Trendlyne Marketwatch
Trendlyne Marketwatch
11 Nov 2022
Market closes higher, Inox Green Energy Services’ IPO gets bids for 32% of total shares on offer

Trendlyne Analysis

Nifty 50 rose over 180 points and hit a new 52-week high with the volatility index, India VIX, falling below 14.5%. European indices traded higher despite the UK’s Q3 Gross domestic product or GDP contracting by 0.2% QoQ. Major Asian indices closed sharply higher, in line with the US indices, which closed in the green on Thursday. US indices rose the most in two years after the US consumer price index or CPI cooled down to 7.7% in October. This lower-than-expected inflation data could lead to slowing the pace of Fed rate hikes going forward. The tech-heavy NASDAQ 100 rose 7.5% while the S&P 500 closed over 5.5% higher. Brent crude oil futures extended its gains from Thursday and traded higher on the back of softer-than-expected US CPI print.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty Metal and Nifty Bank closed higher than Thursday’s levels. Nifty IT closed sharply higher, taking cues from the NASDAQ 100, which rose over 7% on Thursday.

Nifty 50 closed at 18,349.70 (321.5, 1.8%), BSE Sensex closed at 61,795.04 (1,181.3, 2.0%) while the broader Nifty 500 closed at 15,649.10 (209.1, 1.4%)

Market breadth is holding steady. Of the 1,918 stocks traded today, 965 were on the uptrend, and 892 went down.

  • Gujarat Narmada Valley Fertilizers & Chemicals sees a short buildup in its November 24 future series as open interest rises 56.2% with a put-call ratio of 0.32.

  • Hindalco is rising despite its Q2FY23 net profit declining 35.5% YoY to Rs 2,205 crore due to a fall in aluminium prices and rising input costs. Revenue, on the other hand, grows 17.9% YoY on the back of better realisations and robust volumes. Hindalco’s CEO and MD Satish Pai says, “Despite a surge in input costs, the company produced the highest-ever aluminium metal volumes.”

  • Housing Development Finance Corp and HDFC Bank rise as possible changes to MSCI Index on mergers and acquisitions could enable early inclusion of the merged entity in the index, according to reports.

  • Aegis Logistics and Kalpataru Power Transmissions hit their 52-week highs of Rs 328.9 and Rs 516.5 respectively. Aegis Logistics rises for three consecutive sessions, while Kalpataru Power trades higher for two sessions.

  • Inox Green Energy Services’ Rs 740 crore IPO gets bids for 32% of the available 6.67 crore shares on offer on the first day. The retail investor quota gets bids for 58% of the available 1.2 crore shares on offer. The IPO consists of a fresh issue of Rs 370 crore and an offer for sale of Rs 370 crore.

  • Kaynes Technology's Rs 857.8 crore IPO gets bids for 40% of the available 1.04 crore shares on offer on the second day. The retail investor quota gets bids for 33% of the available 52.6 lakh shares on offer.

  • Commodity Trading & Distribution, Copper, and Advertising & Media industries rise more than 7% over the past week.

  • Stocks like Tata Consultancy Services, Reliance Industries and Housing Development Finance Corp trade above their second resistance or R2 level as the market trades higher.

  • ICICI Securities downgrades its rating on Westlife Foodworld to ‘Add’ from ‘Buy’ but increases target price to Rs 850 from Rs 640, an upside of 8.8%. The brokerage cites the company’s expensive valuation for the downrating. However, it is optimistic about the firm’s growth prospects given its focus on store expansion, premiumisation and product launches. The brokerage expects the company’s revenue to grow at a CAGR of 30.5% over FY22-24.

  • Moody’s lowers India’s GDP growth forecast for 2022 to 7% from earlier 7.7% amid concerns of inflation, high-interest rates and global slowdown. This is the second downward revision by Moody’s Investors Service since September.
  • Archean Chemical Industries’ Rs 1,462.3 crore IPO gets bids for 5X of the available 1.99 crore shares on offer on the last day of bidding. The retail investor quota gets bids for 5.7X of the available 37 lakh shares on offer.Five Star Business

  • Finance’s Rs 1,960 crore IPO gets bids for 45% of the available 3.04 crore shares on offer on the last day of bidding. The retail investor quota gets bids for 8% of the available 1.5 crore shares on offer.

  • The Society of Indian Automobile Manufacturers’ (SIAM) data shows that auto sales were up 6.2% to 19.23 lakh units in October. Two-wheeler sales rose 1.6% YoY to 15.8 lakh units and passenger cars were up 28.8% YoY.

  • Indian Hotels Co fall despite a net profit of Rs 121.6 crore in Q2FY23 as against a net loss of Rs 120.6 crore in Q2FY22. The company turns profitable on the back of robust domestic demand. Revenue rises 69.2% YoY to Rs 1,232.6 crore. The company makes it to a screener for stocks with consistently high returns over the past five years.

  • Public holders Mala Gopal Gaonkar, Narotam S Sekhsaria and Lighthouse India Fund sell a 1% stake (2.8 crore shares) worth Rs 491.3 crore in FSN E-Commerce Ventures (Nykaa) in a bulk deal as the promoter and investor lock-in period ends on Thursday. Meanwhile, Aberdeen Standard Asia, Norges Bank and Segant II India Mauritius Fund pick up 1.2 crore shares (0.42% stake).

  • Steel Authority of India rises despite posting a net loss of Rs 329.4 crore in Q2FY23 compared to a net profit of Rs 4,338.8 crore in Q2FY22. The company slips into the red as the cost of materials consumed rises 76.9% YoY. Revenue declines 2.2% YoY as crude steel output falls on a YoY basis along with a fall in sales volume. The stock shows up on the screener for companies with a declining net cash flow.

  • MSCI (Morgan Stanley Capital International) adds ABB India, Bajaj Holdings, Indian Hotels, among others to the MSCI Indian Standard Index during its semi-annual review. The changes will be effective from December 1.

  • Apollo Hospitals Enterprises' Q2FY23 net profit falls 20.4% YoY to Rs 212.8 crore. Rise in employee benefit expenses causes EBITDA margins to fall by 120 bps YoY to 36%. The company features on a screener for stocks with FII/FPI or institutions increasing their shareholding.

  • IT stocks like Coforge, MphasiS, Persistent Systems and Wipro are rising in trade. Broader sectoral index Nifty IT is also trading in the green.

  • Indian rupee rises to 80.71 against US dollar in early trade today as US CPI inflation softens, reducing chances of a sharp interest rate hike.

  • Inox Green Energy Services raises Rs 333 crore from anchor investors ahead of its IPO opening up for subscription today. The company allotted 5.12 crore equity shares at Rs 65 each to anchor investors including Morgan Stanely, Nomura and Edelweiss.

  • DCX Systems’ shares list at a 38.6% premium to the issue price of Rs 207 on its debut on the bourses. The Rs 500 crore IPO was subscribed for 70X the total shares on offer.

  • Dolly Khanna sells a 0.2% stake in Tinna Rubber and Infrastructure in Q2FY23 and now holds 1.7% in the company.

  • Zomato’s Q2FY23 net loss narrows to Rs 250.8 crore against Rs 429.6 crore in Q2FY22. However, revenue increases 62% YoY with contributions from Blinkit (Zomato’s e-commerce acquisition) in Q2FY23. High inflation causes a surge in raw material purchases by 2.9X YoY. The stock shows up on a screener with increasing revenue over the past eight quarters.

Riding High:

Largecap and midcap gainers today include Zomato Ltd. (72.80, 13.84%), FSN E-Commerce Ventures Ltd. (207.85, 10.41%) and Info Edge (India) Ltd. (4,100.20, 7.47%).

Downers:

Largecap and midcap losers today include Indian Hotels Company Ltd. (315.35, -6.89%), Eicher Motors Ltd. (3,519.65, -4.90%) and Container Corporation of India Ltd. (767.80, -4.42%).

Crowd Puller Stocks

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

Top high volume gainers on BSE included Zomato Ltd. (72.80, 13.84%), Swan Energy Ltd. (244.25, 12.66%) and Allcargo Logistics Ltd. (453.60, 8.22%).

Top high volume losers on BSE were Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (602.40, -10.55%), Indian Hotels Company Ltd. (315.35, -6.89%) and Eicher Motors Ltd. (3,519.65, -4.90%).

PB Fintech Ltd. (399.30, 6.79%) was trading at 22.2 times of weekly average. G R Infraprojects Ltd. (1,165.05, -4.41%) and eClerx Services Ltd. (1,402.65, 2.06%) were trading with volumes 17.8 and 8.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

15 stocks took off, crossing 52-week highs, while 8 stocks tanked below their 52-week lows.

Stocks touching their year highs included - Aegis Logistics Ltd. (322.75, 1.83%), Akzo Nobel India Ltd. (2,271.25, 1.83%) and Allcargo Logistics Ltd. (453.60, 8.22%).

Stocks making new 52 weeks lows included - GlaxoSmithKline Pharmaceuticals Ltd. (1,325.30, -0.73%) and Johnson Controls-Hitachi Air Conditioning India Ltd. (1,109.40, -2.10%).

20 stocks climbed above their 200 day SMA including Zomato Ltd. (72.80, 13.84%) and Swan Energy Ltd. (244.25, 12.66%). 11 stocks slipped below their 200 SMA including Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (602.40, -10.55%) and DCM Shriram Ltd. (1,019.75, -2.67%).

 
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