Trendlyne Marketwatch
Trendlyne Marketwatch
09 Sep 2022
Market closes higher, SKF India hits 52-week high

Trendlyne Analysis

Nifty 50 closed higher, with the volatility index India VIX trading below 3%. The S&P 500 and Dow Jones closed higher on Thursday. Brent crude is trading at $90 mark amid the global recession fears.

Nifty Smallcap 100 closed flat, even as the benchmark index trades higher. Nifty Bank closed higher than Thursday’s levels. Nifty IT closes higher, taking cues from the NASDAQ 100, which closed higher on Thursday.

Nifty 50 closed at 17,829.30 (30.6, 0.2%), BSE Sensex closed at 59,793.14 (104.9, 0.2%) while the broader Nifty 500 closed at 15,462.80 (22.1, 0.1%)

Market breadth is in the red. Of the 1,915 stocks traded today, 765 showed gains, and 1,105 showed losses.

  • Sharekhan maintains its ‘Buy’ rating on Coal India with a target price of Rs 280, according to reports. The brokerage believes the stock is trading at an attractive valuation and expects profitability to improve on high international coal prices and e-auction premiums.

  • Stocks like Astral, India Cements, Ambuja Cements, and Schaeffler India are in the overbought zone, according to the relative strength index or RSI.

  • Vinati Organics and SKF India hit their 52-week highs of Rs 2,361 and Rs 5,029.9, respectively. Both stocks rise for three consecutive sessions.

  • PI Industries in talks to buy out the promoter stake in Granules India, according to reports. Granules India's promoters have about 42% stake valued at Rs 3,200 crore.

  • Photographic Products, Plastic Products, Capital Markets, and Medical Equipment industries rise by more than 9% in trade during the week.

  • Kaveri Seed Company rises as Massachusetts Institute of Technology and 238 Plan Associates buy stake in the company in an open market transaction. The companies now hold a 5.13% stake in Kaveri Seed.

  • Multiplex stocks like PVR and Inox Leisure fall more than 5% in trade today

  • Axis Direct maintains a ‘Buy’ rating on Mas Financial Services with a target price of Rs 840, indicating an upside of 14%. The brokerage remains optimistic about the company’s prospects due to its robust disbursement growth, improving net interest margin, and stable asset quality. It expects the company’s net profit to grow at a CAGR of 33.6% over FY22-24.

  • Lupin is rising as it launches a generic version of Suprep Bowel Prep Kit oral solution used in colonoscopy. The launch comes after it receives approval from the US FDA. The estimated annual sales of $ 202 million.

  • Aluminium companies like Hindalco Industries and National Aluminium Co are rising in trade due to an increase in prices of aluminium and other metals on the London Metal Exchange (LME).

  • Cement and construction stocks like Ambuja Cements, Shree Cements and Dalmia Bharat rise above 9% over the week, outperforming the sector.

  • The Society of Indian Automobile Manufacturers’ (SIAM) data shows August two-wheeler sales rising 16% YoY to 15.6 lakh units. Passenger car sales were up 21% YoY due to better supply of semiconductors and festive demand.

  • Samvardhana Motherson International is rising as it signs an agreement with Daimler India Commercial Vehicles’ (DICV) to acquire the assets of manufacturing and assembly operations at book value. The revenue generated from these assets is close to Rs 300 crore. The transaction is expected to complete by Q3FY23.

  • ICICI Securities downgrades its rating on Century Plyboards India to ‘Add’ from ‘Buy’, with a target price of Rs 750. This indicates an upside of 10.8%. The brokerage believes the company is currently overvalued but expects it to be a major benefactor of the rise in spending on home improvements post the pandemic. It estimates the company’s revenue to grow at a CAGR of 19.5% over FY22-24.

  • Mahindra & Mahindra launches the new XUV400 electric SUV on the eve of world EV day. The management is quite enthusiastic about this launch and plans to begin deliveries by the end of January 2023.

  • Rain Industries is falling as it temporarily closes an operating unit in Europe. The company is developing an energy-related contingency plan for its other European units anticipating a potential shortage of natural gas.

  • Zydus Lifesciences is rising as it receives the rights to market MonnoFerric injections in India and Nepal from Denmark’s Pharmacosmos A/S. The injection is used to treat iron deficiency in adults and is available in 30 countries.

  • Credit Suisse maintains its ‘Outperform’ rating on IndusInd Bank with a target price of Rs 1,280. The brokerage expects the bank's return on equity (RoE) to improve by 15% in FY23.

  • Reliance Power’s board approves the issue of equity shares/ convertible warrants to Varde Partners (a US investment firm) on the basis of preferential allotment. Varde Partners will buy a 15% stake for an amount of Rs 933 crore in the company.

  • PNC Infratech signs an agreement to build a four-lane highway for the National Highways Authority of India in the Sonauli-Gorakhpur section in Uttar Pradesh. The project cost is around Rs 1,458 crore and the company plans to complete the project in 24 months.

Riding High:

Largecap and midcap gainers today include Max Healthcare Institute Ltd. (413.30, 9.14%), Astral Ltd. (2,594.15, 4.97%) and Tube Investments of India Ltd. (2,745.20, 4.63%).

Downers:

Largecap and midcap losers today include Shriram Transport Finance Company Ltd. (1,324.10, -2.74%), Whirlpool of India Ltd. (1,754.30, -2.70%) and NHPC Ltd. (36.70, -2.52%).

Volume Shockers

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

Top high volume gainers on BSE included Allcargo Logistics Ltd. (381.55, 11.13%), Max Healthcare Institute Ltd. (413.30, 9.14%) and Nesco Ltd. (652.50, 7.67%).

Top high volume losers on BSE were Rain Industries Ltd. (185.65, -7.73%), Whirlpool of India Ltd. (1,754.30, -2.70%) and Endurance Technologies Ltd. (1,457.00, -0.69%).

Gujarat State Petronet Ltd. (254.00, 6.05%) was trading at 18.5 times of weekly average. Godrej Industries Ltd. (486.80, 4.21%) and Hatsun Agro Products Ltd. (1,126.45, 7.43%) were trading with volumes 10.4 and 10.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

36 stocks took off, crossing 52-week highs, while 1 stock tanked below its 52-week lows.

Stocks touching their year highs included - Adani Ports & Special Economic Zone Ltd. (909.05, 2.71%), Ambuja Cements Ltd. (453.95, -1.72%) and Apollo Tyres Ltd. (273.60, -1.51%).

Stock making new 52 weeks lows included - Natco Pharma Ltd. (601.90, -0.84%).

22 stocks climbed above their 200 day SMA including Hatsun Agro Products Ltd. (1,126.45, 7.43%) and Gujarat Pipavav Port Ltd. (89.90, 3.69%). 6 stocks slipped below their 200 SMA including Rain Industries Ltd. (185.65, -7.73%) and Godfrey Phillips India Ltd. (1,114.00, -1.72%).

 
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