Trendlyne Analysis

Indian indices closed flat with the Nifty 50 closing below the 18,300 mark. European indices traded higher than Tuesday’s levels. Major Asian indices closed in the green, in line with the US indices, which closed higher on Tuesday. Retail and energy stocks helped US indices to close in the green. The S&P 500 index closed 1.4% higher and touched a two-month high while the tech-heavy NASDAQ 100 rose 1.5%. Investors look ahead to the US Federal Open Market Committee (FOMC) Meeting Minutes to be released later today. Brent crude oil futures trade flat after rising 0.8% on Tuesday as US crude inventory fell by more than expected last week, raising supply concerns.

Nifty Smallcap 100 closed in the green, despite the benchmark index closing flat. Nifty Media and Nifty Bank closed higher than Tuesday’s levels. Nifty IT closed in the red, despite the tech-heavy NASDAQ 100, closing in the green on Tuesday.

Nifty 50 closed at 18,267.25 (23.1, 0.1%), BSE Sensex closed at 61,510.58 (91.6, 0.2%) while the broader Nifty 500 closed at 15,538.15 (29.0, 0.2%)

Market breadth is in the green. Of the 1,932 stocks traded today, 1,048 were on the uptrend, and 830 went down.

• Money Flow Index (MFI) indicates that stocks like Bank of Maharashtra, Union Bank of India, Amara Raja Batteries and NBCC (India) are in the overbought zone.

• Fertilizer stocks like Rashtriya Chemicals & Fertilizers, The Fertilisers and Chemicals Travancore, Gujarat Narmada Valley Fertilizers & Chemicals and Chambal Fertilisers & Chemicals are rising in trade. The broader sector of fertilizers is also trading in the green.

• Goldman Sachs expects the Nifty 50 index to reach the 20,500 mark by the end of 2023. It added that RBI’s repo rate could be at 6.75% by February 2023.

  #MarketsWithETNOW | See India's GDP growth at 5.9% in 2023. Valuations of Indian stocks are expensive: @GoldmanSachs India outlook #GoldmanSachs #India #GDP #FPI @RBI #RBI pic.twitter.com/KEcJopHaOb

  — ET NOW (@ETNOWlive) November 23, 2022

• Trendlyne’s Forecaster Dashboard suggests stocks like Phoenix Mills, Ircon International and Petronet LNG to have the highest capex growth in FY23.

• Canara Bank and IIFL Finance hit their 52-week highs of Rs 326.3 and Rs 475 respectively. While Canara Bank rises for five consecutive sessions, IIFL Finance trades higher for three sessions.

• KPIT Technologies rises after announcing that Renault Group selected it as a strategic software scaling partner for its next-generation software-defined vehicle programme. The stock shows up on the screener for companies with revenue increasing sequentially for the past eight quarters.

• M Anandan, Chairman and Managing Director of Aptus Value Housing Finance, says that the company aims to maintain a 25-30% CAGR in loan growth. He adds that NPAs will be at 1% in the upcoming quarters.

  #OnCNBCTV18 | #Demand for housing #loans is strong. #Collections have risen substantially, have been over 100% in last 2-3 months. Don’t expect any increase in #credit costs & hence any reduction in #NIMs, says M Anandan of Aptus Value Housing Finance pic.twitter.com/ucRZ5RKq49

  — CNBC-TV18 (@CNBCTV18Live) November 23, 2022

• Tata Teleservices (Maharashtra) rises as it announces a strategic expansion of its cloud communication suite Smartflo with WhatsApp Business Platform to offer enhanced business communication solutions.

• Aurobindo Pharma is rising as its step-down subsidiary Acrotech Biopharma signs a licensing agreement with Evive Biotech to commercialise Ryzneuta in the US market. The product is used for post-treatment of cancer patients after they go through chemotherapy.

• BASF India's Managing Director Narayan Krishnamohan and Whole-Time Director Rajesh Naik resign from the company, effective from December 31. The company appoints Alexander Gerding as the Managing Director and Anil Kumar Choudhary as the Whole-time Director, subject to the approval of the shareholders.

• Trent is rising as 0.2% equity amounting to Rs 100.4 crore change hands in a block deal, according to reports.

  Trent large trade | 0.2% equity worth ?100.4 cr change hands at ?1,418/sh via block deal pic.twitter.com/DnrOV77xye

  — CNBC-TV18 (@CNBCTV18Live) November 23, 2022

• FSN E-Commerce Ventures (Nykaa) is falling as Chief Financial Officer Arvind Agarwal resigns from the company to pursue other opportunities in the digital economy and start-up space. His resignation will be effective from November 25.

• DCW surges after announcing plans to expand the capacity of its Chlorinated Polyvinyl Chloride (CPVC) and Synthetic Iron Oxide Pigment (SIOP) plants to 100%. The company expects to double CPVC production capacity by H2FY24 and increase SIOP capacity utilisation by Q1FY24. It will invest around Rs 125 crore towards this.

• Lighthouse India Fund sells an additional 0.65% stake (1.8 crore shares) in FSN E-Commerce Ventures (Nykaa) for Rs 335.7 crore in a bulk deal. Meanwhile, Catalyst Trusteeship sold a 1.56% stake (54 lakh shares) in Max Financial Services worth Rs 344.1 crore in a bulk deal.

• Citi maintains its ‘Sell’ rating on Vedanta with a target price of Rs 235. This comes after the company’s board announced a third interim dividend for FY23. The brokerage says that dividend yield might be insufficient if there is a fall in commodity prices.

  #CNBCTV18Market | Citi gives a sell call on Vedanta, says co’s dividend outflow for FY23 at $3.2 bn vs dividend from Hind Zinc at $1.25 bn. Dividend yield may not be enough if commodity prices fall given group leverage pic.twitter.com/PRlkwgqnkT

  — CNBC-TV18 (@CNBCTV18Live) November 23, 2022

• Bharti Airtel’s arm Nxtra Data starts construction of its hyper-scale data centre in Kolkata. The company plans to invest Rs 600 crore towards the development and construction of the centre. The stock makes it to the screener for companies with improving cash flow from operations over the past two years.

• Indian rupee falls to 81.8 from the previous close of 81.67 against the US dollar in early trade today.

  #RupeeCheck | | Rupee opens at 81.80/$ vs Tuesday’s close of 81.67/$ pic.twitter.com/o9gbtR7s9u

  — CNBC-TV18 (@CNBCTV18Live) November 23, 2022

• Anil Gupta, promoter of KEI Industries, sells a 0.2% stake amounting to Rs 32.1 crore in the company. He now holds a 12.4% stake in the company.

• Inox Green Energy Services’ shares list at a 7.7% discount to the issue price of Rs 65 on its debut on the bourses. The Rs 740 crore IPO was subscribed for 1.5X the total shares on offer.

• Gland Pharma, Go Fashion (India) and Sumitomo Chemical underperform the Nifty 50 index by more than 15% in the past month post its results.

• Siemens’ Q4FY22 (financial year followed is October – September) net profit jumps 2X YoY to Rs 652.3 crore. It had exceptional gains of Rs 355 crore from the divestment of its large drives application business by its subsidiary. Revenue rose 10.9% YoY because of an increase in new orders in Q4. The company shows up on the screener listing stocks with high TTM EPS growth.

Riding High:

Largecap and midcap gainers today include Punjab National Bank (50.35, 4.46%), InterGlobe Aviation Ltd. (1,893.35, 4.09%) and Apollo Hospitals Enterprise Ltd. (4,605.20, 3.03%).

Downers:

Largecap and midcap losers today include Hindustan Zinc Ltd. (301.05, -5.79%), One97 Communications Ltd. (452.40, -5.12%) and Schaeffler India Ltd. (2,943.00, -3.56%).

Volume Rockets

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

Top high volume gainers on BSE included RHI Magnesita India Ltd. (795.90, 12.96%), Rashtriya Chemicals & Fertilizers Ltd. (116.30, 11.51%) and NBCC (India) Ltd. (41.65, 10.48%).

Top high volume losers on BSE were Shriram City Union Finance Ltd. (1,992.65, -1.50%) and Siemens Ltd. (2,769.75, -1.20%).

Edelweiss Financial Services Ltd. (63.90, 6.95%) was trading at 16.3 times of weekly average. AstraZeneca Pharma India Ltd. (3,375.10, 3.81%) and Rallis India Ltd. (239.25, 4.32%) were trading with volumes 11.7 and 8.8 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

19 stocks overperformed with 52-week highs, while 15 stocks were underachievers and hit their 52-week lows.

Stocks touching their year highs included - Aegis Logistics Ltd. (329.65, 3.34%), Bank of Baroda (168.85, 1.26%) and Bank of India (79.35, -1.37%).

Stocks making new 52 weeks lows included - Avanti Feeds Ltd. (365.35, -2.91%) and GlaxoSmithKline Pharmaceuticals Ltd. (1,300.00, -0.68%).

11 stocks climbed above their 200 day SMA including Sun Pharma Advanced Research Company Ltd. (253.60, 4.36%) and InterGlobe Aviation Ltd. (1,893.35, 4.09%). 3 stocks slipped below their 200 SMA including Thermax Ltd. (2,076.00, -2.56%) and L&T Technology Services Ltd. (3,815.60, -1.04%).