Trendlyne Marketwatch
Trendlyne Marketwatch
28 Oct 2022
Market closes higher, RBI allows Infibeam to operate as payment aggregator

Trendlyne Analysis

Indian indices closed in the green with the Nifty 50 closing just below the 17,800 mark. Reserve Bank of India scheduled an additional Monetary Policy Committee meeting on November 3. European stocks traded lower as European Central Bank raised its key interest rate on Thursday by an expected 75 basis points to 1.5%, its highest level since 2009.

Barring Indian indices, other major Asian indices closed in the red, despite the US indices closing mixed on Thursday. The tech-heavy NASDAQ 100 fell 1.9% as Meta plunged nearly 25% after missing its quarterly revenue estimates. However, the Dow Jones index rose over 0.6% as US gross domestic product or GDP rose 2.6% QoQ, topping analysts’ expectations. Brent Crude oil futures traded lower after rising over 3.5% in the last two days on the back of strong crude oil demand outweighing concerns over slowing global economic growth.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red, despite the benchmark index closing higher. Nifty Auto and Nifty Energy closed higher than Thursday’s levels. Nifty IT closed lower, following the NASDAQ 100, which closed in the red on Thursday.

Nifty 50 closed at 17,795.95 (59, 0.3%), BSE Sensex closed at 59,959.85 (203.0, 0.3%) while the broader Nifty 500 closed at 15,247.05 (2.8, 0.0%)

Market breadth is in the red. Of the 1,931 stocks traded today, 678 were in the positive territory and 1,194 were negative.

  • Stocks like Canara Bank, Axis Bank, Sun Pharmaceutical Industries, and Multi Commodity Exchange of India are in the overbought zone, according to the Money Flow Index (MFI).

  • FSN E-Commerce Ventures (Nykaa) and Delhivery hit their all-time lows of Rs 975 and Rs 350 respectively. Both stocks fall for three consecutive sessions.

  • KR Choksey retains its 'Buy' rating on Kotak Mahindra Bank with a target price of Rs 2,260. This indicates an upside of 20.9%. The brokerage believes that the bank will regain its deposit growth with an improving customer base and the acquisition of new government business. The bank's net profit is expected to grow at a CAGR of 14.2% over FY22-24.

  • Infibeam Avenues rises after it gets in-principle authorization from the Reserve Bank of India to operate as a payment aggregator. As a payment aggregator, it can provide digital payment services to merchants both online and offline.

  • MRF, Page Industries, and Honeywell Automation India trade above their third support or S3 level as market grows volatile.

  • International Energy Agency (IEA) expects India’s natural gas imports to double and oil imports to go up by 50% by 2030, as domestic demand continues to rise.

  • RBL Bank rises as the Reserve Bank of India is likely to withdraw its official from the company’s board before the expiry of his term. According to reports, this comes after a forensic audit conducted on the bank found no red flags regarding its NPAs.

  • Metal stocks like Steel Authority of India, Jindal Steel & Power, Tata Steel, and Hindalco Industries are falling in trade. The broader sectoral index BSE Metal is also trading in red.

  • Motherson Sumi Wiring, Larsen & Toubro, Adani Ports & Special Economic Zone, and Macrotech Developers’ weekly average delivery volumes rise ahead of their Q2FY23 results.

  • Oil & gas stocks like Aegis Logistics, Petronet LNG, and Oil India are rising in trade. The broader Oil & Gas sector rises above 2% in trade.

  • Indian rupee appreciates 4 paise to 82.29 from Thursday's close of 82.33 against the US dollar in the early trade today.

  • Edelweiss maintains its ‘Buy’ rating on Finolex Industries but cut its target price to Rs 190 from Rs 211. This indicates an upside of 43%. The brokerage lowered its target price as the company was hit by a sharp correction in PVC prices amid high raw material costs. It anticipates margin pressure to persist in the near term. However, the brokerage is optimistic about the firm’s growth prospects given its higher exposure to the rural market and growth momentum in the pipes & fittings segment.

  • Indus Towers is falling despite its Q2FY23 net profit rising 82.6% QoQ to Rs 871.1 crore. The rise in revenue helps the EBITDA margin to grow by 160 bps QoQ to 35.3%. The company features in the screener which reflects stocks with price below short, medium and long-term averages.

  • RP Goyal, Director (Finance) of NHPC, says that the company is operating on a 6,500-megawatt hydro capacity. He adds that the company aims to earn revenue of Rs 15,000 crore and profit of Rs 5,000 crore in the next five years.

  • Dhanuka Agritech rises after an announcement that its board of directors will consider a proposal for the buyback of equity shares at its upcoming board meeting on Tuesday.

  • LatentView Analytics’ is rising as its Q2FY23 net profit increases 18.4% QoQ to Rs 37 crore. Revenue rises 10% YoY despite global recessionary concerns. The company shows up on a screener listing stocks with improving net cash flow for the last two years.

  • Stocks like JSW Steel, Tata Steel, Jindal Steel & Power, and Steel Authority of India are falling in trade as steel prices fall to a two-year low.

  • Aditya Birla Sun Life AMC is falling despite its Q2FY23 net profit rising 10.7% YoY to Rs 191.7 crore. The fall in revenue causes the EBITDA margin to drop 180 bps YoY to 58.6%. The company also features in the screener reflecting stocks unable to generate cash flow.

  • Texmaco Rail and Engineering is rising as it secures a contract worth Rs 252.8 crore from the Madhya Pradesh Metro Rail Corp, according to reports. The order pertains to the supply of standard gauge ballastless tracks for the Indore Metro Rail project. The stock shows up on the screener for companies with improving RoA over the past two years.

  • SBI Cards and Payments Services is falling despite its Q2FY23 net profit rising 52.4% YoY to Rs 525.6 crore. Profit grew on the back of its income on interest and fees & commission growing by 26.5% YoY and 29.5% YoY, respectively. Its asset quality improved as net NPAs decline 13 bps YoY to 0.78%.

  • Tata Chemicals' Q2FY23 net profit rises 3X YoY to Rs 633 crore with revenue rising 40% YoY. The rise in revenue comes despite high raw material and energy costs. Revenue grew across segments like basic chemistry and specialty products in Q2. The company shows up on a screener of stocks with high TTM EPS growth.

Riding High:

Largecap and midcap gainers today include Maruti Suzuki India Ltd. (9,492.55, 4.98%), Oil India Ltd. (194.60, 3.93%) and Max Financial Services Ltd. (701.70, 3.58%).

Downers:

Largecap and midcap losers today include FSN E-Commerce Ventures Ltd. (983.55, -6.28%), SBI Cards and Payment Services Ltd. (810.30, -5.58%) and Schaeffler India Ltd. (2,736.40, -4.52%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Infibeam Avenues Ltd. (17.30, 19.72%), Jubilant Pharmova Ltd. (371.50, 6.60%) and Aegis Logistics Ltd. (317.50, 5.75%).

Top high volume losers on BSE were Balrampur Chini Mills Ltd. (310.05, -6.65%), FSN E-Commerce Ventures Ltd. (983.55, -6.28%) and SBI Cards and Payment Services Ltd. (810.30, -5.58%).

Dhanuka Agritech Ltd. (722.60, 5.48%) was trading at 64.2 times of weekly average. Narayana Hrudayalaya Ltd. (762.80, 4.33%) and Vaibhav Global Ltd. (356.25, 4.15%) were trading with volumes 24.7 and 18.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

18 stocks overperformed with 52-week highs, while 11 stocks tanked below their 52-week lows.

Stocks touching their year highs included - Aegis Logistics Ltd. (317.50, 5.75%), Bharat Heavy Electricals Ltd. (73.45, 0.75%) and Bharti Airtel Ltd. (816.85, -0.03%).

Stocks making new 52 weeks lows included - Motilal Oswal Financial Services Ltd. (684.20, -2.39%) and MphasiS Ltd. (1,947.85, -1.12%).

20 stocks climbed above their 200 day SMA including Infibeam Avenues Ltd. (17.30, 19.72%) and Dhanuka Agritech Ltd. (722.60, 5.48%). 11 stocks slipped below their 200 SMA including SBI Cards and Payment Services Ltd. (810.30, -5.58%) and Century Plyboards (India) Ltd. (596.25, -4.13%).

 
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