Trendlyne Analysis

Nifty 50 rose over 90 points and closed above the 17,600 mark. However, European stocks traded marginally lower as investors look ahead to central bank meetings scheduled this week. Most major Asian indices closed lower, following the US indices, which closed in the red on Friday. The tech-heavy NASDAQ 100 index fell 0.6% while the Dow Jones closed 0.5% lower. However, US stocks futures traded higher after posting their biggest weekly losses in three months amid high inflation and tighter monetary policy. Brent crude oil futures traded higher on hopes of demand recovery in China after lifting of Covid lockdowns in major cities.

Nifty Smallcap 100 closed lower, despite the benchmark index closing in the green. Nifty FMCG and Nifty Auto closed higher than Friday’s levels. Nifty IT, which lost over 7% in the last week, closed in the green, tracking the NASDAQ 100 futures, which traded higher.

Nifty 50 closed at 17,631.85 (101, 0.6%), BSE Sensex closed at 59,141.23 (300.4, 0.5%) while the broader Nifty 500 closed at 15,299.55 (55.6, 0.4%)

Market breadth is in the red. Of the 1,961 stocks traded today, 796 were gainers and 1,128 were losers.

• Bank of Baroda sees a long build-up in its September 29 future series as its open interest rises 7.1% with put to call ratio of 0.98.

• Maruti Suzuki India and Fortis Healthcare hit their 52-week highs of Rs 9,343.4 and Rs 321.8, respectively. Both stocks rise for two consecutive sessions.

• Inox Wind rises 3% in trade today as its arm Inox Green Energy Services plans to float its initial public offering by October. It plans to raise Rs 740 crore to fund its expansion.

  Shares of Inox Wind zoomed on September 19 amid buzz over the initial public offer (IPO) of subsidiary Inox Green Energy Services.
  
  Read more ????https://t.co/vzZRJLUTOK#InoxWind #InoxWindIPO #IPO

  — Moneycontrol (@moneycontrolcom) September 19, 2022

• Oil Equipment & Services, Photographic Products, and IT Networking Equipment industries rise more than 3.5% in trade today

• Delta Corp is falling after it clarifies that the company and its subsidiaries did not receive any communication form Daman and Diu union territory administration on casino licenses. Reports suggest that the company's Deltin Hotel in Daman got licenses to operate casinos.

• ICICI Securities upgrades its rating on Jubilant Foodworks to a 'Buy' from 'Add' with a target price of Rs 750. This indicates an upside of 19.6%. The brokerage believes that its loyalty program is likely driving higher order frequency and that the company remains best positioned to realise industry tailwinds. It estimates the company's revenue to grow at a CAGR of 13.8% over FY22-24.

• Adani Green Energy is rising in trade as its wind energy subsidiary commissions a wind power plant in Madhya Pradesh. The capacity of the plant is 325 MW. It has two 25-year power purchase agreements (PPAs) with Solar Energy Corporation of India at Rs 2.83/kwh.

• Religare Enterprises plans to raise Rs 300 crore through a rights issue to grow its health insurance business, according to reports. The company recently turned debt-free and paid Rs 8,500 crore to banks to better its financial position.

• Bajaj Finance rises in trade as Jefferies reiterates its ‘Hold’ rating and raises the target price to Rs 8,000, an upside of 9.98%. The brokerage believes that the company has the potential to become the first NBFC to launch a credit card upon approval from RBI.

  Bajaj Finance has a shot at being first NBFC to launch credit card, if RBI approves, as per global brokerage Jefferies.https://t.co/LYnK4088I5

  — Mint (@livemint) September 19, 2022

• Geojit BNP Paribas downgrades LG Balakrishnan & Bros to 'Accumulate' rating from 'Buy' with a target price of Rs 894. This indicates an upside of 15.2%. The brokerage believes that the company will benefit from the new capacity addition and its strong client base. It also expects the demand for two-wheelers to show stability in H2FY23. The brokerage estimates the company's revenue to grow at a CAGR of 11% over FY22-24.

• DB Realty rises and hits the upper circuit after the company says it entered a non-binding deal to sell land worth Rs 480 crore in Mumbai. This transaction is likely to complete within 60-90 days after the required approvals come in.

• Logistics stocks like Container Corp of India, TCI Express, VRL Logistics are rising in trade. The uptick comes as the Centre announces a policy to reduce logistics costs by forming a technology-based, cost-efficient and sustainable logistics ecosystem.

• Ontario Teachers’ Pension Plan to buy a 30% stake in Mahindra Susten for Rs 2,371 crore. Mahindra Susten is a step-down subsidiary of Mahindra & Mahindra. This investment will include setting up an infrastructure investment trust for listing its renewable energy assets.

• Escorts Kubota’s board of directors approve the merger of Escorts Kubota India and Kubota Agri Machinery into Escorts Kubota. The shareholders of Escorts Agri Machinery will get 5 shares of Escorts Kubota for every 220 shares held in Escorts Agri Machinery.

  #OnCNBCTV18 | @EscortsKubota board approves merger of Escorts Kubota India & Kubota Agri Machinery India into Escorts Kubota. Exportst to go up post amalgamation, says Group CFO Bharat Madan. They expect JV To turn profitable By FY24 @_anujsinghal @_soniashenoy @_prashantnair pic.twitter.com/dedUtbzfMG

  — CNBC-TV18 (@CNBCTV18News) September 19, 2022

• Ambuja Cements' Managing Director and Chief Executive Officer Neeraj Akhoury resigns with effect from September 16, 2022, to pursue career opportunities outside the company.

• All public sector banks are trading in the green. Stocks like Bank of Baroda, Canara Bank, Punjab National Bank, Union Bank of India, among others, are up by more than 2%. The broader sectoral index Nifty PSU Bank is also rising in trade.

• Ambuja Cements and ACC rise after Adani Group announces the completion of its acquisition of the two companies. Gautam Adani and Karan Adani will be the Chairman of Ambuja Cements and ACC, respectively.

• Welspun Corp is rising as it bags a significant order for carbon capture pipeline project in the US. The order is for supply of 1 lakh metric tonnes of high frequency induction welding (HFIW) pipes used for transporting captured carbon dioxide.

• Integrated Core Strategies (Asia) sells stakes in Asahi India (0.65% stake), Elgi Equipments (0.87%), and Aptus Value Housing Finance (0.53%) for Rs 317 crore in a bulk deal. In another deal, Vanguard Group’s two funds buy a 1.75% stake in Elgi Equipments worth Rs 270.9 crore.

• Centre cuts windfall tax on sale of locally produced crude oil to Rs 10,500 per tonne from Rs 13,300 per tonne. It also cut the export duty on aviation turbine fuel to Rs 5 per litre from Rs 9 per litre earlier. The Centre cut the export duty as international crude oil prices fall over the past few weeks.

Riding High:

Largecap and midcap gainers today include Ambuja Cements Ltd. (564.90, 9.33%), JSW Energy Ltd. (344.30, 4.54%) and Max Financial Services Ltd. (849.45, 3.22%).

Downers:

Largecap and midcap losers today include Schaeffler India Ltd. (3,382.30, -4.02%), LIC Housing Finance Ltd. (413.50, -3.97%) and Vedanta Ltd. (281.65, -3.13%).

Volume Rockets

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

Top high volume gainers on BSE included Escorts Kubota Ltd. (2,085.70, 8.07%), Fortis Healthcare Ltd. (321.05, 8.02%) and Privi Speciality Chemicals Ltd. (1,548.80, 4.49%).

Top high volume losers on BSE were Can Fin Homes Ltd. (589.90, -7.10%) and Advanced Enzyme Technologies Ltd. (266.80, -2.34%).

VST Industries Ltd. (3,230.40, 0.72%) was trading at 25.3 times of weekly average. V-Mart Retail Ltd. (2,934.70, 3.33%) and Jubilant Pharmova Ltd. (315.15, 0.59%) were trading with volumes 5.9 and 3.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

18 stocks hit their 52-week highs, while 9 stocks were underachievers and hit their 52-week lows.

Stocks touching their year highs included - Ambuja Cements Ltd. (564.90, 9.33%), Bank of Baroda (141.05, 2.77%) and CCL Products India Ltd. (524.45, -0.27%).

Stocks making new 52 weeks lows included - Biocon Ltd. (290.00, -0.43%) and MphasiS Ltd. (2,028.15, 0.59%).

16 stocks climbed above their 200 day SMA including Privi Speciality Chemicals Ltd. (1,548.80, 4.49%) and Max Financial Services Ltd. (849.45, 3.22%). 36 stocks slipped below their 200 SMA including Aptus Value Housing Finance India Ltd. (309.75, -5.62%) and eClerx Services Ltd. (2,148.60, -4.11%).