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Trendlyne Marketwatch
05 Sep 2022
Market closes higher, ICICI Securities maintains ‘Add’ rating on Hindustan Unilever

Trendlyne Analysis

Nifty 50 closes in the green, with the volatility index, India VIX, rising to 19.7%. The Europe-wide STOXX 600 index fell 1.6% in today's trade as Russia continued its shutdown on a major gas pipeline to Europe. US indices ended lower on Friday owing to the European gas crises. India's services activity grew faster in August than in July. Blue Jet Healthcare files DRHP with SEBI for IPO.

Nifty Smallcap 100 and Nifty Midcap 100 close in the green, tracking the benchmark index. Nifty Metal, Nifty Media and Nifty Bank close higher in today's session.

Nifty 50 closed at 17,653.90 (114.5, 0.7%), BSE Sensex closed at 59,245.98 (442.7, 0.8%) while the broader Nifty 500 closed at 15,288.20 (86.6, 0.6%)

Market breadth is in the green. Of the 1,945 stocks traded today, 1,200 were in the positive territory and 705 were negative.

  • IDFC First Bank sees a long build-up in its September 29 future series as its open interest rises 8.3% with put to call ratio of 0.75.

  • Ultratech Cement's current PE TTM ratio at 26.1 is lower than its 3-year, 5-year and 10-year PE ratios.

  • Bank stocks like Federal Bank, Bandhan Bank, Bank of Baroda among others are rising in trade. All constituents of the broader Nifty Bank index are trading in the green.

  • ABB India is falling as Credit Suisse downgrades the stock to ‘Underperform’ from ‘Neutral’ with a target price of Rs 2,600. The brokerage expects the possibility of a prolonged slowdown, delay in the pickup of investment activity in India, and geopolitical risks for exports to negatively impact the company.

  • Mahindra & Mahindra Financial Services and Timken India hit their 52-week highs of Rs 217 and Rs 3,310, respectively. Both stocks rise for four consecutive sessions.

  • Axis Securities upgrades Heidelberg Cement India to 'Buy' rating from 'Hold' with a target price of Rs 210. This indicates an upside of 10%. The brokerage expects that the company's focus on selling premium cement and maintaining a net debt free balance sheet will support its revenue and profitability growth. It estimates the company's revenue to grow at a CAGR of 11% over FY22-24.

  • Federal Bank hits a 52-week high in trade today as Nirmal Bang maintains its ‘Buy’ rating on the company and increases its target price to Rs 149. The brokerage remains bullish on the company’s prospects of improving financial performance, expanding into new markets, and a non-expensive valuation.

  • Tamilnad Mercantile Bank’ Rs 831.6-crore IPO gets bids for 83% of the available 87.1 lakh shares on offer on the first day of bidding. The retail investor quota gets bids for 1.5X of the available 15.8 lakh shares on offer.

  • ICICI Securities maintains its ‘Add’ rating on Hindustan Unilever with a target price of Rs 2,750. This indicates an upside of 5.6%. The brokerage remains positive about the medium and long-term prospects of the company given its market share gains, rising sales volume growth, and high focus on product quality. However, it expects high input costs to hurt the company’s profitability in the short term. The brokerage estimates the company’s net profit to grow at a CAGR of 13.4% over FY22-24.

  • Metal stocks like Hindalco Industries, JSW Steel, National Aluminium, and Steel Authority of India are rising in trade. The broader sectoral index BSE Metal is also trading in green.

  • Aerospace, Telecom Cables, and IT Networking Equipment industries rise by more than 4% in trade today

  • Angel One is rising as its client base increases 81.9% YoY to 1.1 crore in August. Growth in average daily turnover (ADTO) of F&Os helps the overall ADTO to increase by 117.9% YoY to Rs 12.4 lakh crore.

  • India’s August trade deficit comes at $28.7 billion. Trade deficit remains elevated, despite improvement from its record high deficit in July of $30 billion. Imports rise to $61.68 billion while exports fall to $33 billion on fears of a slowdown in large export markets.

  • Dixon Technologies is rising as it signs an agreement with Google to sub-license rights relating to Android and Google TV. The company says this new partnership will enable it to improve its product offering, and further strengthen its market leadership in the LED TV category.

  • Media stocks like Zee Entertainment Enterprises, Sun TV Network, PVR, Saregama India and Network 18 Media & Investments are rising in trade. The broader sectoral index Nifty Media is also trading in the green.

  • Reliance Power is rising as the company and its subsidiaries enter into a MoU with Varde Partners. The MoU is to avail debt of up to Rs 1,200 crore. The amount will be used for settlement/discharge or to acquire and restructure Reliance Power's debts.

  • India’s August Services Purchasing Manager’s Index (PMI) rises to 57.2 compared to 55.5 in July, because of an increase in new business arising from favourable demand conditions and advertising.

  • Tamilnad Mercantile Bank raises Rs 363.5 crore from investors by selling 71.28 lakh equity shares for Rs 510 per share. Investors include Nomura, Societe Generale, Max Life Insurance, Kotak Mahindra Life Insurance, and Bajaj Allianz Life Insurance, among others.

  • Paytm is falling in trade even though it clarifies to the Directorate of Enforcement (ED) that the merchant entities under investigation are independent entities and none of them are its group entities. The ED has instructed the company to freeze certain amounts from the merchant IDs of a specific set of merchant entities. The company says that none of the funds which are instructed to be frozen belongs to it or any of its group companies.

  • Morgan Stanley Asia (Singapore) buys a 0.5% stake (9.4 lakh shares) in ACC for Rs 215.6 crore in a bulk deal on Friday. In another deal, Societe General – ODI buys a 0.53% stake (3.2 lakh shares) in PVR for Rs 60.1 crore.

  • Hindustan Aeronautics and Larsen & Toubro win an order from NewSpace India – the commercial arm of the Indian Space Research Organisation, according to reports. The order is worth Rs 860 crore to build five rockets.

Riding High:

Largecap and midcap gainers today include Tube Investments of India Ltd. (2,487.85, 8.53%), Schaeffler India Ltd. (3,320.30, 5.68%) and Patanjali Foods Ltd. (1,317.80, 4.91%).

Downers:

Largecap and midcap losers today include Gland Pharma Ltd. (2,472.80, -3.64%), Dr. Lal Pathlabs Ltd. (2,369.20, -2.87%) and Adani Power Ltd. (389.85, -2.84%).

Movers and Shakers

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

Top high volume gainers on BSE included Suzlon Energy Ltd. (10.55, 19.89%), Vakrangee Ltd. (32.90, 19.42%) and Exide Industries Ltd. (172.40, 8.16%).

Top high volume loser on BSE was V-Mart Retail Ltd. (2,888.35, -3.72%).

Triveni Turbine Ltd. (231.25, 8.09%) was trading at 14.0 times of weekly average. Engineers India Ltd. (71.90, 6.05%) and Cera Sanitaryware Ltd. (5,288.65, 7.31%) were trading with volumes 9.9 and 9.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

26 stocks overperformed with 52-week highs, while 3 stocks tanked below their 52-week lows.

Stocks touching their year highs included - AIA Engineering Ltd. (2,585.75, -0.42%), Ashok Leyland Ltd. (164.60, 0.58%) and Bank of Baroda (133.85, 2.06%).

Stocks making new 52 weeks lows included - Alembic Pharmaceuticals Ltd. (640.00, -0.61%) and Biocon Ltd. (292.80, -0.95%).

25 stocks climbed above their 200 day SMA including Suzlon Energy Ltd. (10.55, 19.89%) and TCNS Clothing Co. Ltd. (699.00, 5.41%). 6 stocks slipped below their 200 SMA including Syngene International Ltd. (578.35, -2.64%) and Power Finance Corporation Ltd. (114.45, -1.25%).

 
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