Trendlyne Marketwatch
Trendlyne Marketwatch
20 Sep 2022
Market closes higher, Kotak Equities downgrades Endurance Technologies to ‘Sell’

Trendlyne Analysis

Nifty 50 rose over 1% and closed above the 17,800 mark. European indices followed the global trend and traded higher than Monday’s close. Major Asian indices also closed in the green, tracking the US indices, which closed higher on Monday. US stocks recovered their losses in the final hour of the trading session and closed higher. The tech-heavy NASDAQ 100 index rose 0.8% while the Dow Jones closed 0.6% higher. Investors look ahead to the US Federal Reserve’s monetary policy decision which is scheduled to be announced on Wednesday. Brent crude oil prices remained steady as investors await the US Fed’s interest rate decision, which could add to demand concerns due to slowing economic growth amid high inflation.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the green, following the benchmark index. Nifty Metal and Nifty Media closed higher than Monday’s close. Nifty IT closed in the green, taking cues from the tech-heavy NASDAQ 100, which closed higher on Monday.

Nifty 50 closed at 17,791.25 (169, 1.0%), BSE Sensex closed at 59,719.74 (578.5, 1.0%) while the broader Nifty 500 closed at 15,450.65 (157.1, 1.0%).

Market breadth is in the green. Of the 1,929 stocks traded today, 1,196 were on the uptrend, and 673 went down.

  • Stocks like Adani Enterprises, Adani Ports & Special Economic Zone, Alkem Laboratories, and Ambuja Cements are in the overbought zone, according to the relative strength index or RSI.

  • Bharti Airtel and AIA Engineering hit their all-time highs of Rs 796.9 and Rs 2,712.9, respectively. Both stocks rise for two

  • Kotak Equities downgrades Endurance Technologies to ‘Sell’ from ‘Add’ with a reduction in target price to Rs 1,345, according to reports. The brokerage sees Endurance’s earnings taking a hit because of a slowdown in its key customer Bajaj Auto’s exports. Bajaj Auto’s two-wheeler exports are likely to fall 8% in FY23 due to inflation and a reduction in income in Africa. It cuts revenue estimates by 3% for FY23-25.

  • Sanjiv Mehta, CEO and MD of Hindustan Unilever, says that inflation is spreading from few commodities to across a wide range of commodities.

  • Natco Pharma rises as court approves launch of chlorantraniliprole (used as an insecticide) and its formulations through a non-infringing process. The company says it is first in India to receive registration approval from Central Insecticide Board and Registration Committee for manufacturing of chlorantraniliprole.

  • Mahindra Holidays & Resorts hit a 52-week high of Rs 313.6 as reports suggest improvement in business prospects as leisure travel increases. According to reports, the company expects its business to grow further in 2022-23. The company shows up on a screener of companies with rising net profit for the past two quarters.

  • Olectra Greentech is rising as it receives a letter of award from a state transport corporation to supply 123 electric buses for Rs 185 crore.

  • Hitendra Dave, CEO of HSBC India, says that the Indian rupee depreciated in an orderly manner and expects the rupee to hover around 80 during the year. He also expects volatility if the Fed hikes rates by 100 bps.

  • Pharmaceutical companies like Lupin, Torrent Pharmaceuticals, Cipla, Alkem Laboratories, and Natco Pharma are rising in trade. The broader sectoral index Nifty Pharma is also trading in the green.

  • Tata Motors’ arm Jaguar Land Rover (JLR) continues to face semi-conductor shortage, says management in an analyst meeting. JLR is currently prioritizing semi-conductor availability for high-margin products and aims to boost production to meet its wholesales target. JLR expects to hit wholesales volume of 90,000 in Q2FY23.

  • Sugar stocks like Shree Renuka Sugars, EID Parry (India), Balrampur Chini Mills, and Dwarikesh Sugar Industries, among others are rising as reports suggest that the Centre may raise the purchase price of ethanol up to Rs 2 per litre for 2022-23.

  • Axis Direct maintains its ‘Buy’ rating on Persistent Systems with a target price of Rs 3,900. This implies an upside of 22%. The brokerage remains optimistic about the company’s future growth prospects given its robust order book, higher offshoring, presence across diversified geographies, and lower attrition. It expects the company’s net profit to grow at a CAGR of 12% over FY22-24.

  • Chemical stocks like Pidilite Industries, Gujarat Fluorochemicals, UPL among others are rising in trade. The broader chemicals & petrochemicals sector is also trading in the green.

  • Can Fin Homes' is falling as Managing Director and Chief Executive Officer Girish Kousgi resigns from the company for personal reasons on Monday.

  • Promoter Advanced Vital Enzymes sells a 2.3% stake in Advanced Enzyme Technologies for Rs 69.5 crore in a bulk deal

  • General Atlantic Singapore sells a 1.51% stake (12.1 lakh shares) in Krishna Institute of Medical Sciences for Rs 151.2 crore which was picked up by ICICI Prudential Life Insurance for the same amount. In another bulk deal, Plutus Wealth Management sells a 1.53% stake in V-Mart Retail for Rs 88.3 crore.

  • Consumer durables stocks like Titan, Havells India, Aditya Birla Fashion and Retail, Voltas, Dixon Technologies (India), among others, are rising in trade. All constituents of the broader BSE Consumer Durables are also trading in the green.

  • BofA Securities maintains its ‘Buy’ rating on Delhivery with a target price of Rs 700. The brokerage believes that the festive season will help improve volumes for the company.

  • Hatsun Agro rises after its board approves raising Rs 400 crore through a right issue. The fundraising will be through the issue of equity shares on a record date to existing shareholders, subject to approval from regulatory authorities.

  • Ircon International wins order worth Rs 256 crore by Mahanadi Coalfields. The project pertains to the development of rail infrastructure at Talcher for a period of 15 months.

  • Crompton Greaves Consumer Electricals will sell up to 10.7 lakh equity shares (6% stake) in its arm Butterfly Gandhimathi Appliances through an offer for sale, which is open from September 20-21. The first day will see bids only for non-retail investors and on the second day, all investors can bid for the shares. The floor price is set at Rs 1,370, a discount of 9% from Monday’s closing price.

Riding High:

Largecap and midcap gainers today include Tube Investments of India Ltd. (2,718.85, 6.24%), Apollo Hospitals Enterprise Ltd. (4,559.35, 5.83%) and Crompton Greaves Consumer Electricals Ltd. (415.15, 5.64%).

Downers:

Largecap and midcap losers today include Max Financial Services Ltd. (823.40, -3.07%), Schaeffler India Ltd. (3,313.45, -2.04%) and Star Health and Allied Insurance Company Ltd. (713.90, -1.92%).

Movers and Shakers

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

Top high volume gainers on BSE included Heidelberg Cement India Ltd. (220.15, 13.39%), Shree Renuka Sugars Ltd. (55.35, 12.39%) and Jubilant Pharmova Ltd. (351.65, 11.58%).

Top high volume losers on BSE were Can Fin Homes Ltd. (565.35, -4.16%) and Procter & Gamble Hygiene & Healthcare Ltd. (14,625.60, -0.28%).

Quess Corp Ltd. (634.05, 5.95%) was trading at 14.6 times of weekly average. Metro Brands Ltd. (884.10, 8.55%) and Advanced Enzyme Technologies Ltd. (292.70, 9.71%) were trading with volumes 14.5 and 11.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

24 stocks overperformed with 52-week highs, while 2 stocks were underachievers and hit their 52-week lows.

Stocks touching their year highs included - Adani Ports & Special Economic Zone Ltd. (970.25, 1.11%), AIA Engineering Ltd. (2,679.35, 4.19%) and Ambuja Cements Ltd. (574.35, 1.67%).

Stocks making new 52 weeks lows included - Metropolis Healthcare Ltd. (1,353.35, 1.79%) and Mastek Ltd. (1,794.20, -0.84%).

29 stocks climbed above their 200 day SMA including Heidelberg Cement India Ltd. (220.15, 13.39%) and Advanced Enzyme Technologies Ltd. (292.70, 9.71%). 7 stocks slipped below their 200 SMA including Can Fin Homes Ltd. (565.35, -4.16%) and Max Financial Services Ltd. (823.40, -3.07%).

 
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