Trendlyne Marketwatch
Trendlyne Marketwatch
30 Nov 2022
Market closes higher, Dharmaj Crop Guard’s IPO gets bids for 35.5X of total shares on offer

Trendlyne Analysis

Indian indices closed higher with the BSE Sensex crossing 63,000 mark today after opening flat. FPI investors bought net shares worth Rs 1,242 crore according to the provisional data available. The rupee closed at 81.7 paring all intraday gains on Tuesday.

European markets open higher. Concerns over China’s protests over Covid policies continue. US markets closed lower on Tuesday awaiting Powell’s remarks on interest rates. Oil prices rose and US crude inventories continue to fall. Dollar heads for biggest monthly loss since 2010 ahead of Powell speech.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the green. Nifty Metal, Energy, Realty and Auto closed higher while Nifty PSU Bank closed in red today.

Nifty 50 closed at 18,758.35 (140.3, 0.8%), BSE Sensex closed at 63,099.65 (417.8, 0.7%) while the broader Nifty 500 closed at 15,946.15 (133.7, 0.9%)

Market breadth is in the green. Of the 1,933 stocks traded today, 1,162 showed gains, and 711 showed losses.

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

  • PSU bank stocks like Canara Bank, Punjab & Sind Bank, Central Bank of India and UCO Bank are falling in trade. The broader sectoral index Nifty PSU Bank is also trading in the red.

  • Laurus Labs touches its 52-week low of Rs 405.2. However, the stock reverses its fall and rises by more than 1.5% in trade.

  • Among the Nifty 500 companies, Ultratech Cement, Nestle India and Tata Motors underperform their industry in the past quarter.

  • Dharmaj Crop Guard’s Rs 251.15 crore IPO gets bids for 35.5X the available 80.12 lakh shares on offer on the last day of bidding. The retail investor quota gets bids for 21.5X the available 39.9 lakh shares on offer.

  • Axis Direct maintains its ‘Buy’ rating on Shree Cements with a target price of Rs 25,900, indicating an upside of 11%. The brokerage expects the company to witness higher demand and better realisations amid lower commodity prices in H2FY23. It sees the firm’s expansion of production and focus on premium products as key positives. It expects the firm’s revenue to grow at a CAGR of 12% over FY22-25. The company is trading in the PE Neutral zone.

  • Macquarie maintains its ‘Underperform’ rating on Bajaj Finance with a target price of Rs 5,275. The brokerage says that the company’s loan growth will be affected due to weak cross-selling through franchises and digital footprint.

  • Uniparts India’s Rs 836.5 crore IPO gets bids for 58% of the available 1.01 crore shares on offer on the first day of bidding. The retail investor quota gets bids for 77% of the available 50.6 lakh shares on offer. The IPO is entirely an offer for sale of Rs 836.5 crore.

  • Realty stocks like Oberoi Realty, Prestige Estates Projects, DLF and Godrej Properties are rising in trade. The broader sectoral indices Nifty Realty and BSE Realty Index are also trading in the green.

  • Mazagon Dock Shipbuilders touches a 52-week high of Rs 914 and trades above R1 or first resistance. It lists in a screener with improving book value per share for the past two years. However, the company is not trading in the PE Buy Zone.

  • Nifty 50 touches another record high of 18,679.55 in trade today.

  • Ashoka Buildcon wins the bid for a construction project from the National Highway Authority of India for Rs 1,668.5 crore. The project is to construct a six-lane elevated corridor and also develop an existing four-lane road from Aroor to Thuravoor Thekku on NH66 in Kerala.

  • Ceat falls more than 3% in trade today. It shows up in a screener listing stocks with declining net cash flow. The company’s profit growth is lower than its industry median. Trendlyne’s consensus recommendation shows eight analysts suggesting a ‘Buy’.

  • Metal stocks like Jindal Steel & Power, Hindalco Industries, National Aluminium and Steel Authority of India are rising in trade. The broader sectoral index BSE Metal is also trading in the green.

  • NMDC raises iron ore prices by Rs 300 per tonne, according to reports. The new prices will be effective from today.

  • Inox Wind and its subsidiary Inox Green Energy Services are rising as both companies initiate the process of deleveraging their balance sheets, reducing a combined debt of Rs 411 crore. Inox Wind pays Rs 161 crore towards reducing debt and Inox Green Energy Services cut its debt by Rs 250 crore.

  • New Delhi Television's founders Prannoy Roy and Radhika Roy resign from board of directors on Tuesday. Their resignation is effective from November 29.

  • Alibaba offloads 3.4% equity (27.36 crore shares) in Zomato in a block deal, according to reports.

  • Uniparts India raises Rs 250.6 crore from anchor investors ahead of its IPO, which opens up for subscription today. The company allotted 43.4 lakh equity shares at Rs 577 each to anchor investors. The investors include Nomura Trust, Aditya Birla Sun Life Trustee and Morgan Stanley.

  • BNP Paribas sells 18 lakh shares in Wipro in a block deal on Tuesday. Societe Generale also picks up the same amount of shares in Wipro for Rs 72.9 crore in another block deal.

  • Gland Pharma’s arm Gland Pharma International enters a put option agreement to acquire a 100% stake in Cenexi Group, a French pharmaceutical manufacturer. The company will acquire Cenexi Group for an equity value not exceeding 120 million euros (around Rs 1,013.6 crore). The firm expects to expand its contract development and manufacturing business in Europe through this acquisition.

Riding High:

Largecap and midcap gainers today include Varun Beverages Ltd. (1,249.75, 9.04%), Shriram Transport Finance Company Ltd. (1,350.00, 6.27%) and Adani Green Energy Ltd. (2,116.50, 5.19%).

Downers:

Largecap and midcap losers today include Indian Railway Finance Corporation Ltd. (32.80, -7.08%), Gland Pharma Ltd. (1,779.65, -5.23%) and Schaeffler India Ltd. (2,690.00, -5.05%).

Movers and Shakers

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

Top high volume gainers on BSE included Housing and Urban Development Corporation Ltd. (53.30, 9.33%), Varun Beverages Ltd. (1,249.75, 9.04%) and Esab India Ltd. (4,147.60, 8.76%).

Top high volume losers on BSE were Schaeffler India Ltd. (2,690.00, -5.05%), KEI Industries Ltd. (1,527.30, -3.88%) and Sheela Foam Ltd. (2,580.40, -3.81%).

Bajaj Holdings & Investment Ltd. (6,294.95, 4.50%) was trading at 22.4 times of weekly average. Indian Hotels Company Ltd. (321.65, 1.72%) and TVS Motor Company Ltd. (1,048.15, 0.80%) were trading with volumes 22.3 and 17.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

13 stocks overperformed with 52-week highs, while 3 stocks were underachievers and hit their 52-week lows.

Stocks touching their year highs included - Apollo Tyres Ltd. (316.45, 0.41%), Britannia Industries Ltd. (4,362.30, 1.80%) and CCL Products India Ltd. (546.10, 1.29%).

Stocks making new 52 weeks lows included - Sheela Foam Ltd. (2,580.40, -3.81%) and Laurus Labs Ltd. (417.45, 2.17%).

20 stocks climbed above their 200 day SMA including Adani Transmission Ltd. (2,908.50, 4.52%) and UTI Asset Management Company Ltd. (781.15, 4.38%). 11 stocks slipped below their 200 SMA including IFB Industries Ltd. (930.00, -3.02%) and MOIL Ltd. (161.00, -1.95%).

 
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