Trendlyne Marketwatch
Trendlyne Marketwatch
08 Sep 2022
Market closes higher, Jefferies maintains a ‘Hold’ rating on Hindalco

Trendlyne Analysis

Nifty 50 closed higher, with the volatility index India VIX trading below 19%. The S&P 500 and Dow Jones closed higher on Wednesday. Brent crude oil futures rises by 0.7% in today’s trading session. However, Brent crude fell to below its $90 mark amid the global recession fears.

Nifty Smallcap 100 also closed in the green, as the benchmark index trades higher. Nifty Bank and Nifty Financial Services closed higher than Wednesday’s levels. Nifty IT closes higher, taking cues from the NASDAQ 100, which closed higher on Wednesday.

Nifty 50 closed at 17,800.10 (175.7, 1%), BSE Sensex closed at 59,688.22 (659.3, 1.1%) while the broader Nifty 500 closed at 15,441.75 (122.4, 0.8%)

Market breadth is in the green. Of the 1,928 stocks traded today, 1,111 were in the positive territory and 772 were negative.

  • InterGlobe Aviation sees a long build-up in its September 29 future series as its open interest rises 113% with put to call ratio of 0.71.

  • Tata Power’s arm Tata Power Renewable Energy partners with stainless steel manufacturer Viraj Profile to build a 100 MW solar power plant.

  • Tanla Platforms rises as its board approves the buyback of equity shares at Rs 1,200 per share for an aggregate amount of Rs 170 crore.

  • Zydus Lifesciences announces proof-of-concept for its molecule inhibitor ZYIL1 in its phase 2 clinical study. The study demonstrated that the inhibitor was successful in treating patients with a rare and lifelong auto-inflammatory condition called cryopyrin-associated periodic syndrome (CAPS).

  • ICICI Bank and SKF India hit their all-time highs of Rs 900.8 and Rs 5,008 respectively.

  • Jefferies maintains its ‘Hold’ rating on Hindalco, with a target price of Rs 390. The brokerage expects demand to grow by 3% during CY22-24. However, rising interest rates may affect demand.

  • Bonanza initiates coverage on Cera Sanitaryware with a ‘Buy’ rating and a target price of Rs 6,564. This indicates an upside of 19%. The brokerage expects the company’s profitability to improve on the back of robust demand, a diversified distribution network, record capacity utilisation, and its high market share. It estimates the company’s profit to grow at a CAGR of 24% over FY22-25.

  • Mahindra & Mahindra hits an all-time high of Rs 1,331.9, as it surpasses Tata Motors in terms of market cap. The company's market cap stands at Rs 1.65 lakh crore.

  • Porinju Veliyath and Litty Thomas acquire a 2.1% stake (1.6 lakh shares) in Duroply Industries via preferential allotment. This increases their shareholding to 7% from 4.9% as on September 2.

  • Special Consumer Services, Healthcare Services, and Other Non-Ferrous Metals industries rise more than 2% today.

  • Schneider Electric is rising as its board approves the expansion of production capacity of vacuum interrupters and vacuum circuit breakers. The company plans to set up a manufacturing unit in Kolkata with a capacity of 1.8 lakh MV.

  • ICICI Securities maintains its ‘Buy’ rating on Phoenix Mills with a target price of Rs 1,645. This indicates an upside of 18.7%. The brokerage believes the company will benefit from an increase in consumption across malls given its strong brand recall, market leadership, and a strong pipeline of projects. It expects the company’s revenue to grow at a CAGR of 50.2% over FY22-24.

  • Vodafone Idea is rising as the Ministry of Finance clears a proposal to convert the accrued interest on dues into equity, according to reports. The interest is Rs 16,130 crore. The government will hold a 33% stake once the deal goes through.

  • Paint stocks like Kansai Nerolac Paints, Asian Paints, Berger Paints, and Akzo Nobel India, among others, are rising in trade as crude oil prices fall.

  • Brent crude oil drops below $90 per barrel amid global recession fears. The oil benchmark, WTI falls to a 7-month low.

  • Sonata Software surges ahead of its record date for bonus issue of equity shares on September 10, 2022. The bonus issue is announced in the ratio of 1:3.

  • Retail sales for the automotive industry are up 8% YoY in August to 15.2 lakh units, according to data from the Federation of Automotive Dealers' Association. Two-wheeler retail sales rise 8.5% YoY. Retail sales of car makers are up 6.5% YoY.

  • PSU Banks like State Bank of India, Bank of Baroda, Canara Bank among others are rising in trade. All constituents of the broader Nifty PSU Bank index are trading in the green.

  • Standard Chartered Bank (Singapore) sells 2.7 crore shares (1.8% stake) in CG Power and Industries for Rs 595.3 crore in various bulk/block deals. In another deal, promoter Bharti Telecom buys 9.6 crore shares in Bharti Airtel for Rs 6,603.6 crore.

  • The Gangwal family, one of the promoters of InterGlobe Aviation, is to sell a 2.8% stake worth Rs 1,996 crore through a block deal. The shares will be offered to institutional buyers at a discount of 6.5% of the closing price of Rs 1,977 per share on Wednesday. The block deal will take place today.

Riding High:

Largecap and midcap gainers today include Bajaj Holdings & Investment Ltd. (6,373.25, 10.32%), Shree Cements Ltd. (24,458.45, 5.51%) and Patanjali Foods Ltd. (1,375.10, 4.82%).

Downers:

Largecap and midcap losers today include Hindalco Industries Ltd. (420.55, -2.84%), Endurance Technologies Ltd. (1,467.10, -1.96%) and Gland Pharma Ltd. (2,440.90, -1.91%).

Volume Rockets

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

Top high volume gainers on BSE included JK Lakshmi Cement Ltd. (556.25, 11.33%), Bajaj Holdings & Investment Ltd. (6,373.25, 10.32%) and Star Cement Ltd. (104.20, 7.31%).

Top high volume losers on BSE were MMTC Ltd. (38.50, -8.00%) and InterGlobe Aviation Ltd. (1,940.65, -1.87%).

Thyrocare Technologies Ltd. (688.95, 4.67%) was trading at 25.5 times of weekly average. Aarti Drugs Ltd. (466.15, 6.37%) and Indian Bank (203.55, 6.60%) were trading with volumes 14.4 and 7.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

33 stocks overperformed with 52-week highs, while 2 stocks tanked below their 52-week lows.

Stocks touching their year highs included - Ambuja Cements Ltd. (461.90, 2.90%), Apollo Tyres Ltd. (277.80, 1.11%) and Astral Ltd. (2,471.40, 1.31%).

Stocks making new 52 weeks lows included - Natco Pharma Ltd. (607.00, -0.73%) and Sanofi India Ltd. (6,088.10, -0.24%).

22 stocks climbed above their 200 day SMA including JK Lakshmi Cement Ltd. (556.25, 11.33%) and Sonata Software Ltd. (571.30, 6.59%). 4 stocks slipped below their 200 SMA including Sobha Ltd. (715.10, -1.28%) and Tata Motors Ltd. (442.20, -0.82%).

 
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