Trendlyne Analysis

Indian indices closed in the red with the Nifty 50 closing below the 18,200 mark. European stocks traded lower than Friday’s levels. Major Asian indices closed in the red, despite the US indices closing in the green on Friday. US stocks rose marginally on Friday but fell on a weekly basis as investors assessed the impact of high inflation on company financials. Investors will also look forward to the US Federal Open Market Committee (FOMC) Meeting Minutes on Wednesday this week. Crude oil traded in the red for a fourth straight session as rising Covid cases in China and potential global recession affect the crude oil demand. Brent crude oil futures has lost over 6% in the last four trading sessions.

Nifty Smallcap 100 closed higher, despite the benchmark index trading in the red. Nifty Bank and Nifty FMCG closed lower than Friday’s close. Nifty IT closed in the red, despite the tech-heavy NASDAQ 100 closing flat on Friday.

Nifty 50 closed at 18,159.95 (-147.7, -0.8%), BSE Sensex closed at 61,144.84 (-518.6, -0.8%) while the broader Nifty 500 closed at 15,453.80 (-97.1, -0.6%)

Market breadth is in the red. Of the 1,970 stocks traded today, 744 were on the uptick, and 1,152 were down.

• Housing Development Finance Corp sees a short buildup in its November 24 future series as its open interest rises 10.5% with a put-call ratio of 0.84.

• Ajit Isaac, promoter of Quess Corp, buys a 0.03% stake amounting to Rs 2.3 crore in the company. He now holds a 11.35% stake in the company.

• Aarti Industries and Deepak Fertilisers & Petrochemicals Corp ink a binding term agreement for offtake and supply of Nitric Acid for 20 years. The estimated value of the order is more than Rs 8,000 crore.

• M K Dhanuka, Managing Director of Dhanuka Agritech, expects double-digit growth in sales in FY23. He also expects margin pressures to continue in Q3FY23 due to a rise in input costs.

  #OnCNBCTV18 | Expect #Rabi season to be good despite some deferment of #sales. Selling #prices & raw material costs have corrected by 7-8% each, says MK Dhanuka of Dhanuka Agritech pic.twitter.com/deGtmSOGzL

  — CNBC-TV18 (@CNBCTV18Live) November 21, 2022

• Financial Institutions, Commodity Printing/Stationary and Mining industries rise by more than 3% in trade.

• Goldman Sachs lowers India’s GDP forecast for 2023 to 5.9% from 6.9% earlier. The brokerage expects inflation to rise due to further interest rate hikes by the Reserve Bank of India.

  Goldman Sachs has lowered its forecast for India’s economic growth next year, citing a hit to consumer demand and fading benefits from pandemic reopening. #India #IndianEconomy #GoldmanSachs #Economy #IndiaGDP #GDPhttps://t.co/E99psGQFug

  — Business Standard (@bsindia) November 21, 2022

• Ahluwalia Contracts wins an order worth Rs 120.2 crore from the Government of Assam for the construction of Lachit Moidam Memorial and Cultural Complex at Lahdoigarh.

• Aurobindo Pharma is falling as it receives 10 observations from the US FDA for its intermediate facility in Telangana. According to the company statement, the observations were procedural in nature and not related to data integrity.

• Allied Digital Services is rising as the company wins a contract worth Rs 207.2 crore from the Punjab Municipal Infrastructure Development Company (PMIDC) in association with KEC International. The contract is for the smart cities project of Amritsar, Jalandhar and Sultanpur Lodhi.

• ICICI Securities upgrades its rating on Delhivery to ‘Buy’ from ‘Sell’ with a target price of Rs 460, implying an upside of 31.1%. The brokerage turns positive on the company’s prospects given its low-cost structure, strong balance sheet and robust brand recall. It expects the company’s revenue to grow at a CAGR of 25.6% over FY22-25.

• PVR is rising in trade as 0.70 lakh shares (0.1% equity) amounting to Rs 12.28 crore change hands, according to reports.

  PVR Large Trade | 0.70 lakh shares (0.1% equity) worth ?12.28 cr change hands at an average of ?1,744/sh#LargeTrade #BlockDeal pic.twitter.com/jEZdI0yrRZ

  — CNBC-TV18 (@CNBCTV18Live) November 21, 2022

• Zomato falls as its co-founder Mohit Gupta resigns on Friday. "I am deciding to move on from Zomato to seek the other unknown adventures that life holds for me," Gupta says.

• Engineers India wins an order from the Chennai Petroleum Corp for overall project management and engineering, procurement and construction management services. The services will be provided for revamping the once-through hydrocracker unit (OHCU), catalytic dewaxing unit (CDWU) and other off-site facilities at the Manali refinery.

• CLSA does not expect further duty cuts on steel prices. However, it remains cautious as there is a downside risk to steel prices as global demand falls. The brokerage says that domestic prices of steel are at a premium to import and export parity.

  #CNBCTV18Market | 'Domestic prices are now at a sharp premium to both import and export parity. Do not expect cut in duty to drive steel prices upwards,' says CLSA on steel pic.twitter.com/4sb2SEdKjt

  — CNBC-TV18 (@CNBCTV18Live) November 21, 2022

• Easy Trip Planners is surging as it trades ex-bonus and ex-split today. The company had fixed November 22 as the record date for its 1:2 stock split and 3:1 bonus issue. The stock shows up on the screener for companies with low debt.

• IT stocks like Persistent Systems, L&T Technology Services, Coforge and Tech Mahindra are falling in trade. The broader sectoral index Nifty IT is also trading in the red.

• Five-Star Business Finance’s shares list at a 1.1% discount to the issue price of Rs 474 on its debut on the bourses. The Rs 1,593.4 crore IPO was subscribed for 70% of the total shares on offer.

• Archean Chemical Industries’ shares list at a 10.6% premium to the issue price of Rs 407 on its debut on the bourses. The Rs 1,462.3 crore IPO was subscribed for 32X the total shares on offer.

• TPG Growth IV fund sells a 1.9% stake (5.4 crore shares) in FSN E-Commerce Ventures (Nykaa) for Rs 1,000.5 crore in a bulk deal on Friday.

• PB Fintech’s wholly-owned subsidiary PB Fintech FZ buys a 26.72% stake in YKNP Marketing Management for $2 million in an all-cash deal. With this acquisition, PB Fintech will cater to the needs of the UAE market with YKNP providing sales support to the company.

Riding High:

Largecap and midcap gainers today include Indian Overseas Bank (23.45, 9.84%), Shriram Transport Finance Company Ltd. (1,300.15, 3.91%) and Punjab National Bank (47.60, 3.82%).

Downers:

Largecap and midcap losers today include FSN E-Commerce Ventures Ltd. (183.50, -4.63%), Oil And Natural Gas Corporation Ltd. (135.45, -4.44%) and Zomato Ltd. (64.30, -4.24%).

Volume Shockers

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

Top high volume gainers on BSE included Easy Trip Planners Ltd. (57.30, 20.03%), UCO Bank (18.65, 18.41%) and Bank of Maharashtra (28.80, 14.74%).

Top high volume losers on BSE were Avanti Feeds Ltd. (397.50, -6.27%), Ajanta Pharma Ltd. (1,224.00, -1.84%) and Delhivery Ltd. (344.55, -1.75%).

Swan Energy Ltd. (255.95, 14.21%) was trading at 16.0 times of weekly average. Punjab & Sind Bank (21.20, 12.47%) and Escorts Kubota Ltd. (2,196.05, 8.13%) were trading with volumes 11.2 and 9.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

15 stocks overperformed with 52-week highs, while 11 stocks hit their 52-week lows.

Stocks touching their year highs included - Bank of India (77.10, 2.66%), Bank of Maharashtra (28.80, 14.74%) and Bharti Airtel Ltd. (851.20, 1.66%).

Stocks making new 52 weeks lows included - GlaxoSmithKline Pharmaceuticals Ltd. (1,308.55, -0.82%) and Johnson Controls-Hitachi Air Conditioning India Ltd. (1,105.00, -1.36%).

9 stocks climbed above their 200 day SMA including Indoco Remedies Ltd. (378.00, 3.14%) and Edelweiss Financial Services Ltd. (59.70, 2.93%). 20 stocks slipped below their 200 SMA including Mahindra Lifespace Developers Ltd. (378.90, -3.27%) and Strides Pharma Science Ltd. (328.90, -3.05%).