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Trendlyne Marketwatch
26 Aug 2022
Market closes higher, Sequoia Capital sells 2% stake in Zomato

Trendlyne Analysis

Nifty 50 trades in the green, with the volatility index, India VIX, falling below 18.5%. European indices follow the global trend and open higher than Thursday. Major Asian indices trade in the green, led by Hong Kong's benchmark index Hang Seng. Chinese and Hong Kong stocks rise on hopes of the US and China making an audit deal, which would allow American regulators to inspect audit records of US-listed Chinese companies. US indices closed in the green on Thursday, led by the tech-heavy index NASDAQ 100, which rose 1.8%. The Dow Jones closed 1% higher while the S&P 500 rose 1.4%. US stocks rose ahead of the much-awaited conference of central bankers. Brent crude oil futures hover around $100 per barrel after falling about 1.8% on Thursday.

Nifty Smallcap 100 and Nifty Midcap 100 trade in the green, following the benchmark index. Nifty Pharma and Nifty Auto trade higher than Thursday. Nifty IT trades in the green, taking cues from the NASDAQ 100, which closed 1.8% higher on Thursday.

Nifty 50 closed at 17,582.90 (60.5, 0.3%) , BSE Sensex closed at 58,833.87 (59.2, 0.1%) while the broader Nifty 500 closed at 15,165.35 (64.7, 0.4%)

Market breadth is in the green. Of the 1,912 stocks traded today, 1,046 were in the positive territory and 811 were negative.

  • Stocks like Eicher Motors, ABB India, Schaeffler India, and Solar Industries are in the overbought zone, according to the relative strength index or RSI.

  • Lupin's subsidiary--Lupin Healthcare (UK)--receives approval from the UK's Medicines and Healthcare Products Regulatory Agency (MHRA) to market Lutio, a generic version of Spiriva. It is used to relieve wheezing, shortness of breath, coughing, and chest tightness in patients with chronic obstructive pulmonary disease (COPD).

  • Sequoia Capital India sells 17.1 crore shares (or 2% stake) in Zomato. The venture capital firm's holding in Zomato falls to 4.4% from 6.4%.

  • Shipping industry rises 8.7% over the past week. Mazagon Dock Shipbuilders and Seamec rise over 9%, outperforming the industry.

  • Dreamfolks Services’ Rs 562-crore IPO gets bids for 56.6X of the available 94.8 lakh shares on offer on the last day of bidding. The retail investor quota gets bids for 43.6X of the available 17.2 lakh shares on offer.

  • Consumer durable stocks like Titan, Havells India, Voltas, Aditya Birla Fashion and Retail, Crompton Greaves Consumer Electricals and Dixon Technologies (India) are rising in trade. The broader sectoral index BSE Consumer Durables is also trading in the green.

  • Eicher Motors falls after its Chief Financial Officer (CFO) Kaleeswaran Arunachalam resigns. His last working day is September 2. Kaleeswaran will join Crompton Greaves Consumer Electricals as the CFO on September 5.

  • IT Networking Equipments, Other Leisure Facilities, and Shipping industries rise by more than 3% in trade today.

  • Gensol Engineering hits a 52-week high of Rs 1,706.6 on bagging orders worth Rs 153.2 crore for building solar power projects. The total capacity of the power projects is around 58.8 MW. The projects will be executed in Jammu & Kashmir, Gujarat, Punjab, Rajasthan, Tamil Nadu, and Telangana.

  • Societe Generale says that the Indian rupee may struggle against the US dollar amid slowing global growth. Also, the US Federal Reserve’s stance on interest rates could overshadow RBI’s intervention.

  • HDFC Securities initiates coverage on Balkrishna Industries with a ‘Reduce' rating with a target price of Rs 2,093. This indicates a downside of 1.1%. The brokerage is pessimistic about the company’s prospects due to an uncertain global demand outlook for off-highway tyres and recessionary trends in the US and Europe. It also believes the stock is trading at an expensive valuation. The brokerage expects the company’s revenue to grow at a CAGR of 4.6% over FY23-25.

  • IDBI Bank rises as its Chief Executive Officer Rakesh Sharma says that the bank will recover about Rs 19,500 crore on bad debts, according to reports. The bank is currently sitting on Rs 78,000 crore in bad debts including write-offs, of which 25% will likely be recovered.

  • BNP Paribas Arbitrage sells 4 lakh shares (0.6% stake) in PVR for Rs 74.5 crore in a bulk deal on Thursday.

  • Delhivery is rising in trade as Jefferies initiates coverage with a ‘Buy’ rating. It has set a target price of Rs 775, indicating an upside of 38%. The brokerage believes that the company will be profitable by FY26.

  • All metal stocks are trading in the green. Stocks like JSW Steel, Tata Steel, Vedanta, Hindalco Industries, Jindal Steel & Power, Steel Authority of India (SAIL), among others are up by more than 1.5%. The broader sectoral index Nifty Metal is also rising in trade.

  • Infibeam Avenues rises as it buys a 50% stake in a Gurgaon-based software startup, Vishko22 Products & Services. The company invests in Vishko22 to develop omnichannel enterprise software products and services. It plans to tap the demand in this segment from B2B e-commerce players in India and globally.

  • Macquarie maintains its positive stance on private sector banks. The brokerage expects profit growth of around 18-20% for the sector. It also says that the loan growth will be at 20% for the next three years.

  • Syrma SGS Tech’s shares list at an 18% premium to the issue price of Rs 220 on its debut on the bourses. The Rs 840-crore IPO was subscribed for 32.6 times the total shares on offer.

  • Nelco is rising as it agrees to collaborate with Intelsat to provide in-flight connectivity services. Intelsat is an in-flight connectivity provider. According to the agreement, Intelsat will provide end-to-end broadband coverage to its airline partners, on domestic and international flights to and from an Indian airport.

  • HDFC Bank enters into an indicative and non-binding agreement with Go Digit Life Insurance to invest Rs 119.8 crore for an equity stake of 9.9%. Go Digit Life Insurance has also applied for a license with the Insurance Regulatory and Development Authority of India (IRDAI) to conduct its life insurance business.

Riding High:

Largecap and midcap gainers today include The New India Assurance Company Ltd. (97.55, 7.37%), IDBI Bank Ltd. (45.75, 6.27%) and Jindal Steel & Power Ltd. (419.65, 4.14%).

Downers:

Largecap and midcap losers today include Adani Power Ltd. (375.50, -4.57%), Bandhan Bank Ltd. (286.35, -3.63%) and Eicher Motors Ltd. (3,355.10, -3.63%).

Volume Rockets

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

Top high volume gainers on BSE included Mazagon Dock Shipbuilders Ltd. (354.15, 12.77%), The New India Assurance Company Ltd. (97.55, 7.37%) and Just Dial Ltd. (610.80, 6.47%).

Top high volume losers on BSE were Tata Teleservices (Maharashtra) Ltd. (93.80, -5.30%), Sundaram Clayton Ltd. (4,591.90, -1.16%) and Avanti Feeds Ltd. (466.45, -0.04%).

Kalpataru Power Transmissions Ltd. (390.65, 5.40%) was trading at 16.5 times of weekly average. KIOCL Ltd. (204.20, 6.11%) and General Insurance Corporation of India (124.40, 3.24%) were trading with volumes 13.1 and 8.3 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

20 stocks took off, crossing 52-week highs,

Stocks touching their year highs included - Adani Transmission Ltd. (3,751.20, 0.95%), Bajaj Auto Ltd. (4,054.40, -0.21%) and Bank of Baroda (128.30, 1.91%).

29 stocks climbed above their 200 day SMA including Route Mobile Ltd. (1,565.05, 6.22%) and Kalpataru Power Transmissions Ltd. (390.65, 5.40%). 5 stocks slipped below their 200 SMA including Bandhan Bank Ltd. (286.35, -3.63%) and Godfrey Phillips India Ltd. (1,123.75, -1.82%).

 
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