Trendlyne Marketwatch
Trendlyne Marketwatch
27 Sep 2022
Market closes flat, HFCL wins purchase orders worth Rs 202.6 crore

Trendlyne Analysis

Indian indices closed flat after gyrating between losses and gains throughout the day, with the volatility index, India VIX, at around 21.5%. European stocks traded higher, taking cues from Asian indices. Most major Asian indices closed in the green, recovering some of their losses, despite the US indices closing in the red on Monday. The Dow Jones and S&P 500 lost over 1% and closed at their lowest levels in 2022. Dow Jones, which comprises 30 large-cap companies, has now lost over 20% from its peak in January, meeting common criteria for the definition of a bear market. Investors continue to assess the impact of aggressive interest rate hikes by central banks on already slowing economic growth. Brent crude oil futures traded higher after falling around 3.3% on Monday due to demand concerns amid slowing global economy.

Nifty Midcap 100 and Nifty Smallcap 100 closed in the green, despite the benchmark index closing flat. Nifty FMCG and Nifty Media closed higher than Monday’s close. Nifty IT closed in the green, despite the tech-heavy NASDAQ 100 index closing lower on Monday.

Nifty 50 closed at 17,043.45 (27.2, 0.2%), BSE Sensex closed at 57,107.52 (-37.7, -0.1%) while the broader Nifty 500 closed at 14,755.00 (29.3, 0.2%)

Market breadth is in the green. Of the 1,920 stocks traded today, 1,024 were gainers and 831 were losers.

  • JM Financial is trading in the overbought zone, according to the relative strength index or RSI.

  • Medplus Health Services falls to a new all-time low of Rs 608.15 per share. The stock is falling for the last 11 consecutive sessions.

  • Indian Rupee hits another record low of near 81.66 against the US dollar in trade today.

  • HFCL receives purchase orders worth Rs 202.6 crore consisting of Rs 167.6 crore from Reliance Retail, and Reliance Projects and Property Management Services for the supply of optical fibre cables and of Rs 35 crore from an overseas customer for the supply of various types of cables and related accessories.

  • Amara Raja Batteries announces a backward integration plan. The company proposes to buy plastic components for battery business from Mangal Industries in a share swap deal.

  • UNO Minda, Gujarat Gas, and Indraprastha Gas trades above its second resistance or R2 as markets trade higher

  • Advertising & Media, Integrated Oil & Gas, and Special Consumer Services industries rise more than 15% over the past month.

  • Gautam Adani says that Adani Group will invest $100 billion over the next 10 years. 70% of the amount will be invested in the energy transition segment.

  • Nazara Technologies falls after the Tamil Nadu government banned online gaming in the state on Monday, according to reports. The stock shows up on a screener of companies with promoters decreasing their shareholding in the last four quarters.

  • Power Grid Corp of India rises as the government turns down REC’s proposal to sell Power Finance Corp's (PFC) stake in REC to the company, according to reports. As the stake sale will not be going through REC will continue to operate as PFC’s subsidiary. PFC acquired REC for Rs 14,500 crore in 2019 and the merger is still in the process of completion.

  • Paint stocks like Asian Paints, Berger Paints, and Kansai Nerolac Paints trade in green as crude oil prices trade at a 9-month low.

  • Axis Direct retains its ‘Buy’ rating on AU Small Finance Bank with a target price of Rs 705, implying an upside of 10%. The brokerage believes the bank is well-placed to drive growth in an increasing interest rate environment given its healthy asset quality, robust disbursement growth, and strong deposit franchise. It expects the company’s net profit to grow at a CAGR of 26.2% over FY22-25.

  • Fitch Ratings maintains its rating on Bharat Petroleum Corp (BPCL) at ‘BBB’, with a stable outlook. The rating agency expects BPCL to incur gross marketing losses in FY23, as oil marketing companies are impacted by changing crude oil prices.

  • Metro Brands touches an all-time high of Rs 948.5 in trade today before giving up its gains and falling nearly 6%. The stock is also outperforming the Sensex by 18.4% in the past month on a better outlook of business in terms of sales, across all its formats. The company expects gross margins to go back to 55-56% in the coming quarters.

  • Sterlite Technologies’ arm Sterlite Global Venture agrees to sell its entire stake in Impact Data Solutions (IDS) to Hexatronic Group. The initial consideration will be worth 9.6 million pounds and the additional earnout consideration will be capped at 7.2 million pounds, which will be based on the EBITDA performance of IDS.

  • Dish TV is falling as its shareholders reject four out of six resolutions at its annual general meeting. The shareholders did not approve the reappointment of Rakesh Mohan as an independent director. Also, the shareholders did not approve the appointment of new statutory auditors S N Dhawan & Co. The board strength is now down to two.

  • Private Equity firm Blackstone Group to sell 7.7 crore units in Embassy REIT worth Rs 2,650 crore via block deals today, according to reports.

  • Hornbill Orchid India sells a 1.4% stake (4.2 lakh shares) in Mastek for Rs 75.5 crore in a bulk deal. In another deal Smallcap World Fund buys a 1.8% stake (5.4 lakh shares) in Mastek for Rs 96.7 crore.

  • Jubilant Foodworks acquires a 29.42% stake in Roadcast Tech Solutions on a fully diluted basis. Roadcast Tech Solutions is a delivery automation SaaS platform helping with last-mile delivery operations. It will buy an additional 10.58% stake by October 26.

  • Mahindra Logistics announces the acquisition of Rivigo Services’ B2B express delivery business, on a slump sale basis. Mahindra will acquire the customers, team, technology and assets of the B2B express delivery segment. The deal is valued at around Rs 225 crore.

Riding High:

Largecap and midcap gainers today include Indraprastha Gas Ltd. (422.95, 6.86%), Gujarat Gas Ltd. (516.65, 6.04%) and Muthoot Finance Ltd. (1,012.05, 5.84%).

Downers:

Largecap and midcap losers today include Varun Beverages Ltd. (1,038.55, -4.45%), Emami Ltd. (499.95, -4.20%) and Tube Investments of India Ltd. (2,577.70, -3.53%).

Volume Rockets

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

Top high volume gainers on BSE included Aster DM Healthcare Ltd. (250.65, 8.69%), Great Eastern Shipping Company Ltd. (524.35, 6.91%) and Indraprastha Gas Ltd. (422.95, 6.86%).

Top high volume losers on BSE were DCM Shriram Ltd. (997.90, -2.18%), Crisil Ltd. (3,100.05, -2.08%) and Phoenix Mills Ltd. (1,337.00, -0.35%).

Akzo Nobel India Ltd. (2,175.60, 1.01%) was trading at 3.9 times of weekly average. Zydus Wellness Ltd. (1,580.05, -0.28%) and Allcargo Logistics Ltd. (389.50, 6.17%) were trading with volumes 3.5 and 3.5 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

2 stocks overperformed with 52-week highs, while 16 stocks hit their 52-week lows.

Stocks touching their year highs included - Cipla Ltd. (1,098.70, 3.10%) and Metro Brands Ltd. (867.80, -2.88%).

Stocks making new 52 weeks lows included - Alembic Pharmaceuticals Ltd. (600.15, 0.76%) and Aurobindo Pharma Ltd. (502.90, 0.15%).

13 stocks climbed above their 200 day SMA including Mahanagar Gas Ltd. (851.35, 6.67%) and Dr. Lal Pathlabs Ltd. (2,649.15, 3.19%). 47 stocks slipped below their 200 SMA including Suzlon Energy Ltd. (8.35, -2.34%) and DCM Shriram Ltd. (997.90, -2.18%).

 
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