Trendlyne Analysis

Nifty closed higher after SGX indicated a positive start to the session. India’s GDP growth slows down to 6.3% in Q2FY23 from 13.5% in Q1FY23 because of a fall in activity from the manufacturing sector. This offset the decline in growth from the services sector.

Asian stocks trade higher following the US markets after Powell indicated a slowdown in rate hikes from December 2022. S&P 500 rose 3.09% while Nasdaq gained 4.4% in trade on Wednesday. Tata Play pre-files DRHP with SEBI for proposed IPO.

Nifty Smallcap 100 and Nifty Midcap 100 close in the green. Nifty Media, Nifty Metal and Nifty IT close higher while Nifty FMCG and BSE Power close lower today.

Nifty 50 closed at 18,812.50 (54.2, 0.3%), BSE Sensex closed at 63,284.19 (184.5, 0.3%) while the broader Nifty 500 closed at 16,003.95 (57.8, 0.4%)

Market breadth is in the green. Of the 1,943 stocks traded today, 1,137 showed gains, and 750 showed losses.

• JSW Steel beats Tata Steel in YoY and QoQ revenue growth, one-year price change, dividend yield over a year and average annual RoE over three years. But it lags in PE ratio, average broker rating and Trendlyne’s Valuation score.

• Maruti Suzuki’s total wholesales in November increase 14.3% YoY, led by a 20.7% YoY rise in domestic passenger vehicle (PV) sales. Healthy growth in sales of compact and utility vehicles drives PV sales. Mahindra & Mahindra’s (M&M) total PV wholesales for November surge 56% YoY on the back of robust growth in utility vehicle sales. M&M’s sales in the farm equipment segment rise 10% YoY, led by a 12% YoY growth in domestic sales.

• Morgan Stanley expects the liberalisation of gas prices to benefit upstream producers. The brokerage says that this will help in improving the production and demand for gas.

  #BrokerageRadar | @MorganStanley on Gas: See 10-12% potential upside in earnings; Prefer refiners, fuel retailers and upstream oil plays over city gas distributors#StockMarket #StocksToWatch pic.twitter.com/lzAdClTwWO

  — ET NOW (@ETNOWlive) December 1, 2022

• Coal India’s production rises 13% YoY to 60.7 MT in November and 17% YoY to 412.6 MT for the period of April-November 2022.

• Polycab India is rising as it enters a strategic partnership with Redington for the Indian market. Redington will be the national distributor for the company's end-to-end passive networking solutions.

• Uniparts India’s Rs 836.5 crore IPO gets bids for 2X of the available 1.01 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 2X of the available 50.6 lakh shares on offer.

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

• Easy Trip Planners surges as it inks a definitive agreement to acquire a 75% stake in Nutana Aviation Capital IFSC. Nutana Aviation will handle renting and booking of charter aircraft.

• BOB Capital Markets assumes coverage on Mahindra & Mahindra with a ‘Buy’ and a target price of Rs 1,496. This indicates an upside of 20%. The brokerage has a robust growth outlook for the company due to its strong order book, capacity expansion and new launches. It also expects margin pressures to reduce on the back of better raw material availability and moderating commodity prices. The brokerage estimates the firm’s revenue to grow at a CAGR of 21% over FY22-25.

• Alembic Pharmaceuticals is rising as it gets approval from the US FDA for abbreviated new drug application (ANDA), diclofenac sodium topical solution. The drug is used for the treatment of osteoarthritis of the knee. ANDA was initially filed by Aleor Dermaceuticals which was then amalgamated with Alembic. According to IQVIA, the drug has an estimated market size of $512 million for 12 months ending September.

• Rail Vikas Nigam is rising as 1.2 crore shares (0.6% equity) amounting to Rs 94.2 crore change hands, according to reports.

  RVNL #LargeTrade | 121.27 lakh shares (0.6% equity) worth ?94.21 cr change hands at an average of ?77/sh pic.twitter.com/mtDA3iO1DT

  — CNBC-TV18 (@CNBCTV18Live) December 1, 2022

• Timken India rises as reports suggest that the company plans to invest Rs 600 crore over the next two years to expand and gain market share.

• Shilpa Medicare is rising as the company's manufacturing facility in Telangana receives good manufacturing practice (GMP) approval from Health Canada. The approval will permit the company to market products in Canada and allow new application submissions to Health Canada.

• India’s fiscal deficit rises to Rs 7.58 lakh crore for 7MFY23 (April to October). It stands at 45.6% of the Centre’s budget target of Rs 16.6 lakh crore.

  India's fiscal deficit rose to Rs 7.58 trillion in the first seven months of FY23.#FiscalDeficit #IndianEconomy https://t.co/FisqG5jSn6

  — Business Standard (@bsindia) November 30, 2022

• IT stocks like L&T Technology Services, Mphasis, Persistent Systems and LTIMindtree are rising in trade. The broader sectoral index Nifty IT is also trading in the green.

• Bajaj Auto is falling as its total monthly wholesales in November declined 19% YoY to 3,06,552 units due to 28% YoY dip in two-wheeler sales. This, in turn, led to total domestic sales reducing 4% YoY. Two-wheeler exports declined 28% YoY and commercial vehicle sales grew 9% YoY. The stock shows up in a screener for companies with declining net cash flow.

• India’s Q2FY23 GDP growth slows down to 6.3% compared to 13.5% in Q1FY23. The fall is due to rising repo rates and a contraction in manufacturing output.

  #BREAKING: India’s economic growth pace slowed to 6.3% for July to September quarter as Covid-19 disruptions faded, but RBI raised repo rates to tackle inflationary pressure and amid weakness in the manufacturing sector.#GDP https://t.co/bay1ae5FUy

  — Economic Times (@EconomicTimes) November 30, 2022

• Escorts Kubota is rising as its monthly tractor wholesales in November increased by 11.9% YoY to 7,960 units. The growth in tractor wholesales is due to a 13.4% YoY rise in domestic tractor wholesales. The company's monthly wholesales of construction equipment grew by 28.8% YoY. The company features in a screener of stocks nearing 52-week highs.

• Ashish Kacholia buys a 2% stake in Likhitha Infrastructure for Rs 15.3 crore on Wednesday.

• Alipay Singapore Holding sells a 3.15% stake (26.2 crore shares) in Zomato for Rs 1,631.4 crore in a bulk deal on Wednesday. Integrated Core Strategies sell stakes in Tube Investments, Varun Beverages, TVS Motor Co, Indian Hotels Co, Bajaj Holdings & Investment and ABB India for Rs 2,651.5 crore in total through various bulk deals.

• KPI Green Energy’s board approves the issue of one bonus equity share for every existing share (1:1). The shares will be allotted by January 29, 2023. The company shows up in a screener of stocks with improving book value per share.

Riding High:

Largecap and midcap gainers today include L&T Technology Services Ltd. (4,159.75, 9.04%), MphasiS Ltd. (2,135.20, 5.85%) and Jindal Steel & Power Ltd. (564.50, 5.37%).

Downers:

Largecap and midcap losers today include Shriram Transport Finance Company Ltd. (1,286.85, -4.68%), Emami Ltd. (463.55, -3.17%) and General Insurance Corporation of India (144.55, -2.95%).

Movers and Shakers

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

Top high volume gainers on BSE included Chemplast Sanmar Ltd. (435.30, 12.09%), L&T Technology Services Ltd. (4,159.75, 9.04%) and Shilpa Medicare Ltd. (304.70, 8.26%).

Top high volume losers on BSE were Mahindra Logistics Ltd. (507.45, -3.82%), Computer Age Management Services Ltd. (2,276.25, -0.98%) and Blue Dart Express Ltd. (7,547.95, -0.74%).

Hatsun Agro Products Ltd. (959.25, 8.07%) was trading at 64.5 times of weekly average. Network 18 Media & Investments Ltd. (73.40, 7.86%) and Route Mobile Ltd. (1,353.85, 1.95%) were trading with volumes 10.7 and 7.0 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

12 stocks took off, crossing 52-week highs, while 1 stock tanked below its 52-week lows.

Stocks touching their year highs included - Apollo Tyres Ltd. (315.50, -0.30%), Bharat Heavy Electricals Ltd. (84.65, 1.14%) and Britannia Industries Ltd. (4,401.25, 0.89%).

Stock making new 52 weeks lows included - Medplus Health Services Ltd. (678.40, -1.00%).

25 stocks climbed above their 200 day SMA including L&T Technology Services Ltd. (4,159.75, 9.04%) and Network 18 Media & Investments Ltd. (73.40, 7.86%). 12 stocks slipped below their 200 SMA including Emami Ltd. (463.55, -3.17%) and Jubilant Pharmova Ltd. (381.40, -2.59%).