Trendlyne Marketwatch
Trendlyne Marketwatch
28 Nov 2022
Market closes higher, Dharmaj Crop Guard’s IPO gets bids for 1.8X of total shares

Trendlyne Analysis

Indian indices closed higher with the Nifty 50 hitting record high of 18,614.25 intraday. In contrast, S&P cut India FY23 GDP growth forecast by 30 bps to 7% and FY24 by 50 bps to 6%. FPI buying remains strong especially in auto, IT and capital goods sector.

US markets closed flat on Friday. Crude oil falls in early Monday trading as protests plague China, which is one of the top importers of crude oil. Investors continue to remain cautious over the price cap on Russian oil and the upcoming OPEC+ meeting. European shares fell from three-month highs on Monday.

Nifty Smallcap 100 and Nifty Midcap 100 close in the green in line with the benchmark index. Nifty Energy, Nifty IT and Nifty Auto closed higher while Nifty Metal closed lower.

Nifty 50 closed at 18,562.75 (50, 0.3%), BSE Sensex closed at 62,504.80 (211.2, 0.3%) while the broader Nifty 500 closed at 15,784.45 (57.2, 0.4%)

Market breadth is in the green. Of the 1,970 stocks traded today, 1,128 were in the positive territory and 768 were negative.

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

  • Paint stocks like Asian Paints, Berger Paints, Kansai Nerolac Paints and Indigo Paints rise as oil prices fall nearly 2.5% in trade today.

  • Dharmaj Crop Guard’s Rs 251.15 crore IPO gets bids for 1.8X of the available 80.12 lakh shares on offer on the first day of bidding. The retail investor quota gets bids for 2.6X the available 39.9 lakh shares on offer. The IPO consists of a fresh issue of Rs 216 crore and an offer for sale of Rs 35.15 crore.

  • Energy stocks like Hindustan Petroleum Corp, Chennai Petroleum Corp, Savita Oil Technologies and Indraprastha Gas are rising in trade. The broader sectoral index S&P BSE Energy is also trading in the green.

  • Macquarie initiates coverage on Container Corp of India with an ‘Underweight’ rating and a target price of Rs 620. The brokerage says that the delay in the completion of the freight corridor to Jawaharlal Nehru Port, Mumbai, will impact the company’s volume growth.

  • Zydus Lifesciences is rising as its US subsidiary receives tentative approval from the US FDA to market levothyroxine sodium injection. The injection is for the treatment of myxedema coma. According to IQVIA, the injection had annual sales of $45.2 million for the year ending September 2022.

  • Oracle Financial Services Software, Tanla Platforms and Century Plyboards (India) trade above their third resistance or R3 level as the market trades higher.

  • Nifty 50 and BSE Sensex hit record highs of 18,614.25 and 62,701.4 respectively.

  • Lemon Tree Hotels is rising as it signs a deal for a 42-room hotel in Jamshedpur. Its wholly owned subsidiary and management arm, Carnation Hotels, will manage the property. The hotel is expected to be fully operational by September 2023.

  • HDFC Securities maintains its ‘Buy’ rating on Axis Bank with a target price of Rs 1,195. This indicates an upside of 35.9%. The brokerage believes the bank’s focus on expanding its exposure to medium and small corporate, rural & semi-urban and unsecured retail segments will drive growth in the coming quarters. It also sees the bank’s strong digital capabilities and extensive branch network as key positives. It expects the company’s net profit to grow at a CAGR of 20.4% over FY22-25.

  • S&P Global Ratings lowers India’s GDP growth forecast for FY23 to 7% from its earlier estimate of 7.3%. The rating agency in its Asia Pacific Economic Outlook said central banks will face pressure due to high global interest rates.

  • Oil and gas stocks like Hindustan Petroleum Corp, Bharat Petroleum Corp, Reliance Industries and Indian Oil Corp are rising in trade. The broader sectoral index BSE Oil & Gas is also trading in the green.

  • Shriram Properties rises as its wholly owned subsidiary Shriprop Builders buys Suvilas Realities, a real estate company based in Bangalore, for Rs 30 crore. The company shows up in a screener of stocks with improving RoCE in the past two years.

  • Inox Wind Energy's and Inox Wind's Whole-Time Director Vineet Valentine Davis resigns on Friday. He also gives up the post of Non-Executive and Non-Independent Director of Inox Green Energy Services.

  • Max Financial Services is rising as it receives approval from the Insurance Regulatory and Development Authority of India (IRDAI) to buy the balance 5.2% stake in Max Life Insurance held by Mitsui Sumitomo. The company will buy 9.9 crore shares for nearly Rs 842 crore. Max Financial Services will hold an 87% stake in Max Life Insurance after the buyout.

  • Indian Energy Exchange is set to buyback 49 lakh shares, which represents a 0.55% stake, for Rs 98 crore through the open market. The buyback price is at Rs 200 per share. The stock shows up in a screener for companies with improving cash flow from operations over the past two years.

  • Indian rupee falls to 81.79 against the US dollar in early trade today. This comes after protests over Covid restrictions in China led to a fall in Asian currencies and strengthened the dollar.

  • Hero MotoCorp rises as the company raises its ex-showroom prices from December 1, 2022, according to reports. The price hike will vary with models and the market.

  • Dharmaj Crop Guard raises Rs 75 crore from anchor investors ahead of its IPO, which opens up for subscription today. The company allotted 31.6 lakh equity shares at Rs 267 each to anchor investors. The investors include Elara India Opportunities Fund, Rajasthan Global Securities and Resonance Opportunities Fund.

  • One97 Communications (Paytm) receives a letter from the Reserve Bank of India to reapply for the online payment aggregator license for its wholly owned subsidiary Paytm Payment Services (PPSL). Meanwhile, PPSL is not allowed to onboard any new customers. PPSL must also seek necessary approvals for any past downward investment from Paytm to PPSL to comply with the FDI guidelines.

  • HFCL bags order worth Rs 1,770 crore from the water & sanitation department for engineering, procurement and construction services in Uttar Pradesh. The contract value for the supply of materials and services is Rs 1,414 crore and operation and maintenance services are Rs 356 crore. The project will be executed within 18 months from the contract signing.

Riding High:

Largecap and midcap gainers today include Tube Investments of India Ltd. (2,746.95, 6.13%), Hindustan Petroleum Corporation Ltd. (238.50, 5.51%) and Indian Railway Finance Corporation Ltd. (33.55, 5.50%).

Downers:

Largecap and midcap losers today include Macrotech Developers Ltd. (999.55, -2.96%), Jindal Steel & Power Ltd. (507.20, -2.61%) and Honeywell Automation India Ltd. (41,310.00, -2.56%).

Movers and Shakers

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

Top high volume gainers on BSE included Tanla Platforms Ltd. (818.40, 10.97%), MMTC Ltd. (41.80, 9.28%) and Apollo Tyres Ltd. (312.70, 6.65%).

Top high volume losers on BSE were Shriram Transport Finance Company Ltd. (1,264.75, -1.20%), Linde India Ltd. (3,034.50, -0.25%) and Bayer Cropscience Ltd. (4,530.05, -0.25%).

Mishra Dhatu Nigam Ltd. (251.15, 5.90%) was trading at 4.6 times of weekly average. Sonata Software Ltd. (585.30, 5.85%) and EPL Ltd. (165.35, 2.16%) were trading with volumes 4.6 and 4.4 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

25 stocks made 52-week highs, while 1 stock was an underachiever and hit its 52-week lows.

Stocks touching their year highs included - Aegis Logistics Ltd. (332.05, -1.23%), Apollo Tyres Ltd. (312.70, 6.65%) and Bharat Heavy Electricals Ltd. (81.40, -0.67%).

Stock making new 52 weeks lows included - SIS Ltd. (389.40, 0.04%).

28 stocks climbed above their 200 day SMA including MMTC Ltd. (41.80, 9.28%) and Sonata Software Ltd. (585.30, 5.85%). 3 stocks slipped below their 200 SMA including Havells India Ltd. (1,221.55, -2.00%) and Vedanta Ltd. (310.55, -1.90%).

 
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