Trendlyne Marketwatch
Trendlyne Marketwatch
24 Nov 2022
Market closes higher, Capri Global Holdings buys 1.59% stake in Fino Payments Bank

Trendlyne Analysis

Indian indices rose sharply during the final hour of the trading session and closed in the green. BSE Sensex touched its life-time high and closed 1.2% higher. European stocks followed the global trend and traded higher than Wednesday's close. Major Asian indices closed in the green, in line with the US indices, which closed higher on Wednesday.

US stocks rose as the US Federal Open Market Committee (FOMC) Meeting Minutes showed that interest rate hikes may slow down going forward. The S&P 500 index closed 0.6% higher and touched a two-month high while the tech-heavy NASDAQ 100 index rose 1%. Brent crude oil futures traded marginally higher after falling over 4% on Wednesday as rising Covid cases in China hurt crude oil demand.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, following the benchmark index. Nifty FMCG and Nifty Bank closed higher than Wednesday’s close. Nifty IT closed in the green, taking cues from the tech-heavy NASDAQ 100, which closed nearly 1% higher on Thursday.

Nifty 50 closed at 18,484.10 (216.9, 1.2%), BSE Sensex closed at 62,272.68 (762.1, 1.2%) while the broader Nifty 500 closed at 15,680.80 (142.7, 0.9%)

Market breadth is in the green. Of the 1,938 stocks traded today, 1,061 were on the uptrend, and 811 went down.

  • Relative strength index (RSI) indicates that stocks like Indian Railway Finance Corp, Union Bank of India, NBCC (India) and IIFL Finance are in the overbought zone.

  • Easy Trip Planners rises in trade after it announces a board meeting on December 1 to consider a proposal on acquisition. The stock shows up in a screener with improving RoA for the past two years.

  • KPI Green Energy is rising as its shareholders will consider the issuance of bonus shares at its board meeting on Wednesday. The company shows up in a screener listing stocks with improving book value per share for the past two years.

  • IOL Chemicals and Pharmaceuticals rises as the Centre grants it a patent for developing a safe process to prepare drugs used to treat high blood pressure and heart failure. It shows up in a screener for companies with improving book value per share for the past two years.

  • Aurobindo Pharma and Quess Corp hit their 52-week lows of Rs 456.6 and Rs 423.3 respectively. Aurobindo Pharma falls for seven consecutive sessions, while Quess Corp trades lower for two sessions.

  • Fino Payments Bank is rising after Capri Global Holdings buys a 1.59% stake (13.2 lakh shares) worth Rs 30.2 crore in a bulk deal. The company shows up on a screener with stocks rising more than 20% in the past month.

  • Indian Oil Corp and Chennai Petroleum Corp rise as ICICI Bank plans to invest in the seed equity capital of the proposed joint venture (JV) of the oil corporations. ICICI Bank will hold a 10% stake in the JV. As a seed equity investor, the bank does not have any obligation to fund the future equity requirements of the project.

  • PB Fintech (Policybazaar) is surging in trade as 73.4 lakh shares (1.6% equity) amounting to Rs 295 crore change hands, according to reports.

  • Brokerage firm Ambit recommends a ‘Buy’ rating on Zomato with a target price of Rs 94, indicating an upside of 50%, according to reports. It is optimistic about the company’s growth as Zomato's market share in the food delivery space rose to 55% in H1CY22. The company’s gross merchandise value in food ordering in H1CY22 stands at 56%, beating Swiggy’s 40%. The brokerage expects the entire enterprise (including Blinkit) to turn profitable by FY27.

  • Larsen & Toubro's heavy civil infrastructure business wins an order worth Rs 1,000-2,500 crore from the Greenko Group for the development of an off-stream pumped storage project in Madhya Pradesh.

  • Neeraj Kanwar, Managing Director of Apollo Tyres, says that the company’s volumes rose 9%. He adds that it aims to expand India business margins to 12% as raw material prices ease and new products are introduced in the market.

  • IT consulting & software companies like Persistent Systems, HCL Technologies, Larsen & Toubro Infotech, Infosys and Tech Mahindra are rising in trade. All the constituents of the broader Nifty IT index are trading in the green.

  • Cipla is falling as the US FDA issues an Official Action Indicated (OAI) status to its manufacturing facility in Goa. The OAI status generally means that the regulatory found objectionable conditions during inspections. The US FDA will hold further product approvals for the Goa facility until the observations are resolved.

  • Delhivery is rising as 32.1 lakh shares (0.44% equity) amounting to Rs 104.8 crore change hands, according to reports.

  • ICICI Securities maintains its ‘Buy’ rating on Balkrishna Industries with a target price of Rs 2,479. This implies an upside of 26.5%. The brokerage is positive about the company’s prospects given its lower input costs compared to its peers and its focus on exports. It expects the company’s revenue to grow at a CAGR of 16% over FY22-24.

  • Healthcare stocks like Global Health, Apollo Hospitals Enterprise, and Aster DM Healthcare are rising in trade. The broader Healthcare Facilities industry improves by more than 2%.

  • Sugar stocks like Shree Renuka Sugars, EID (Parry) India, Balrampur Chini Mills and Triveni Engineering & Industries are rising in trade. The Indian Sugar Mills Association suggests that the companies will be allowed to export an additional 2-4 million tonnes this season, according to reports. The broader sugar industry is also up by more than 2% in trade.

  • Tata Consumer Products is rising as the company plans to buy Bisleri International for Rs 7,000 crore, according to reports. The company features in a screener of stocks with improving return on capital employed (RoCE) for the past two years.

  • Keystone Realtors’ shares list at a 2.6% premium to the issue price of Rs 541 on its debut on the bourses. The Rs 635 crore IPO was subscribed for 2X the total shares on offer.

  • Glenmark Pharma is falling after the US FDA issued a warning letter to its Goa manufacturing facility. The unit was given an official action indicated (OAI) status after an inspection in May 2022.

  • Polus Global Fund sells a 2.3% stake (53.8 lakh shares) in the recently listed IPO, Inox Green Energy, for Rs 32.9 crore in a bulk deal. Meanwhile, Pilot Consultants picks up a 2.45% stake (57.6 lakh shares) in the company for Rs 34.9 crore in another bulk deal.

Riding High:

Largecap and midcap gainers today include PB Fintech Ltd. (432.00, 7.89%), Indian Railway Finance Corporation Ltd. (30.90, 5.64%) and Apollo Hospitals Enterprise Ltd. (4,815.05, 4.56%).

Downers:

Largecap and midcap losers today include Indian Overseas Bank (22.05, -4.55%), One97 Communications Ltd. (441.10, -2.50%) and Vodafone Idea Ltd. (8.05, -2.42%).

Volume Rockets

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

Top high volume gainers on BSE included SJVN Ltd. (38.90, 7.31%), Indoco Remedies Ltd. (415.35, 7.19%) and Avanti Feeds Ltd. (391.55, 7.17%).

Top high volume losers on BSE were Happiest Minds Technologies Ltd. (941.00, -2.13%), Alembic Pharmaceuticals Ltd. (599.75, -1.73%) and Gillette India Ltd. (5,001.10, -1.46%).

Cera Sanitaryware Ltd. (5,506.25, 2.96%) was trading at 24.4 times of weekly average. Welspun India Ltd. (80.35, 4.96%) and Mangalore Refinery And Petrochemicals Ltd. (56.05, 6.05%) were trading with volumes 12.4 and 11.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

20 stocks took off, crossing 52-week highs, while 9 stocks hit their 52-week lows.

Stocks touching their year highs included - Aegis Logistics Ltd. (330.15, 0.15%), Bank of Baroda (170.40, 0.92%) and Bank of India (81.30, 2.46%).

Stocks making new 52 weeks lows included - Aurobindo Pharma Ltd. (456.30, -0.73%) and Avanti Feeds Ltd. (391.55, 7.17%).

18 stocks climbed above their 200 day SMA including Gujarat State Petronet Ltd. (260.45, 9.50%) and HDFC Life Insurance Company Ltd. (572.55, 4.55%). 6 stocks slipped below their 200 SMA including Adani Transmission Ltd. (2,790.85, -2.31%) and Aarti Drugs Ltd. (442.30, -2.25%).

 
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