Trendlyne Analysis

Nifty 50 closes flat, with the volatility index, India VIX, falling below 19.6%. Oil prices jump $3/bbl as OPEC+ plans to cut oil output targets by 100,000 bpd. Moody's retains India's sovereign credit rating at Baa3 (stable). India's gold imports in August halve on volatile prices and weak rupee. Vaibhav Jewellers files DHRP with SEBI to raise funds via IPO.

Nifty Midcap 100 trades in the green while Nifty Energy and Nifty Metal close higher than Monday’s levels.

Nifty 50 closed at 17,651.60 (-14.2, -0.1%), BSE Sensex closed at 59,196.99 (-49.0, -0.1%) while the broader Nifty 500 closed at 15,311.70 (17.3, 0.1%)

Market breadth is in the red. Of the 1,921 stocks traded today, 866 were in the positive territory and 1,009 were negative.

• Stocks like Housing and Urban Development Corp, India Cements, Tata Investment Corp, and Triveni Turbine are in the overbought zone, according to the relative strength index or RSI.

• GMM Pfaudler and KEI Industries hit their 52-week highs of Rs 2,110 and Rs 1,508.8, respectively. Both stocks rise for three consecutive sessions.

• One97 Communications (Paytm) is rising as its loan disbursals during the two months of July-August grow 246% YoY to 60 lakhs, while the value of loans disbursed rises 484% YoY. Merchant payment volumes increase by 72% YoY to Rs 2.1 lakh crore for the two months.

• Tamilnad Mercantile Bank’s Rs 831.6-crore IPO gets bids for 1.5X of the available 87.1 lakh shares on offer on the second day of bidding. The retail investor quota gets bids for 3.6X of the available 15.8 lakh shares on offer.

• Tyre stocks are rising as demand from auto OEMs improves. The rise also comes from lower commodity, crude oil, and natural rubber prices.

  Tyre Sector Outlook | Most of the tyre stocks are at 52-week highs. @_soniashenoy tells us about the triggers driving the stocks higher. pic.twitter.com/RpdfDCumue

  — CNBC-TV18 (@CNBCTV18News) September 6, 2022

• GAIL (India) is rising ahead of the record date of bonus issue of shares. The record date is set for Wednesday.

• Commercial Services & Supplies, Telecom Services, and Utilities' sectors rise more than 1.5% in trade today.

• PSU Banks like Punjab National Bank, Central Bank of India, Bank of Maharashtra, and Indian Overseas Bank, among others, are rising in trade. All constituents of the broader Nifty PSU Bank index are trading in the green.

• Syngene is falling as around 22.68 million equity shares trade at a price of Rs 585.8 per share in a block deal, according to reports.

  Shares of Syngene International traded 1% lower at Rs 573.95 after nearly 6% of the company's equity changed hands via block deals on the BSE today. #StockMarket #MarketsWithBS #StocksInFocus https://t.co/jNFSGHzKMi

  — Business Standard (@bsindia) September 6, 2022

• Dreamfolks Services’ falls in trade even though it reports a net profit of Rs 13.4 crore in Q1FY23 against a loss of Rs 1.4 crore in Q1FY22. Its revenue jumps 6.5X YoY.

• SRF rises in trade as Morgan Stanley reiterates its ‘Overweight’ rating with a target price of Rs 2,757. The company announced investments worth $2 billion for the next five years, out of which 80% will be focused on the chemicals segment.

  Shares of #SRF rise nearly 2% during the session. #BQStocks https://t.co/VhlYWtg8ov

  — BQ Prime (@bqprime) September 6, 2022

• RateGain Travel Technologies is rising as Kuwait-based Jazeera Airlines selects its pricing insights product AirGain. The company says its product will help the airline adjust prices with real-time and accurate airfare data.

• Blue Star wins two orders worth Rs 390 crore from Bangalore Rail Corp for Reach-6 Pink line spanning of Bangalore Metro Rail Project Phase-II. The orders are turnkey projects including maintenance work for tunnel ventilation system (TVS), environmental control system (ECS) and electrical and mechanical works for stations and associated tunnel sections in the Reach-6 Pink line.

• ICICI Securities maintains its ‘Buy’ rating on TTK Prestige with a target price of Rs 1,150. This indicates an upside of 16.2%. The brokerage remains positive on the long-term prospects of the company given its business model, market share gains from the unorganised sector, robust volume growth, and market leadership in key segments. It expects the company’s revenue to grow at a CAGR of 14% over FY22-24.

• IT stocks like Tech Mahindra, Mindtree, Wipro, and Infosys, among others, are falling in trade. All constituents of the broader Nifty IT index are trading in the red.

• Reliance Industries acquires a 79.4% stake in SenseHawk for $32 million (Rs 255.5 crore). SenseHawk is a US-based software developer of management tools for the solar energy generation industry.

• Kalpataru Power Transmission receives new orders worth Rs 1,345 crore on a consolidated basis for metro rail electrification, pipeline laying works and other overseas projects.

• Dreamfolks Services’ shares list at a 56% premium to the issue price of Rs 326, on its debut on the bourses. The Rs 562 -crore IPO was subscribed for 56.7 times the total shares on offer.

  #DreamFolks Services debuts at 55% premium to #IPO price.
  
  Read all #stockmarket updates: https://t.co/GozdRVp4ZN pic.twitter.com/mDBSFtu165

  — BQ Prime (@bqprime) September 6, 2022

• Jubilant Foodworks appoints Sameer Khetarpal as the new Chief Executive Officer and Managing Director. His appointment gets approved in the annual general meeting held on August 30, 2022.

• HSBC Bank Mauritius (AC Jwalamukhi Investment Holdings) sells 13.9 lakh shares (7.04% stake) in V-Mart Retail for Rs 391.9 crore in a bulk deal. In another deal, Plutus Wealth Management buys 11.4 lakh shares (5.79% stake) in V-Mart Retail for Rs 322.3 crore.

• NTPC acquires Jhabua Power for Rs 925 crore out of which Rs 325 crore is paid in equity. This acquisition helps NTPC grow its business inorganically. Jhabua Power has an operational capacity of 600 MW.

Riding High:

Largecap and midcap gainers today include Varun Beverages Ltd. (1,093.75, 5.84%), Shriram Transport Finance Company Ltd. (1,384.75, 4.84%) and Crompton Greaves Consumer Electricals Ltd. (411.00, 4.66%).

Downers:

Largecap and midcap losers today include ICICI Lombard General Insurance Company Ltd. (1,218.95, -3.40%), NHPC Ltd. (37.80, -2.83%) and Patanjali Foods Ltd. (1,286.40, -2.38%).

Volume Rockets

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

Top high volume gainers on BSE included GMM Pfaudler Ltd. (2,068.20, 8.88%), Gujarat Alkalies & Chemicals Ltd. (957.70, 7.86%) and Shree Renuka Sugars Ltd. (51.65, 7.72%).

Top high volume losers on BSE were ICICI Lombard General Insurance Company Ltd. (1,218.95, -3.40%), Syngene International Ltd. (565.25, -2.27%) and GlaxoSmithKline Pharmaceuticals Ltd. (1,417.50, -1.57%).

Kalpataru Power Transmissions Ltd. (429.20, 6.22%) was trading at 14.2 times of weekly average. Esab India Ltd. (3,574.15, 7.15%) and Pfizer Ltd. (4,311.65, 0.80%) were trading with volumes 13.0 and 11.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

27 stocks took off, crossing 52-week highs, while 3 stocks were underachievers and hit their 52-week lows.

Stocks touching their year highs included - Apollo Tyres Ltd. (272.45, 7.01%), Ashok Leyland Ltd. (165.00, 0.24%) and Bank of Baroda (133.45, -0.30%).

Stocks making new 52 weeks lows included - Biocon Ltd. (292.40, -0.14%) and MphasiS Ltd. (2,061.05, -1.50%).

18 stocks climbed above their 200 day SMA including Central Bank of India (20.60, 6.74%) and Angel One Ltd. (1,387.05, 3.50%). 6 stocks slipped below their 200 SMA including La Opala RG Ltd. (332.65, -1.28%) and Eris Lifesciences Ltd. (693.30, -0.82%).