Trendlyne Analysis

Nifty 50 closed marginally higher after dipping into losses and gains throughout the day. European stocks traded mixed as investors digested the latest German quarterly GDP data, which grew 0.4% QoQ. Major Asian indices closed mixed as investors assessed rising Covid cases in China and its impact on global economy. Tokyo’s core consumer price index rose 3.6% in November, its highest annual pace since 1980. US markets were closed on Thursday on account of Thanksgiving day. Crude oil is set for its third consecutive weekly loss as traders assess price capping on Russian oil by G7 countries and rising Covid cases in China.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green, despite the benchmark index closing marginally higher. Nifty Media and Nifty Auto closed higher than Thursday’s close. Nifty IT closed in the green after rising over 2.6% higher on Thursday.

Nifty 50 closed at 18,512.75 (28.7, 0.2%), BSE Sensex closed at 62,293.64 (21.0, 0.0%) while the broader Nifty 500 closed at 15,727.25 (46.5, 0.3%)

Market breadth is in the green. Of the 1,938 stocks traded today, 1,182 were on the uptick, and 697 were down.

• The Government of India is looking to sell a 5-10% stake in Coal India, Hindustan Zinc and Rashtriya Chemicals & Fertilizers, according to reports. The proceeds from these stake sales are expected to fund the Centre’s subsidy bill.

• Adani Enterprises' board of directors approves the raising of funds by way of further public offering through a fresh issue of equity shares aggregating up to Rs 20,000 crore, subject to shareholders' approval.

• Money Flow Index (MFI) indicates that stocks like NBCC (India), The Fertilisers and Chemicals Travancore, Indoco Remedies and Rashtriya Chemicals & Fertilizers are in the overbought zone.

• High-return durable stocks like HCL Technologies, Hindustan Aeronautics and Kalyan Jewellers gain more than 18% in the past 90 days.

• ICICI Securities maintains 'Add' rating on Brookfield India REIT with a target price of Rs 318. This indicates a potential upside of 9.6%. The brokerage believes that the company's sponsor right of first offer (RoFO) of 6.4 marginal standing facility (MSF) across Gurugram in NCR and Powai in Mumbai may drive inorganic growth. It expects the company's net profit to grow at a CAGR of 21.8% over FY22-25.

• Larsen & Toubro and Hindustan Aeronautics hit all-time highs of Rs 2,095.8 and Rs 2,774.95 respectively. Both stocks rise for two consecutive sessions.

• Hariom Pipe Industries touches a 52-week high of Rs 319.9 as it finishes instalment of a 15-tonne electric melting furnace and begins commercial production today. This will increase the plant’s production to 1.04 lakh MTPA from 95,832 MTPA. It shows up in a screener listing stocks with improving RoCE for the past two years.

• Nomura is cautious of the share-price rally and downgrades its rating on Siemens to ‘Neutral’ with a target price of Rs 3,008. The brokerage expects order inflow to reduce.

  #BrokerageRadar | @Nomura on @Siemens: Downgrade to Neutral from Buy; Turn cautious after strong share-price rally#StockMarket #StocksToWatch pic.twitter.com/f0Tz7gW2f8

  — ET NOW (@ETNOWlive) November 25, 2022

• Media stocks like Network 18 Media & Investments, TV18 Broadcast, Dish TV India, PVR and Inox Leisure are rising in trade. The broader sectoral index Nifty Media is also trading in the green.

• Investment Advisor Sandip Sabharwal is bullish on tyre stocks as global rubber prices ease. He says that tyre  companies will benefit from a fall in crude oil prices and a correction in rubber prices. Tyre stocks like Balkrishna Industries, MRF,  Apollo Tyres and Ceat are rising in trade today.

  Global Rubber prices have corrected nearly 25% over the last few months
  Crude derivatives like Nylon Tyre Cord, Carbon Black are also correcting now as crude falls and demand moderates
  
  Tyre companies will be big beneficiaries with significant margin improvement possibilities

  — sandip sabharwal (@sandipsabharwal) November 25, 2022

• AstraZeneca Pharma, Fine Organic Industries and Great Eastern Shipping Co report an increase in net profit by more than 2.5X YoY in Q2FY23.

• Castrol India inks an agreement with Ki Mobility Solutions for acquiring of 7.1% stake for Rs 487.5 crore. Both companies will explore business and technology collaborations under this partnership.

• Chennai Petroleum Corp and Indian Oil Corp are rising as they sign a joint venture (JV) agreement with seed investors for a refinery and petrochemicals project. The refineries will set up a nine million metric tonne facility in Tamil Nadu. Chennai Petroleum and Indian Oil will hold 25% of equity each in the JV, while the remaining 50% will be held by seed investors.

• Keynote Capitals initiates coverage on Can Fin Homes with a ‘Buy’ rating and a target price of Rs 670. This indicates an upside of 27.4%. The brokerage has a healthy business outlook for the company given its robust asset quality, healthy growth in loan disbursements and effective risk management. It expects the firm’s loan book to grow 18-20% in the coming quarters and net profit at a CAGR of 17.6% over FY22-24.

• Saurabh Gupta, Group CFO of Dixon Technologies, expects the company’s revenue to be around Rs 14,000-15,000 crore in FY23. He also expects 35% of revenue to come in from exports.

  #OnCNBCTV18 | Festive sales were good, and business is back to normal. Expect revenue in the range of ?14,000-15,000 cr in FY23, EBITDA margin expected between 3.8-4%, says Saurabh Gupta of Dixon Tech pic.twitter.com/TDb6aJdu9k

  — CNBC-TV18 (@CNBCTV18Live) November 25, 2022

• Biocon is rising after its wholly owned subsidiary Biocon Biologics allots shares worth Rs 2,205.6 crore to the company. This takes the holding of Biocon in Biocon Biologics to 88.8% post the allotment of shares.

• Stocks like Punjab National Bank, Suzlon Energy and IDBI Bank trade above their second resistance or R2 level as the market trades flat.

• Tata Steel Long Products acquires an additional 4.69 crore shares of its subsidiary Neelachal Ispat Nigam for Rs 300 crore. The stock shows up on a screener for companies with improving cash flow from operations over the past two years.

• PSU bank stocks like Punjab National Bank, UCO Bank, Punjab & Sind Bank and Indian Overseas Bank are rising in trade. The broader sectoral index Nifty PSU Bank is also trading in the green.

• BofA maintains its ‘Buy’ rating on PVR with a target price of Rs 2,405. The brokerage says that Q3FY23 will be a strong quarter as the pipeline of movie releases is favourable.

  #BrokerageRadar | BofA on @_PVRCinemas: Maintain Buy; Expect the momentum to continue to next months as well#StockMarket #StocksToWatch @BofA_Business pic.twitter.com/JZGiy9YiDi

  — ET NOW (@ETNOWlive) November 25, 2022

• Lupin is falling after the US FDA issued Form 483 with eight observations each for the drug product and API facility. The inspection was conducted at Lupin’s Mandideep facility in Madhya Pradesh.

• Punjab National Bank is rising as it receives government nod to divest its entire stake in UTI Asset Management Co. The bank holds a 15.2% stake in UTI Asset Management. It is yet to receive approval from the Securities and Exchange Board of India.

• WF Asian Smaller Companies Fund buys 1.6 crore shares (2.05% stake) in PB Fintech for Rs 271 crore in a bulk deal. Meanwhile, Capri Global Holdings buys 6.06 lakh shares (0.73% stake) in Fino Payments Bank for Rs 15.6 crore in another bulk deal.

Riding High:

Largecap and midcap gainers today include Bharat Heavy Electricals Ltd. (81.95, 9.56%), Tata Motors Limited (DVR) (234.70, 9.14%) and PB Fintech Ltd. (460.55, 6.61%).

Downers:

Largecap and midcap losers today include Union Bank of India (76.50, -2.67%), Shriram Transport Finance Company Ltd. (1,280.15, -2.41%) and Bajaj Holdings & Investment Ltd. (6,371.80, -2.29%).

Volume Rockets

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

Top high volume gainers on BSE included Indiabulls Housing Finance Ltd. (138.15, 11.64%), Bharat Heavy Electricals Ltd. (81.95, 9.56%) and Tata Motors Limited (DVR) (234.70, 9.14%).

Top high volume losers on BSE were ICICI Prudential Life Insurance Company Ltd. (452.10, -2.14%), Heidelberg Cement India Ltd. (195.50, -1.16%) and Sapphire Foods India Ltd. (1,330.00, -0.57%).

Sanofi India Ltd. (5,689.50, 3.47%) was trading at 9.9 times of weekly average. EPL Ltd. (161.85, 5.03%) and JM Financial Ltd. (73.45, 3.31%) were trading with volumes 9.5 and 8.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

22 stocks overperformed with 52-week highs, while 2 stocks were underachievers and hit their 52-week lows.

Stocks touching their year highs included - Aegis Logistics Ltd. (336.20, 1.83%), Bank of Baroda (167.85, -1.50%) and Bank of India (81.80, 0.62%).

Stocks making new 52 weeks lows included - Motilal Oswal Financial Services Ltd. (655.00, -0.68%) and Quess Corp Ltd. (422.85, -0.18%).

24 stocks climbed above their 200 day SMA including Indiabulls Housing Finance Ltd. (138.15, 11.64%) and Gujarat State Petronet Ltd. (278.80, 7.05%). 7 stocks slipped below their 200 SMA including Adani Transmission Ltd. (2,739.60, -1.84%) and Aptus Value Housing Finance India Ltd. (313.30, -0.52%).