Trendlyne Marketwatch
Trendlyne Marketwatch
29 Nov 2022
Market closes higher, Dharmaj Crop Guard’s IPO gets bids for 6X of shares

Trendlyne Analysis

Nifty closed in green after opening on a flat level today. Japan's Nikkei closed at a one-week low on Tuesday, as COVID-19 protests in several Chinese cities raised concerns about economic growth.

Markets trade higher in Hong Kong and China while Australian market trades flat. US markets closed 1.54% lower on Monday on concerns over economic growth as China continues to protest over Covid policies. Oil prices fell on concerns of slowing demand. The pan-European STOXX 600 index rose 0.3% led by healthcare and energy stocks.

Nifty Smallcap 100 and Nifty Midcap 100 closed in red despite the benchmark index trading in green. Nifty FMCG and Nifty Metal indices closed higher in today's trading session.

Nifty 50 closed at 18,618.05 (55.3, 0.3%), BSE Sensex closed at 62,681.84 (177.0, 0.3%) while the broader Nifty 500 closed at 15,812.45 (28, 0.2%)

Market breadth is in the red. Of the 1,941 stocks traded today, 825 showed gains, and 1,038 showed losses.

  • Money Flow Index (MFI) indicates that stocks like Orient Electric, The Fertilisers and Chemicals Travancore, Ceat and IIFL Finance are in the overbought zone.

  • CCL Products India and ICICI Bank hit their all-time highs of Rs 544.5 and Rs 949.9 respectively. Both stocks rise for two consecutive sessions.

  • Dharmaj Crop Guard’s Rs 251.15 crore IPO gets bids for 6X of the available 80.12 lakh shares on offer on the first day of bidding. The retail investor quota gets bids for 7.8X of the available 39.9 lakh shares on offer.

  • Personal Products, Tea & Coffee and Special Consumer Services industries rise by more than 2.5% in trade today.

  • Zydus Lifesciences is rising as it purchases Watson Pharma’s active pharmaceutical ingredients (API) business through a slump sale for a lump sum cash consideration of Rs 46.8 crore. The company expects this acquisition to help expand its presence in the API space.

  • S&P Global Ratings lowers its 2023 GDP growth forecast for emerging economies to 3.8% from the earlier 4.1%. The rating agency expects inflation to be above central banks’ targets for most economies, leading to tight monetary policy conditions.

  • Britannia Industries rises as it announces a joint venture (JV) with Bel SA in France and Britannia Dairy Private (BDPL) to sell its 49% stake in Britannia Dairy to Bel for Rs 262 crore. BDPL will carry out the manufacturing, marketing and distribution of cheese products in India.

  • Sharekhan maintains its ‘Buy’ rating on Maruti Suzuki with a target price of Rs 10,965. This implies an upside of 21.5%. The brokerage believes that as economic activities normalise, the company will see a recovery in domestic demand and sales volume, given its better product mix and new product launches. It also sees the firm’s robust balance sheet, healthy order book and cost-control measures as key positives. The brokerage expects the firm’s net profit to grow at a CAGR of 45.8% over FY22-25.

  • FMCG stocks like Dabur India, Hindustan Unilever, Marico and Nestle India are rising in trade. The broader sectoral index Nifty FMCG is also trading in the green.

  • Indian rupee appreciates to 81.6 against the US dollar in early trade today amid foreign capital inflows.

  • Tata Motors is rising as it signs a memorandum of understanding (MoU) with IndusInd Bank to develop an electric vehicle (EV) inventory programme for the company's dealers. The bank will provide additional inventory funding to authorised passenger EV dealers of Tata Motors, which can be repaid in 60 to 70 days. The bank will also provide additional funding during high-demand periods.

  • Vodafone Idea, Laurus Labs and One97 Communications (Paytm) score low on Trendlyne's durability, momentum and valuation scale.

  • Rail Vikas Nigam is falling as 1.7 crore shares (0.8% equity) amounting to Rs 144 crore change hands, according to reports.

  • Lupin is rising as its Brazilian arm MedQuímica Indústria Farmacêutica inks a definitive agreement to acquire all rights to nine medicines from BL Indústria Ótica, an arm of Bausch Health Companies. MedQuímica will acquire rights to products including limbitrol, bacrocin, glyquin and solaquin.

  • Max Ventures Investment Holdings, promoter of Max Financial Services, sells a 1.6% stake in the company on Monday.

  • Ami Organics is rising as Norges Bank on account of the Government Pension Fund Global buys 10.9 lakh shares (3% stake) for Rs 100.5 crore in a bulk deal. Meanwhile, Small Cap World Fund sells 12.7 lakh shares (3.5% stake) for Rs 117 crore. Valuequest Investment Advisors also buys 1.8 lakh shares of Ami Organics for Rs 16.6 crore in a block deal.

  • One97 Communications (Paytm) is rising as CLSA upgrades its rating on the stock to ‘Buy’ from ‘Sell’ with a target price of Rs 650. The brokerage expects the company’s cash burn to end in the next 4-6 quarters, as it holds more than $1 billion cash in its balance sheet.

  • Lumax Industries is rising as its board will meet on December 7 to consider and approve a proposal for setting up a new manufacturing facility in Chakan, Pune.

  • YES Bank acquires a 9.9% stake in JC Flowers Asset Reconstruction for a total consideration of Rs 14 crore. The bank will acquire an additional 10% stake after getting the required approvals.

  • Dovetail India Fund sells a 0.77% stake (18 lakh shares) in the recently listed Inox Green Energy for Rs 11.1 crore in a bulk deal on Monday.

  • NBCC (India) receives orders worth Rs 271.6 crore in two stalled projects of the erstwhile Amrapali Group. The orders pertain to completing the construction of Amrapali corporate hub in Gurugram, Haryana, for Rs 42.4 crore and special repairs and upgradation of Amrapali projects in Noida & Greater Noida, Uttar Pradesh, for Rs 229.2 crore.

Riding High:

Largecap and midcap gainers today include The New India Assurance Company Ltd. (115.00, 13.58%), Gland Pharma Ltd. (1,877.95, 7.61%) and Dabur India Ltd. (593.10, 6.18%).

Downers:

Largecap and midcap losers today include Laurus Labs Ltd. (408.60, -9.27%), Bajaj Holdings & Investment Ltd. (6,024.10, -5.80%) and Varun Beverages Ltd. (1,146.15, -3.14%).

Movers and Shakers

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

Top high volume gainers on BSE included The New India Assurance Company Ltd. (115.00, 13.58%), KIOCL Ltd. (216.95, 8.18%) and Gland Pharma Ltd. (1,877.95, 7.61%).

Top high volume losers on BSE were Laurus Labs Ltd. (408.60, -9.27%), La Opala RG Ltd. (381.45, -3.41%) and PNC Infratech Ltd. (268.00, -1.83%).

Prism Johnson Ltd. (129.60, 7.06%) was trading at 24.2 times of weekly average. Bombay Burmah Trading Corporation Ltd. (960.25, 5.04%) and Bayer Cropscience Ltd. (4,521.00, -0.36%) were trading with volumes 15.1 and 10.7 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

17 stocks overperformed with 52-week highs, while 3 stocks tanked below their 52-week lows.

Stocks touching their year highs included - Apollo Tyres Ltd. (315.15, 0.78%), Bank of India (83.75, 3.08%) and Britannia Industries Ltd. (4,285.35, 1.72%).

Stocks making new 52 weeks lows included - Laurus Labs Ltd. (408.60, -9.27%) and Amber Enterprises India Ltd. (1,934.25, -1.78%).

25 stocks climbed above their 200 day SMA including The New India Assurance Company Ltd. (115.00, 13.58%) and KIOCL Ltd. (216.95, 8.18%). 7 stocks slipped below their 200 SMA including Strides Pharma Science Ltd. (330.30, -2.15%) and eClerx Services Ltd. (1,426.30, -2.14%).

 
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