Trendlyne Analysis

Nifty 50 rose over 70 points towards the end of the trading session and hit a new 52–week high. European stocks traded higher than Monday's close. India’s retail inflation fell to a three-month low of 6.77% in October from 7.41% in September. However, the inflation print stayed above the RBI’s upper limit of 6% for the tenth month in a row. Asian indices closed higher despite the US indices closing in the red on Monday.

US stocks closed in the red as investors assessed comments from the US Federal Reserve officials. The tech-heavy NASDAQ 100 fell 1% while the Dow Jones closed 0.6% lower. Brent crude oil futures gave up gains and traded lower after falling around 3.5% on Monday after OPEC cut its 2022 global demand forecast. Rising Covid cases in China continue to put pressure on crude oil prices.

Nifty Smallcap 100 and Nifty Next 50 closed in the green, following the benchmark index. Nifty Bank and Nifty Auto higher than Monday’s close. Nifty IT recovered from its day’s low and closed in the green, taking cues from the NASDAQ 100 futures, which traded higher.

Nifty 50 closed at 18,403.40 (74.3, 0.4%), BSE Sensex closed at 61,872.99 (248.8, 0.4%) while the broader Nifty 500 closed at 15,693.90 (43.7, 0.3%)

Market breadth is in the red. Of the 1,942 stocks traded today, 845 were on the uptrend, and 1,039 went down.

• Money Flow Index (MFI) indicates that stocks like Ceat, Amara Raja Batteries, Adani Enterprises and Cochin Shipyard are in the overbought zone.

• FSN E-Commerce Ventures (Nykaa) falls over 8% in trade today as it turns ex-bonus. The company had earlier announced a bonus issue in the ratio of 1:5.

• Keystone Realtors’ Rs 635 crore IPO gets bids for 41% of the available 86 lakh shares on offer on the second day of bidding. The retail investor quota gets bids for 24% of the available 43 lakh shares on offer.

• Inox Green Energy Services’ Rs 740 crore IPO gets bids for 1.55X of the available 6.67 crore shares on offer on the last day. The retail investor quota gets bids for 4.7X of the available 1.2 crore shares on offer.

• Stocks like MRF, Ultratech Cement and Hero MotoCorp trade above their second resistance or R2 level as the market grows volatile.

• Fineotex Chemical rises as it secures an order worth Rs 150 crore for specialty performance chemicals from a leading FMCG company. The stock shows up on the screener for companies with improving cash flow and good durability.

• Krishna Institute of Medical Sciences and CG Power and Industrial Solutions hit their all-time highs of Rs 1,668.4 and Rs 271.4 respectively. Both stock rise for two consecutive sessions.

• New Delhi Television (NDTV) rises in trade as Adani Group gets Securities and Exchange Board of India's approval to acquire an additional 26% stake in the company via an open offer, according to reports.

  #NDTV shares hit the 5% upper circuit at Rs 383.05 in Tuesday's trade after #AdaniGroup obtained regulatory approval from #Sebi to acquire a further 26% stake in the company https://t.co/Fyj68IbEuR

  — ETMarkets (@ETMarkets) November 15, 2022

• ICICI Securities initiates its coverage on Piramal Pharma with a 'Buy' rating with a target price of Rs 200. This indicates an upside of 41.8%. The brokerage is positive about the company's outlook considering the growing requirement for development services, high entry barriers, limited competition for complex hospital generics and rising contribution from the growing consumer segment. It expects the company's net profit to grow at a CAGR of 30% over FY22-25.

• Shriram Properties is back in the black as it reports a net profit of Rs 19.5 crore in Q2FY23 against a net loss of Rs 23.5 crore in Q2FY22. Its revenue surged 3.4X YoY on the back of higher pre-sales bookings as housing demand increased in Q2. The company expects housing demand to remain strong despite increasing interest rates. It shows up on the screener listing stocks with low debt.

• Sobha is rising despite net profit falling 70% YoY to Rs 19.2 crore in Q2FY23. The fall was caused by a surge in land purchase cost by 6X and purchasing of building materials for various projects by 2X YoY. Revenue also fell 14% YoY but the company’s pre-sales booking value rose 13% YoY in Q2. Jagadish Nangineni, Managing Director, says, "With an inventory pipeline of 23 million sq ft, eight consecutive quarters of debt reduction by Rs 1,600 crore and future cash flows, we aim to deliver consistent performance."

• Spicejet is falling as its Q2FY23 net loss widens to Rs 833.3 crore against Rs 570.5 crore in Q2FY22. Drop in revenue and rise in operating expenses are because of the high prices of aviation turbine fuel and increasing aircraft maintenance costs. The stock features in a screener for companies with high-interest payments compared to earnings.

• Fusion Microfinance’s shares list at a 2% discount to the issue price of Rs 368 on its debut on the bourses. The Rs 1,104 crore IPO was subscribed for 2.95X the total shares on offer.

  #MarketsWithBS | Fusion MicroFinance has made a weak debut with shares falling 6% to Rs 346.10 against its issue price on the BSE and the NSE.
  
  Deepak Korgoankar reports #StockMarket #FusionMicroFinance #IPOhttps://t.co/qK59PVfWmP

  — Business Standard (@bsindia) November 15, 2022

• NBCC is rising as it secures orders worth Rs 332.8 crore in October 2022. The company shows up on a screener of stocks with improving book value per share for the last two years.

• India’s CPI inflation falls to 6.77% in October compared to 7.41% in September as food prices decline. Food inflation was 7.01% against 8.6% in September.

  India’s #retailinflation eased to a three-month low at 6.77% in October as food inflation decelerated. However, the easing is unlikely to force a pause in RBI's rate hiking cycle.@Armilu & @ShivaRajora7 report#CPI #RBI #Inflation #foodinflationhttps://t.co/h4zh9j98hu

  — Business Standard (@bsindia) November 14, 2022

• Godrej Properties achieves sales worth Rs 500 crore from its new project, Godrej Woodsville in Hinjewadi, Pune.

• Biocon falls as its Q2FY23 net profit declines 66.1% YoY to Rs 46.9 crore due to the additional taxes implied after adopting the new tax regime. The rise in raw material cost and other expenses caused EBITDA margins to fall 320 bps YoY to 16.2%. The company's Managing Director, Arun Chandavarkar, said the conclusion of strategic transactions with Viatris and Serum Institute will position Biocon Biologics as a fully integrated, leading global biosimilars player.

• Citi downgrades its rating on NMDC to ‘Sell’ with a target price of Rs 100. The brokerage downgrades the stock due to concerns over domestic ore price.

  #BrokerageRadar | @Citi on NMDC: Downgrade to Sell; Struggle to find upside triggers #StockMarket #StocksToWatch @nmdclimited pic.twitter.com/YaUfyI65S4

  — ET NOW (@ETNOWlive) November 15, 2022

• Tiger Global Eight Holdings and Internet Fund sell additional 1.3 crore shares (2.9% stake) worth Rs 522.5 crore in PB Fintech in a bulk deal on Monday. Meanwhile, WF Asian Reconnaissance Fund picks up 50 lakh shares (1.1% stake) in PB Fintech for Rs 194 crore.

• National Company Law Tribunal's Mumbai and Bengaluru benches approve the merger of Larsen & Toubro Infotech (LTI) and Mindtree. According to a press release, the companies will now function as one entity under the name ‘LTIMindtree’ from November 14. As part of the merger, shareholders of Mindtree will get 73 shares of LTI for every 100 shares of Mindtree.

• Oil and Natural Gas Corp’s Q2FY23 net profit falls 54% YoY to Rs 8,299.4 crore as high crude oil prices dent earnings. Raw material costs and well exploration costs rose 2.4X and 5X YoY respectively. However, the company’s revenue also increases by 38% YoY in Q2. It shows up on a screener of stocks with improving RoA for the past two years.

Riding High:

Largecap and midcap gainers today include Gujarat Gas Ltd. (513.40, 6.04%), Balkrishna Industries Ltd. (1,963.20, 4.67%) and Macrotech Developers Ltd. (984.40, 4.11%).

Downers:

Largecap and midcap losers today include FSN E-Commerce Ventures Ltd. (192.05, -9.24%), Coal India Ltd. (232.15, -6.09%) and Info Edge (India) Ltd. (4,154.70, -4.73%).

Movers and Shakers

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

Top high volume gainers on BSE included Rail Vikas Nigam Ltd. (60.65, 11.18%), NCC Ltd. (78.25, 6.97%) and Balkrishna Industries Ltd. (1,963.20, 4.67%).

Top high volume losers on BSE were Aster DM Healthcare Ltd. (219.65, -6.13%), Uflex Ltd. (646.00, -5.02%) and Gillette India Ltd. (5,126.25, -0.90%).

Greaves Cotton Ltd. (153.45, 3.02%) was trading at 10.0 times of weekly average. Apollo Tyres Ltd. (297.70, 4.33%) and Krishna Institute of Medical Sciences Ltd. (1,610.30, 2.15%) were trading with volumes 6.3 and 4.8 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 2 stocks hit their 52-week lows.

Stocks touching their year highs included - Akzo Nobel India Ltd. (2,299.80, -1.82%), Ambuja Cements Ltd. (586.45, 1.06%) and Apollo Tyres Ltd. (297.70, 4.33%).

Stocks making new 52 weeks lows included - DCM Shriram Ltd. (891.70, -4.47%) and Sona BLW Precision Forgings Ltd. (448.55, -1.47%).

18 stocks climbed above their 200 day SMA including KEC International Ltd. (430.10, 4.95%) and Gujarat State Petronet Ltd. (252.55, 3.91%). 13 stocks slipped below their 200 SMA including Info Edge (India) Ltd. (4,154.70, -4.73%) and Star Health and Allied Insurance Company Ltd. (670.65, -2.47%).