mutual fund holding but lags in YoY profit growth, PE ratio, price to book ratio, and broker average target upside.

• Tata Motors will hike the prices of its commercial vehicle products from July 1. The price hike will be in the range of 1.5%-2.5% across commercial vehicles to make up for rise in input costs.

  Tata Motors to increase prices of its commercial vehicles from July 1.
  
  For the latest news & updates visit: https://t.co/gXeGqKQ77P pic.twitter.com/ul4hFgZJP3

  — BQ Prime (@bqprime) June 28, 2022

• CLSA initiates coverage on Campus Activewear with a ‘buy’ rating and a target price of Rs 370. The brokerage believes that backward integration of business and an expanding omnichannel network puts the company on a strong foot in the sports and athleisure footwear market. The brokerage expects the revenue for the company to grow by 3X and operating profit by 4X over FY22-25.

• Brigade Enterprises is trading with more than eight times its weekly average trading volume. Medplus Health Services, Sundaram Financem, Network 18 Media & Investments, and Endurance Technologies are trading at more than three times their weekly average trading volumes.

• Oil and Gas stocks like Reliance Industries, Adani Total Gas, Oil And Natural Gas Corp, Bharat Petroleum Corp, GAIL (India), and Petronet LNG are rising in trade amid the rise in crude oil prices. The broader sectoral index BSE Oil & Gas is also trading in the green.

• Indiabulls Real Estate falls as the National Anti-profiteering Authority finds the builder guilty of profiteering. Based on a case filed by a homebuyer that the builder has not passed on ITC benefits worth Rs. 6.46 crore to homebuyers in the Sierra-Vizag project situated in Vishakhapatnam.

• Vedanta to raise Rs 4,809 crore from Life Insurance Corp via 10-year bonds as offshore borrowing gets costlier, according to reports. Vedanta will also raise Rs 2,000 crore via 18-month papers.

• ICICI Securities maintains its ‘Buy’ rating on Balkrishna Industries with a target price of Rs 2,587, indicating an upside of 21.4%. The brokerage is positive on the company’s prospects due to its production expansion plans, plant modernisation projects and cost-saving measures. It expects the company’s revenue to grow at a 18.2% CAGR over FY22-24.

• Mahindra and Mahindra rises to a new all time high of Rs 1,121.45 as Emkay Global reiterates 'BUY' rating, according to reports. The brokerage believes that improvement in chip supplies and the company's large order book will raise volume by 3% each for FY23 and FY24. The target price is raised to Rs 1,250 (an upside of 11.93%).

• Societe Generale sells 46.8 lakh shares (0.77% stake) of Dhani Services at an average price of Rs 29.55 in a bulk deal on Monday. The total transaction amounts to Rs 13.8 crore.

• Brigade Enterprises rises in trade after the company inks a Joint Development Agreement to develop a large residential township of around 2.1 million sq ft in Chennai. The project is situated in Perumbakkam.The company expects a revenue realisation of Rs 1,500 crore in five years and is targeting a revenue of Rs 6,000 crore over five years  from the Chennai residential business.

  #BrigadeEnterprises shares surged 5.8% to Rs 467 apiece in an otherwise weak market after it announced signing of a JDA to develop around 2.1 mn sq feet in Chennai.#StockMarket #MarketsWithBS #StocksInFocus https://t.co/5k9HOKWt1h

  — Business Standard (@bsindia) June 28, 2022

• Glenmark Pharmaceuticals’ subsidiary acquires abbreviated new drug applications or ANDAs for four over-the-counter (OTC) drugs in the US from Wockhardt. With this, the company enters the US OTC market.

• Moody’s upgrades its outlook on Tata Steel to ‘positive’ from ‘stable’, as the rating agency believes the company delivered a robust performance on the operating front in Q4FY22. It also expects the company to reduce its debt by $1 billion in FY23.

• Indian rupee falls to a record low by 22 paise (0.28%) to Rs 78.57 against the dollar in early trade today.

• Cipla announces buying of additional stake in digital tech company GoApptiv Private for Rs 26 crore. On completion of the deal, Cipla’s total stake in the company will go up to 22.02% on a fully diluted basis. The company’s previous investment in GoApptiv in June 2020 helped in expansion of Cipla’s channel reach across lower tier towns in India.

Riding High:

Largecap and midcap gainers today include Tube Investments of India Ltd. (1,753.80, 7.41%), Oil India Ltd. (249.65, 6.92%) and 3M India Ltd. (22,013.05, 5.64%).

Downers:

Largecap and midcap losers today include Zomato Ltd. (60.30, -8.43%), Astral Ltd. (1,632.55, -3.76%) and Titan Company Ltd. (1,968.05, -3.54%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Mahindra CIE Automotive Ltd. (241.90, 8.11%), Network 18 Media & Investments Ltd. (67.80, 7.88%) and Prince Pipes & Fittings Ltd. (614.30, 5.57%).

Top high volume losers on BSE were Indian Energy Exchange Ltd. (167.15, -4.43%), Wockhardt Ltd. (212.65, -4.02%) and Astral Ltd. (1,632.55, -3.76%).

Brigade Enterprises Ltd. (446.85, 1.20%) was trading at 10.5 times of weekly average. Medplus Health Services Ltd. (764.45, 2.19%) and ZF Commercial Vehicle Control Systems India Ltd. (7,342.85, 0.60%) were trading with volumes 7.9 and 5.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

4 stocks hit their 52-week highs, while 5 stocks tanked below their 52-week lows.

Stocks touching their year highs included - Blue Dart Express Ltd. (7,563.85, 3.59%), Mahindra & Mahindra Ltd. (1,112.00, 2.71%) and Phoenix Mills Ltd. (1,189.35, 4.85%).

Stocks making new 52 weeks lows included - Chambal Fertilisers & Chemicals Ltd. (269.95, -5.21%) and Johnson Controls-Hitachi Air Conditioning India Ltd. (1,580.00, -2.30%).

5 stocks climbed above their 200 day SMA including Tube Investments of India Ltd. (1,753.80, 7.41%) and SKF India Ltd. (3,546.65, 3.23%). 4 stocks slipped below their 200 SMA including Tata Teleservices (Maharashtra) Ltd. (124.30, -3.12%) and Minda Industries Ltd. (928.60, -0.96%).