Trendlyne Analysis

Indian indices closed in the green, with the volatility index, India VIX, at around 18%. The Nifty 50 rose around 90 points and closed above the 17,900 mark. European stocks followed the global trend and traded higher than Friday's close. Asian indices closed higher, tracking the US indices, which also closed in the green on Friday. The S&P 500 and tech-heavy index, NASDAQ 100, snapped their three-week losing streak and closed higher last week. Investors look ahead to India’s consumer price index or CPI print release today after market hours. Other CPI data releases globally such as US CPI and UK CPI prints are scheduled for this week. Brent crude oil futures traded above $90 per barrel after rising over 4% on Friday.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty Bank and Nifty Realty closed higher than Friday’s levels. Nifty IT closed in the green, tracking the NASDAQ 100, which rose over 2% higher on Friday.

Nifty 50 closed at 17,931.60 (98.3, 0.6%), BSE Sensex closed at 60,115.13 (322.0, 0.5%) while the broader Nifty 500 closed at 15,573.80 (106.4, 0.7%)

Market breadth is in the green. Of the 1,960 stocks traded today, 1,163 were on the uptick, and 743 were down.

• Stocks like Bharat Electronics, Vakrangee, Astral, and Indian Hotels are in the overbought zone, according to the Money Flow Index or MFI.

• Goldman Sachs is overweight on ICICI Bank, State Bank of India, Bharti Airtel, Larsen & Toubro, and Axis Bank. The brokerage is underweight on Reliance Industries, HDFC Bank, Asian Paints, Hindustan Unilever, and Tata Consultancy Services.

  #MarketsWithETNOW | @GoldmanSachs has come out with a list of top overweight and underweight stocks. Take a look here- #StockMarket #StocksToWatch #Stocks pic.twitter.com/iVD9PpBMa6

  — ET NOW (@ETNOWlive) September 12, 2022

• Axis Bank's current PE TTM ratio at 15.2 is lower than its 3-year, 5-year and 10-year PE ratios.

• Transportation stocks like Adani Ports, Delhivery, Allcargo Logistics among others are rising in trade. The broader transportation sector rises over 2% in today's trade.

• Fine Organic Industries and Oberoi Realty hit their all-time highs of Rs 6,980 and Rs 1,067.8, respectively. Fine Organic Industries rises for five consecutive sessions, while Oberoi Realty trades higher for two sessions.

• According to reports, the Centre may retain a stake at IDBI Bank without board representation. Earlier, the Centre and LIC were to reduce 60% stake in IDBI Bank, with management control.

  #Government to look at upside in IDBI Bank by retaining some residual stake, sources to @Sapna_CNBC
  
  Alert: CNBC-TV18 reported on September 6 that #Govt & #LIC together may divest 60% in #IDBI with management control#IDBIBank pic.twitter.com/BU24QgxZLt

  — CNBC-TV18 (@CNBCTV18Live) September 12, 2022

• ICICI Securities maintains its ‘Buy’ rating on Techno Electric & Engineering with a target price of Rs 471, indicating an upside of 64.1%. The brokerage believes the company’s profitability will improve given the opportunities in the smart metering segment, its robust balance sheet, and a strong pickup in the execution of orders. It expects the company’s revenue to grow at a CAGR of 22.2% over FY22-24.

• Zydus Lifesciences is rising as its subsidiary Zydus Pharmaceuticals receives final approval and a 180 day exclusivity period from the US FDA to market cariprazine capsules. The capsules had annual sales of $ 2.39 billion (approximately Rs 19,006 crore) in the US for the 12 months ended July 2022.

• Reliance Infrastructure files a Rs 13,400-crore arbitration claim against Adani Transmission at Mumbai Centre for International Arbitration. The company says the dispute is regarding breaches of the terms of the 2017 share purchase agreement for the sale of its Mumbai power business to Adani Transmission.

• Advertising & Media, distributors, and commodity chemicals industries rise by more than 4% in trade today.

• Emerging markets in Africa are hit by the rising dollar, says Rakesh Sharma, Executive Director at Bajaj Auto. He says that Nigeria’s two-wheeler restrictions affected the company's exports. He also says that 50% of revenues came in from overseas markets.

  #MarketsWithETNOW | "50% of revenues come from overseas market; Seeing recovery in the 3-wheeler sector," says Rakesh Sharma of @_bajaj_auto_ltd
  #ElectricVehicles #StockMarket #StocksToWatch pic.twitter.com/0ibO8D31ZQ

  — ET NOW (@ETNOWlive) September 12, 2022

• Mahindra Lifespace Developers touches its 52-week high of Rs 550.8. The rise comes as the company announces plans of acquiring land parcels for business expansion in Mumbai, Pune, and Bengaluru, according to reports.

• Nomura initiates coverage on Medplus Health Services with a ‘Buy’ rating and a target price of Rs 925. The brokerage expects revenue CAGR of 26.9% over FY22-25, led by Medplus’ store expansion.

• #MedplusHealth gets a ‘buy’ from #Nomura. https://t.co/fxpGUzX4M0

  — BQ Prime (@bqprime) September 12, 2022

• Ajanta Pharma is falling as the US FDA issues form 483 with two observations after the US FDA inspected the company's formulation facility at Dahej. Form 483 is issued when the US FDA finds violations of USA's Food Drug and Cosmetics Act. The company is in the process of responding to the observations.

• Axis Direct maintains its ‘Buy’ rating on Minda Corp with a target price of Rs 270. This indicates an upside of 16%. The brokerage expects the company’s profitability to improve on the back of increasing content per vehicle, new product launches, and a robust order book. It anticipates the company’s net profit to grow at a CAGR of 48.4% over FY22-24.

• Engineers India is rising as it bags an EPC order from ONGC worth Rs 249 crore. The estimated completion period for the order is 33 months.

• Anupam Rasyan is falling after the company discloses a fire incident at its Surat plant in Gujarat on Saturday. There were four fatalities and 20 people were injured.

• Media stocks like Inox Leisure, PVR, Nazara Technologies, Network 18 Media & Investments, and Zee Entertainment Enterprises are rising in trade. The broader sectoral index Nifty Media is also trading in the green.

• Gujarat Industries Power awards an EPC (engineering, procurement and construction) contract to KEC International worth Rs 244 crore. The project is to pool sub-stations of solar, wind and hybrid renewable energy parks of 2,375 MW in the Great Rann of Kutch, Gujarat.

• Reliance Industries subsidiary Reliance Petroleum Retail will acquire Shubhalakshmi Polyesters (SPL) and Shubhlaxmi Polytex (SPTex) for Rs 1,592 crore. This will help Reliance in expanding its downstream polyester business. The deal is subject to approval from the Competition Commission of India (CCI) and lenders of SPL and SPTex.

Riding High:

Largecap and midcap gainers today include Hindustan Aeronautics Ltd. (2,614.00, 7.40%), Deepak Nitrite Ltd. (2,178.40, 6.54%) and ACC Ltd. (2,500.85, 5.72%).

Downers:

Largecap and midcap losers today include Coal India Ltd. (231.50, -2.57%), Bandhan Bank Ltd. (288.60, -1.67%) and Astral Ltd. (2,552.20, -1.62%).

Volume Shockers

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

Top high volume gainers on BSE included KEC International Ltd. (443.30, 9.40%), Welspun India Ltd. (82.20, 7.73%) and Hindustan Aeronautics Ltd. (2,614.00, 7.40%).

Top high volume losers on BSE were Krishna Institute of Medical Sciences Ltd. (1,241.00, -3.17%), Chemplast Sanmar Ltd. (419.65, -3.08%) and Medplus Health Services Ltd. (720.40, -2.11%).

AstraZeneca Pharma India Ltd. (3,315.90, 7.01%) was trading at 13.1 times of weekly average. Anupam Rasayan India Ltd. (781.05, -0.70%) and KNR Constructions Ltd. (249.10, -1.99%) were trading with volumes 10.1 and 8.3 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

26 stocks hit their 52-week highs, while 1 stock hit its 52-week lows.

Stocks touching their year highs included - Adani Ports & Special Economic Zone Ltd. (938.50, 3.49%), Apollo Tyres Ltd. (284.00, 3.80%) and Bharat Electronics Ltd. (338.55, 3.17%).

Stock making new 52 weeks lows included - Natco Pharma Ltd. (602.55, 0.11%).

24 stocks climbed above their 200 day SMA including KEC International Ltd. (443.30, 9.40%) and Avanti Feeds Ltd. (507.35, 6.74%). 3 stocks slipped below their 200 SMA including KPR Mill Ltd. (597.30, -0.76%) and Rain Industries Ltd. (185.35, -0.16%).