Trendlyne Analysis

Nifty 50 closed flat after gyrating between losses and gains throughout the day. European stocks traded lower as UK’s CPI hit a 41-year high of 11.1% in October. Most major Asian indices closed in the red after reports of two Russian missiles landing in NATO member country Poland. However, US stocks closed in the green on Tuesday as US producer prices increased by less than expected in October, adding to the improving inflation outlook. The tech-heavy NASDAQ 100 rose nearly 1.5% while the Dow Jones closed 0.2% higher. Brent crude oil prices traded higher as traders assessed geopolitical tensions and OPEC cutting its 2022 global crude oil demand forecast.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red, despite the benchmark index closing flat. Nifty Metal and Nifty Energy closed lower than Tuesday’s levels. Nifty IT closed marginally higher, taking cues from the NASDAQ 100, which closed in the green on Tuesday.

Nifty 50 closed at 18,409.65 (6.3, 0.0%), BSE Sensex closed at 61,980.72 (107.7, 0.2%) while the broader Nifty 500 closed at 15,663.30 (-30.6, -0.2%).

Market breadth is in the red. Of the 1,934 stocks traded today, 676 were in the positive territory and 1,207 were negative.

• Apollo Tyres sees a short buildup in its November 24 future series as its open interest rises 28.7% with a put-call ratio of 0.33.

• Commercial Services & Supplies, Hardware Technology & Equipment and Oil & Gas sectors rise more than 8% over the past month.

• Ashish Kacholia adds DU Digital Global to his portfolio in Q2FY23, buys a 5% stake in the company.

• KR Choksey maintains its 'Buy' rating on Zydus Lifesciences with a target price of Rs 507. This indicates a potential upside of 19.8%. The brokerage believes that the profitability of consumer wellness segment will improve in the coming quarters due to price action and improving rural demand. It expects the company's revenue to grow at a CAGR of 7.7% over FY22-24.

• Voltas and Relaxo Footwears hit their 52-week lows of Rs 813 and Rs 907 respectively. Both stocks fall for three consecutive sessions.

• Keystone Realtors’ Rs 635 crore IPO gets bids for 2X of the available 86 lakh shares on offer on the last day of bidding. The retail investor quota gets bids for 53% of the available 43 lakh shares on offer.

• Motherson Sumi Wiring hits an all-time high today as it turns ex-bonus. The company had earlier announced a bonus issue in the ratio of 2:5.

  Motherson Sumi Wiring shares hit the 20% upper circuit at Rs 71.15, also its new 52-week high, after the auto components company shares turned ex-bonushttps://t.co/F2bmf87AFM

  — ETMarkets (@ETMarkets) November 16, 2022

• ICICI Direct downgrades its rating on NMDC to ‘Hold’ from ‘Buy’ with a target price of Rs 115. This indicates an upside of 6%. The brokerage lowers its rating on the company on the back of a muted trend in iron ore realisations. The company’s Q2FY23 revenue and net profit came in below the brokerage’s estimates.

• Metal stocks like Adani Enterprises, Steel Authority of India, National Aluminium and Hindalco Industries are falling in trade. The broader sectoral index Nifty Metal is also trading in the red.

• ICICI Securities reiterates its ‘Buy’ rating on One97 Communications (Paytm) with a target price of Rs 1,285. The brokerage is optimistic about the company’s strong growth in the upcoming quarters and expects EBITDA to become positive by FY26.

  ICICI Securities Reiterates "Buy" Rating For Paytm https://t.co/7pGJawox0k pic.twitter.com/9IMvodzpNc

  — NDTV Profit (@NDTVProfit) November 16, 2022

• KEC International wins orders worth Rs 1,294 crore, including an order to supply towers in the Americas by SAE Tower, two orders for ballastless track works from Chennai Metro and Mumbai Metro, and an order for various types of cables in India and overseas.

• Bharat Rasayan is falling as its Q2FY23 net profit declines 13.4% YoY to Rs 22.9 crore. Rise in cost of raw materials caused EBITDA margins to fall 270 bps YoY to 12.3%. The company also features in a screener for stocks with declining cash flow from operations for the past two years.

• TCNS Clothing is rising as reports suggest Reliance Retail, Nykaa, Aditya Birla Fashion and Trent are interested in buying TA Associates’ 29.2% stake in the company.

• Indian rupee depreciates 66 paise to 81.57 against the US dollar in early trade today, as demand for domestic equities softens.

  The rupee depreciated 66 paise to 81.57 against the US dollar in early trade, tracking the strength of the greenback and a muted trend in domestic equities.#Rupee #RupeeVsDollar #Currency https://t.co/ePD6fB0R7E

  — Business Standard (@bsindia) November 16, 2022

• IDFC clarifies speculation on the delayed merger and states that it is committed to its ongoing corporate restructuring plan. This is with reference to a news article published today stating the company's merger may be delayed on fair value issue.

• PSU Bank stocks like Union Bank of India, UCO Bank, Indian Overseas Bank and Bank of Maharashtra are rising in trade. The broader sectoral index Nifty PSU Bank is also trading in the green.

• India’s October merchandise exports decline to $29.8 billion, as compared to $35.7 billion in September. Imports stood at $56.7 billion, while the trade deficit in October widens to $26.9 billion.

  India's October merchandise trade deficit widened to $26.91 billion from $25.71 billion in September, a Reuters calculation based on export and import data released by the government on Tuesday showed.https://t.co/tSfNdZxl3u

  — Economic Times (@EconomicTimes) November 15, 2022

• Global Health’s shares list at a 19.3% premium to the issue price of Rs 336 on its debut on the bourses. The Rs 2,205.5 crore IPO was subscribed for 9.5X the total shares on offer.

• Bikaji Foods’ shares list at a 7.6% premium to the issue price of Rs 300 on its debut on the bourses. The Rs 881 crore IPO was subscribed for 26.6X the total shares on offer.

• Bharat Electronics signs separate MoUs with Hindustan Shipyard, SVC Tech Ventures, Profense and Yantra India to jointly develop and manufacture defence equipment.

• Segantii India Mauritius fund sells 0.12% stake (33.7 lakh shares) in FSN E-Commerce Ventures (Nykaa) for Rs 67.2 crore in a bulk deal. Hermes Investment Fund picks up a 0.09% stake (25.8 lakh shares) in Nykaa for Rs 51.3 crore in another bulk deal.

Riding High:

Largecap and midcap gainers today include Indian Railway Finance Corporation Ltd. (26.95, 6.94%), Hindustan Aeronautics Ltd. (2,681.15, 6.28%) and Union Bank of India (66.05, 4.68%).

Downers:

Largecap and midcap losers today include Star Health and Allied Insurance Company Ltd. (637.20, -4.99%), Steel Authority of India (SAIL) Ltd. (82.60, -4.18%) and One97 Communications Ltd. (601.45, -4.00%).

Movers and Shakers

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

Top high volume gainers on BSE included Housing and Urban Development Corporation Ltd. (47.25, 13.58%), TCNS Clothing Co. Ltd. (606.75, 8.63%) and Finolex Industries Ltd. (161.85, 8.15%).

Top high volume losers on BSE were Metropolis Healthcare Ltd. (1,435.90, -7.75%), One97 Communications Ltd. (601.45, -4.00%) and Sobha Ltd. (633.50, -2.89%).

Castrol India Ltd. (129.80, 3.14%) was trading at 8.5 times of weekly average. Indian Railway Finance Corporation Ltd. (26.95, 6.94%) and NBCC (India) Ltd. (36.30, 3.71%) were trading with volumes 7.4 and 5.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

11 stocks took off, crossing 52-week highs, while 6 stocks hit their 52-week lows.

Stocks touching their year highs included - Ambuja Cements Ltd. (577.20, -1.58%), Bharti Airtel Ltd. (841.20, 0.71%) and Cummins India Ltd. (1,366.70, -0.44%).

Stocks making new 52 weeks lows included - DCM Shriram Ltd. (911.80, 2.25%) and Relaxo Footwears Ltd. (909.60, -0.77%).

9 stocks climbed above their 200 day SMA including PNC Infratech Ltd. (263.90, 3.94%) and NBCC (India) Ltd. (36.30, 3.71%). 22 stocks slipped below their 200 SMA including Steel Authority of India (SAIL) Ltd. (82.60, -4.18%) and Adani Green Energy Ltd. (2,110.15, -3.95%).